: Exports rise for first time during fiscal; showing signs of revival: FIEO #FinanceIndia #StockMarketNEWS Exports rise for first time during fiscal; showing signs of revival: FIEO New Delhi, Oct 3

@StockMarketNEWS Mon 05 Oct, 2020

Posted in: #FinanceIndia #StockMarketNEWS

Exports rise for first time during fiscal; showing signs of revival: FIEO #FinanceIndia #StockMarketNEWS
Exports rise for first time during fiscal; showing signs of revival: FIEO New Delhi, Oct 3 (KNN) The India’s exports grew by 5. 27 per cent in September after the six months of contraction while imports returned to positive territory after falling for eight months, according to the reports.

Reacting to September 2020 export figures, FIEO President, Sharad Kumar Saraf said that the monthly exports have grown by 5. 27 to USD 27. 40 billion first time during the financial year 2020-21 showing signs of revival as gradual lifting of lockdown have further improved the business sentiments.

Anti-China sentiments across the globe has also been one of the reasons for the improved performance in exports. Besides, the exporters must be complimented for their excellent performance in spite of these challenging times.

Saraf reiterated that the arrest in decline of exports started during July with a lower negative double digit decline of 10. 21 percent from a very high negative double digit decline of 60. 28 percent during April, 2020 caused mainly due to lockdown measures followed across the globe because of Covid-19 pandemic.

As business activities and economic sentiments are inching towards normalcy globally, exporters have started receiving a lot of enquiries and orders from across the globe helping many sectors to further show improved export performance. It is likely to get better and better in next few months, he added.

FIEO Chief, further added that integration in the global supply chain has also started showing signs of resilience further helping to give a boost to the Indian economy.

FIEO President said that the exports of agri products, plantation & other cereals along with iron ore, carpet, ceramic products & glassware, drugs & pharmaceuticals, handicrafts excluding handmade carpet, meat, dairy & poultry products, jute mfg. including floor covering, cotton yarn/fabs/madeups, handloom products etc. , RMG of all textiles, plastic & linoleum, petroleum products, engineering goods, organic & inorganic chemicals and electronic goods showed either a very high or impressive growth or were in positive territory showing signs of further revival.

However, reduction in imports during September 2020 by 19. 60 percent to USD 30. 31 billion compared to the same period during the previous fiscal led to a trade deficit of just USD 2. 91 billion with a substantial decline of 75. 06 percent during the month.

Reduction in import of precious metals including Gold and Silver along with leather & leather products used as raw material for gems & jewellery and leather & leather product exports has also seen a negative growth during the month which does not augur well for these major labour-intensive sectors of exports.