Gupta sees headwinds; protectionist measures

The Federation of Indian Export Organizations (FIEO) has welcomed the strong export performance in November, saying the global demand has surprised with its strength.

FIEO President Ganesh Kumar Gupta noted that the major export growth contributors were Engineering, Petroleum, Gems & Jewellery, Organic & Inorganic Chemicals, Marine and Pharma.

He said 24 out of 30 major product groups were in positive territory including Engineering goods, Petroleum, Gems and Jewellery, Organic & Inorganic Chemicals, Drugs & Pharmaceuticals, Marine exports, Plantations, Cotton yarns, Fabrics & made-ups and Plastics & Linoleum.

He exuded confidence that the problems in Goods and Services Tax (GST) refund would also be mitigated in the days to come to ease out liquidity for exporters.

But there are still head winds including uncertainties, protectionism and volatility in currencies, he conceded.

The Indian exports grew by 30.55% to US$26.19 billion in November.

November imports rose by 19.61% to US$40.02 billion, according to Commerce Ministry data.

Cumulative exports during April-September 2017-18 increased by 12.01% to US$196.48 billion, while imports grew by 25.08% to US$296.45 billion, leaving a trade deficit of US$99.97 billion, pressured by oil imports. fii-news.com