: Negative Exports growth in Nov due to supply side disruptions; lower petroleum exports: FIEO President #FinanceIndia #StockMarketNEWS Negative Exports growth in Nov due to supply side disruptions;

@StockMarketNEWS Sat 19 Dec, 2020

Posted in: #FinanceIndia #StockMarketNEWS

Negative Exports growth in Nov due to supply side disruptions; lower petroleum exports: FIEO President #FinanceIndia #StockMarketNEWS
Negative Exports growth in Nov due to supply side disruptions; lower petroleum exports: FIEO President New Delhi, Dec 16 (KNN) Responding to November 2020 export figures, Federation of Indian Export Organisations (FIEO) President, Sharad Kumar Saraf said that the monthly exports have shown a single-digit negative growth of 8. 74 per cent with USD 23. 52 billion due to supply side disruptions including restricted container movement and declining petroleum exports due to its crashing prices.

"Besides, farmers agitation in some of the hinterland states have also affected exports during the month. Exports have been seeing signs of revival as order booking position has continuously improved and more new orders are in the offing. " He added.

Saraf reiterated that the forecast of the arrival of the Covid-19 Pandemic vaccine along with gradual lifting of lockdown across the country and the globe has also helped in boosting the business sentiments for the sector as a whole, which can be expected to be seen from the positive figures of the upcoming months.

"Going by this trend, we expect to end the financial 2020-21 with an overall merchandise exports of about USD 290 billion," FIEO President added.

Exporters have continuously been receiving a lot of enquiries and orders further adding to the positive sentiments with signals of further resilience in the global supply chain. However, the litmus test for the traditional sectors of our exports would be the Christmas and New year sale.

If that goes well, the inventory will be liquidated, adding to further demand, Saraf observed.

FIEO Chief said that the exports of other cereals along with oil meals, iron-ore, rice, ceramic products and glassware, handicrafts excluding hand-made carpet, cereal preparations and miscellaneous processed item, carpet, jute mfg. including floor covering, spices, drugs and pharmaceuticals, tobacco, cotton yarn/fabrics/made-ups, handloom products etc. , fruits and vegetables, tea, gems and jewellery, mica, coal and other ores, minerals including process, meat, dairy and poultry products and electronic goods showed either a very high or impressive growth or were in positive territory showing signs of further revival.

Saraf also said that reduction in exports of major products including petroleum products, leather & leather manufacturers, cashew, plastic & linoleum, marine products, oil seeds, man-made yarn/fabrics/made-ups etc. , engineering goods, organic and inorganic chemicals, coffee and RMG of all textiles which are major constituents in India’s export basket and related to labour-intensive sector of exports have also been of key concern during the month.