Port Wings News Network:
Reacting to the January, 2019 exports data, exhibiting exports of USD 27 billion with a growth 3.74 percent, President FIEO, Mr Ganesh Kumar Gupta said that nominal growth in exports is due to tough global condition and some constraints on the domestic front.
Global trade growth is slowing down and global economies including China and South East Asian nations are also facing contraction in manufacturing worsening the fragile global situation. Almost all the sectors during the month have shown nominal growth. However Petroleum was one of the sectors which showed higher negative growth further pulling down the overall exports for the month by about 3 percent opined Mr Gupta. 22 out of 30 major product groups were in positive territory, though many with marginal growth during January, 2019.
On the imports front, January, 2019 saw meagre growth of just 0.01 percent that too due to increase in gold import. Spin off effect due to global tariff war has continuously been impacting the countrys trade both imports and exports.
FIEO Chief once again reiterated his demand for urgent and immediate support including augmenting the flow of credit, higher tax deduction for R&D and better fiscal support including augmenting the budgetary support for marketing and exports related infrastructure. He said that India can gain a lot from ongoing tariff war by creating production capacities so as to meet the demand of major economies.