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India's exports may be hit as global imports decline: FIEO

Jan '20
Pic: Shutterstock
Pic: Shutterstock
Despite having moderate share in global trade, India’s exports have always followed the trend in global imports, according to Federation of Indian Export Organisations (FIEO). Therefore, when global imports are declining, India’s exports are also likely to take a hit, it said. India’s merchandise exports from April to November 2019 are down by about 1.99 per cent.

FIEO president Sharad Kumar Saraf said in a statement that the global situation is becoming extremely challenging as rising protectionism is leading to uncertainty in global trade that will have adverse impact on it.

India’s goods exports may touch $330-340 billion in the current fiscal, said Saraf. Fortunately, the order book position of Indian exporters is very encouraging. The less volatility in India’s currency has also been a positive factor. The liquidity is also improving though India still has a lot of distance to cover, he said.

If the global situation improves, which is likely in the first half of 2020, India may look forward to a 15 per cent growth in exports during the next fiscal.

He, however, reiterated that Indian exports have to align with changing import patterns of global economy.

Fibre2Fashion News Desk (DS)

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January 2022

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