Union Minister Piyush Goyal to meet exporters amidst declining exports

New Delhi. July 3 (KNN) The Ministry of Commerce has scheduled a meeting with exporters today in order to assess the current situation, given that the country's exports have been declining for the past four months.

In the meeting with the Union Minister Piyush Goyal, the exporters are expected to flag issues like extending greater support to participate in global exhibitions and fairs; expediting negotiations to conclude free trade agreements with the UK, Canada, Israel and GCC (Gulf Cooperation Council); and allowing industry double weighted deduction on salary to professionals to retain talent in India.

As per the ministry data, exports from India 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.

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.

Due to the global uncertainties, the demand slowed down in major markets.The Russia-Ukraine war further contributed to country’s declining exports.

Representatives from export bodies, including the Federation of Indian Export Organisations (FIEO), Apparel Export Promotion Council and Council for Leather Exports are likely to participate in the meeting, the official said.  (KNN Bureau)