Owing to uncertain global cues and challenges on the domestic front, the exports growth of India during December 2018 was marginal, said Federation of Indian Export Organisations (FIEO). However, the readymade garments segment of the Indian textile industry which was showing high growth in the previous months is now witnessing nominal growth.
All major labour-intensive sectors of exports like gems & jewellery, engineering, leather & leather products, man-made yarns/fabs/made-ups, handloom products, commodities including most agri products are now in negative territory
The exports during December were close to $28 billion with a growth of just 0.34 per cent, even when the weakening global economic outlook is showing no signs of respite, said FIEO president Ganesh Kumar Gupta.
"17 out of 30 major product groups were negative territory during December, 2018. However on the imports front, the growth in December, 2018 was on negative side with -2.44 per cent mainly due to reduction in gold and pearls, precious & semi- precious stones import. Spin off effect due to global trade war has also impacted the country's trade impacting both imports and exports," explained Gupta.
Reiterating his demand for urgent and immediate support including augmenting the flow of credit and better fiscal support, Gupta has exuded confidence that despite current growth trends the exporters will manage to do well ending the fiscal with merchandise exports of $340-350 billion with the timely and much needed support of the government.
Source :- Fibre2fashion.com