Commenting on the trade data for the month of September, 2018, Mr Ganesh Gupta, President, Federation of Indian Export Organisations (FIEO) said that though the data shows a marginal negative growth in the month of September primarily due to high base effect last year, the aggregate value of exports in this September is much more than in the month of April, June & July of 2018 in which Indian exporters recorded as high as 17 per cent growth. “The overall exports in the month of September is close to USD 28 billion, which is the minimum exports we are looking for each month so as to reach milestone of USD 350 billion,” said Mr Gupta.
Facts show high growth witnessed in plastic and linoleum products, organic & inorganic chemicals, petroleum products and growth in drugs & pharma, cotton yarns/fabrics/made-ups and handloom products are positive signs for future exports opined Mr Gupta.
The import growth in September 2018 is also lowest in the last five months at 10.45 per cent bringing the trade deficit to the lowest level in past five months at USD 13.98 billion. According to Mr Gupta, the reduction in trade deficit would ease out concerns of current account deficit and may sombre the Rupee fluctuation to some extent.
The FIEO President also exuded confidence that despite increasing protectionism and high volatility in currencies, Indian exporters have managed well to get new orders and remain bullish on exports in short to medium term basis.