: Singledigit negative growth due to supply side disruptions: FIEO #FinanceIndia #StockMarketNEWS Single-digit negative growth due to supply side disruptions: FIEO New Delhi, Dec 4 (KNN) Responding

@StockMarketNEWS Mon 07 Dec, 2020

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Singledigit negative growth due to supply side disruptions: FIEO #FinanceIndia #StockMarketNEWS
Single-digit negative growth due to supply side disruptions: FIEO New Delhi, Dec 4 (KNN) Responding to November 2020 export figures, Federation of Indian Export Organisations (FIEO) President, Sharad Kumar Saraf said that the monthly exports have shown a single-digit negative growth of 9. 07 per cent with USD 25. 77 billion due to supply side disruptions including restricted container movement and declining petroleum exports due to its crashing prices.

Besides, farmers agitation in some of the hinterland states have also affected exports during the month. Exports have been seeing signs of revival as order booking position has continuously improved and more new orders are in the offing.

Sharad Kumar Saraf reiterated that the forecast of the arrival of the Covid-19 Pandemic vaccine along with gradual lifting of lockdown across the country and the globe has also helped in boosting the business sentiments for the sector as a whole, which can be expected to be seen from the positive figures of the upcoming months.

Going by this trend, we expect to end the financial 2020-21 with an overall merchandise exports of about USD 290 billion, added the FIEO President on Thursday.

He further said that exporters have continuously been receiving a lot of enquiries and orders further adding to the positive sentiments with signals of further resilience in the global supply chain. However, the litmus test for the traditional sectors of our exports would be the Christmas and New year sale.

If that goes well, the inventory will be liquidated, adding to further demand, observed Saraf.

FIEO Chief said that the exports of other cereals along with oil meals, iron-ore, rice, ceramic products and glassware, handicrafts excluding hand-made carpet, cereal preparations and miscellaneous processed item, carpet, jute mfg. including floor covering, spices, drugs and pharmaceuticals, tobacco, cotton yarn/fabrics/made-ups, handloom products etc. , fruits and vegetables, tea, gems and jewellery, mica, coal and other ores, minerals including process, meat, dairy and poultry products and electronic goods showed either a very high or impressive growth or were in positive territory showing signs of further revival.

Saraf also said that reduction in exports of major products including petroleum products, leather and leather manufacturers, cashew, plastic and linoleum, marine products, oil seeds, man-made yarn/fabrics/made-ups etc. , engineering goods, organic and inorganic chemicals, coffee and RMG of all textiles which are major constituents in India’s export basket and related to labour-intensive sector of exports have also been of key concern during the month.