MOIT struggles to keep trade deficit in check

24 Jul '08

2 min read

Ministry of Industry and Trade (MOIT) is presently taking all efforts to limit trade deficit from expanding beyond US $1 billion for each of the remaining months of this year and at the same time ensure that imports do not cross the target of $80.2 billion set by the government. In spite of this, trade gap is on its way to reach the mark of $20 billion for the whole year making up 30 percent of the export value.

The Deputy Minister of Industry and Trade believes that taking up certain measures to stabilize market, balance the supply and demand chain of goods and improvement in quality will help curb accelerating imports.

Additionally, the ministry has also decided to tighten the inspection on the quality of imported goods and use various technical barriers to restrict trade deficit from widening further. For instance, it is working out a roadmap to implement compulsory energy saving labels on household commodities from January 2010

Export value on the other hand, is expected to cross $61 billion, increasing by 26 percent compared to the previous year. This will include $6 billion from crude oil, $5.3 billion from textile and garments and $1.6 billion from wood products.

Even here, the ministry is working out measures to boost export. Starting from this month till the end of this year, it will set up an inter-sector of customs, banking and finance to help enterprises cope with the difficulties in production and exports.

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