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18 of 30 sectors show overwhelming export growth, total growth at 5.72% in Dec: FIEO

Commenting on the December, 2016 Trade Data, Federation of Indian Export Organisation (FIEO) President, S C Ralhan said that exports for the month of December, 2016 continued with its positive trend and touched the base of over $23 billion exhibiting a growth of 5.72% during the month. The overall exports for the period April-December, 2016-17 is also positive for the second time in a row showing a growth of 0.75% during the period.

“The growth across sectors in 18 out of 30 major product groups, have not only been positive in December but sectors specially Iron ore have continued to show an overwhelming growth of well over 800%. Other major sectors like Jute Manufacturing, Oil Meals, Oil Seeds, Coffee, Marine Products, Cashew, Engineering Goods, Organic and Inorganic Chemicals, Drugs and Pharmaceuticals and Gems and Jewellery have also shown impressive growth contributing in a major way to the growth in exports during the month,” FIEO Chief further added.

Ralhan reiterated that Petroleum exports, which has a major contribution in the exports basket, has continued to growth with a positive growth of well over eight%. FIEO President also said, “Global sentiments have started showing positive signs and US Fed-rate hike and demonetization have had very limited impact on exports. The labour-intensive sectors like gems and jewellery, handicraft, marine and engineering have shown impressive growth.” “Looking at the continuous positive trend of growth in exports, we are on our course to achieve exports of about $270-280 billion during the current fiscal.

The focus in such challenging times should be on marketing with proactive support from the Government. We think our request for an Export Development Fund in the Union Budget is well timed. GST has to ensure a system which does not affect the liquidity of exporters both of input tax for manufacturers and final product tax for merchant exporters. The interest equalisation scheme has been very effective in cutting the cost of credit and should be extended to merchant exporters in this Budget,” Ralhan added.