India not likely to meet its export target of USD 325 billion: FEIO
Updated: Mar 12, 2014 12:25:03pm
New Delhi, Mar 12 (KNN) Exports might finally end up between USD 310 and 315 billion, much below the target of USD 325 billion fixed for the current fiscal, according to exporters apex body Federation of Indian export organization (FIEO), which reiterated that investment in manufacturing should be encouraged to keep exports on track.
The flow of credit and credit at internationally bench mark trade should be made available for MSME sector, a FIEO press release said.
Recently, while speaking to KNN, FIEO CEO, Ajai Sahai also mentioned that the export target of USD 325 billion will not be met this year.
“March can get an additional USD 30 billion exports, but the current financial year will end with the shortage of approximately USD 10 billion dollars,” he said.
The cumulative value of exports for the period April-February 2013 -14 was USD 282.77 billion as against USD 269.85 billion registering a growth of 4.79 per cent in dollar terms over the same period last year, official data said.
Responding to the trade data for the month of February, 2014, FIEO President M Rafeeque Ahmed said that export numbers were much below their expectations.
“The decline in exports is due to an amalgamation of factors such as sluggish manufacturing, contraction in global demand and restriction on current and capital account in few countries in Latin America,” he said.
President, FIEO said that the decline in global prices of commodities and metals have also played a role as the finished products made out of it fetched lower prices as compared to a year before. India’s export to Latin America is down by over 20 per cent.
Many economies witnessed contraction in imports including China, Russia, South Korea, Mexico and Brazil. Exports of Gems and Jewellery and Petroleum products suffered due to lower prices of their inputs. FIEO Chief said that withdrawal of GSP benefit to many of the Indian export products in EU in the month of January-February, 2014 may have also played a role in slowdown of exports.
The recent changes in Merchanting Trade and Third party/Country exports regulations have also added to the woes of exporters and impacted exports added Ahmed. (KNN/SD)
The flow of credit and credit at internationally bench mark trade should be made available for MSME sector, a FIEO press release said.
Recently, while speaking to KNN, FIEO CEO, Ajai Sahai also mentioned that the export target of USD 325 billion will not be met this year.
“March can get an additional USD 30 billion exports, but the current financial year will end with the shortage of approximately USD 10 billion dollars,” he said.
The cumulative value of exports for the period April-February 2013 -14 was USD 282.77 billion as against USD 269.85 billion registering a growth of 4.79 per cent in dollar terms over the same period last year, official data said.
Responding to the trade data for the month of February, 2014, FIEO President M Rafeeque Ahmed said that export numbers were much below their expectations.
“The decline in exports is due to an amalgamation of factors such as sluggish manufacturing, contraction in global demand and restriction on current and capital account in few countries in Latin America,” he said.
President, FIEO said that the decline in global prices of commodities and metals have also played a role as the finished products made out of it fetched lower prices as compared to a year before. India’s export to Latin America is down by over 20 per cent.
Many economies witnessed contraction in imports including China, Russia, South Korea, Mexico and Brazil. Exports of Gems and Jewellery and Petroleum products suffered due to lower prices of their inputs. FIEO Chief said that withdrawal of GSP benefit to many of the Indian export products in EU in the month of January-February, 2014 may have also played a role in slowdown of exports.
The recent changes in Merchanting Trade and Third party/Country exports regulations have also added to the woes of exporters and impacted exports added Ahmed. (KNN/SD)
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