Exports in June yet again rose amidst challenging ongoing geo-political and rising global uncertainties: FIEO
Reacting to monthly Trade Data for June 2022, FIEO President, Dr A Sakthivel said that exports of USD 40.13 billion with a growth of 23.52 percent, yet again indicates the strength of the export sector amidst challenging ongoing geo-political and rising global uncertainties.
Ludhiana, July 14, 2022: Reacting to monthly Trade Data for June 2022, FIEO President, Dr A Sakthivel said that exports of USD 40.13 billion with a growth of 23.52 percent, yet again indicates the strength of the export sector amidst challenging ongoing geo-political and rising global uncertainties. While growth of over 24 percent with USD 118.96 billion exports during the first quarter of FY 22-23, shows the commitment and hard work of exporters to achieve newer and newer remarkable milestones.
FIEO President said that the top sectors, which led the exports growth during the month were Petroleum Products, Gems & Jewellery, Electronic Goods, RMG of all Textiles, Rice, Engineering Goods and Organic & Inorganic Chemicals etc. Labour-intensive sectors also contributed to the exports basket, which itself is a good sign, further helping job creation in the country.
FIEO Chief also reiterated that the benefits of the newly signed FTAs and the PLI Scheme will further help us in building as we continue to move ahead during the fiscal.
Imports growth of over 57 percent is of concern and has been mainly on account of Petroleum Products; Coal, Coke and Briquettes; Gold; Electronic Goods; Organic and Inorganic Chemicals and Artificial resins, plastic materials etc. which may be looked into. However, he added that rising imports of gold may lead to impressive gems & jewellery exports in the coming months. Crude prices have also added to the import bill of Petroleum Products, thereby to the import basket of the country.
FIEO President is of the view that though the government has announced a slew of measures to support exports, however, there is a need to further push value-added exports, augment container manufacturing, developing an Indian Shipping Line of global repute, increase the validity of RoSCTL and RoDTEP scrips to 24 months and link transferability with realisation, extend RoDTEP to EOUs, SEZ and Advance Authorisation, expand usages of RoDTEP and RoSCTL scrips and logistics support for the sector looking at the higher freight cost.