Weakening of Euro to affect India's traditional exports: FIEO President
Updated: Jan 29, 2015 01:21:25pm
New Delhi, Jan 29 (KNN) Weakening of the Euro which is at a 14-year low against the US dollar will greatly affect India’s traditional exports such as leather, apparel, textiles and gems and jewellery among others, said President of Federation of Indian Export Organisations (FIEO), M Rafeeque Ahmed.
Such sharp and deep depreciation would affect India’s exports to Euro Zone significantly, which has already exhibited a decline of 0.18 per cent in April-Nov,2014 when it touched USD 33.27 billion as against USD 33.33 billion recorded in the same period in 2013, he said.
“Euro Zone accounts for about 18.5 per cent of India’s exports and traditional sectors such as apparel (USD 6.4 billion), other textiles (USD 5.6 billion), leather and leather products (USD 3.2 billion), gems and jewellery (USD 4.0 billion) and machinery (USD 5.5 billion) are heavily concentrated in the Euro Zone. The downward movement of Euro assumes greater significance from these sectors of exports, the FIEO president added, according to an official release.
While most of the economies were contracting and deflation was being witnessed, the Greek verdict has added economic uncertainties in Europe, he said. (KNN/ES)
Such sharp and deep depreciation would affect India’s exports to Euro Zone significantly, which has already exhibited a decline of 0.18 per cent in April-Nov,2014 when it touched USD 33.27 billion as against USD 33.33 billion recorded in the same period in 2013, he said.
“Euro Zone accounts for about 18.5 per cent of India’s exports and traditional sectors such as apparel (USD 6.4 billion), other textiles (USD 5.6 billion), leather and leather products (USD 3.2 billion), gems and jewellery (USD 4.0 billion) and machinery (USD 5.5 billion) are heavily concentrated in the Euro Zone. The downward movement of Euro assumes greater significance from these sectors of exports, the FIEO president added, according to an official release.
While most of the economies were contracting and deflation was being witnessed, the Greek verdict has added economic uncertainties in Europe, he said. (KNN/ES)
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