ASSOCHAM reaction on trade data: Keep eye on gold imports

New Delhi : “On the import front as the trade balance is rising again, the country needs to be watchful especially with regard to gold, crude oil,” said Mr D S Rawat Secretary General of The Associated Chambers of Commerce and Industry of India (ASSOCHAM) while reacting to trade data released on 15th July 2014.

“We only hope that the big rise in gold imports by over 65 per cent is not repeated and does not become a pattern. It is, thus not surprising that the Finance Minister chose to retain restrictions on gold imports,” he said.

A detailed analysis of the trade data shows that while engineering, petroleum goods and others have bounced back, the agri-exports and shipments of electronics goods are causing concern requiring immediate support from the government, he added.

“In any case the electronics goods have a small base which itself is squeezing further which does not augur well for the skilled labour intensive sector,” said Mr D.S. Rawat.

The trade deficit for April-June, 2014-15 was estimated at US $33.08 million which was lower than the deficit of US $48.32 million during April-June, 2013-14, says a govt release on July 16 2014.

Source : dailyshippingtimes.com