Declining exports reflection of contraction in global trade: FIEO
Author(s): City Air NewsLudhiana, August 12, 2016: Reacting to the Trade Data for the month of July, 2016, Mr S C Ralhan, President, FIEO said that the decline in export reflect the contraction in global trade and leading exporting countries...
Ludhiana, August 12, 2016: Reacting to the Trade Data for the month of July, 2016, Mr S C Ralhan, President, FIEO said that the decline in export reflect the contraction in global trade and leading exporting countries like China also witnessed similar decline in the month of July, 2016. President FIEO said that global trade uncertainties are increasing and Brexit has further compounded the same.
The decline in exports of Engineering goods, Leather and Textiles is major concern as these are high-employment intensive sectors of exports. Mr Ralhan said that the package given to the Textiles sector will take some time before its effect is visible in exports. The new GST regulation will add to the competitiveness of exports through better rebating of taxes though many of the concern of the export sector needs to be addressed in the model GST law. The logistics cost is also likely to come down through a single market approach benefiting the export sector.