Commerce Ministry urges exporters to target 12 major markets to boost exports

New Delhi, July 4 (KNN) Ministry of Commerce has urged exporters to concentrate their efforts on promising sectors, as well as target 12 major markets in order to enhance export growth, reported ET quoting a government official.

The government also suggested to focus on organising fairs and exhibitions at global scale.

The meeting was organised in the wake of declining merchandise exports from India for the last four months.

Commerce and industry minister Piyush Goyal chaired the meeting.

The meeting identified six sectors that hold huge potential to increase the country's exports. The sectors include food, textiles, engineering, electricals and electronics, medical devices, pharma and auto components.

The main global destinations where exports could be promoted further include the US, UK, Brazil, Germany, Saudi Arabia, Sweden, Taiwan, Korea, Japan and Russia.

Exports declined for the fourth consecutive month by 10.3 per cent year-on-year to USD 34.98 billion in May, while the trade deficit widened to a five-month high of USD 22.12 billion, according to the ministry data.

Cumulatively, exports during April-May this fiscal contracted by 11.41 per cent to USD 69.72 billion, while imports declined 10.24 per cent to USD 107 billion.

Demand slowdown in major markets, high inflation in developed economies and the Russia-Ukraine war are impacting the country's exports.

Representatives from export bodies at the meeting included the Federation of Indian Export Organisations (FIEO), Apparel Export Promotion Council and Council for Leather Exports amongst others.   (KNN Bureau)