: New Year brings ray of hope & optimism as exports in Dec move in positive territory: FIEO president #FinanceIndia #StockMarketNEWS New Year brings ray of hope & optimism as exports in Dec move in positive

@StockMarketNEWS Mon 04 Jan, 2021

Posted in: #FinanceIndia #StockMarketNEWS

New Year brings ray of hope & optimism as exports in Dec move in positive territory: FIEO president #FinanceIndia #StockMarketNEWS
New Year brings ray of hope & optimism as exports in Dec move in positive territory: FIEO president New Delhi, Jan 2 (KNN) Reacting to December 2020 export figures, Federation of Indian Export Organisation (FIEO) President, Sharad Kumar Saraf said that the monthly exports have moved towards positive territory as major export products show signs of further revival as expected.

Marginal decline of just 0. 8 per cent with USD 26. 89 billion of exports showing signs of revival as order booking position have continuously improved besides more new orders in the offing, added Sharad Kumar Saraf.

He reiterated that the New Year 2021 has brought a ray of hope and optimism for all from the worst of COVID-19 and effective vaccines are expected to bring both life and economy back on growth trajectory with a v-shaped recovery in world trade.

Arrival of vaccines have also helped in boosting the business sentiments for the sector as a whole, which can be further seen from the positive figures of the upcoming months, he said.

FIEO President also added that December exports also signals that our traditional and labour-intensive sectors of exports have passed the most challenging and testing times as both Christmas and New Year Season sales have shown positive trends with further improvement in coming months.

Going ahead by this trend, we expect our inventories to be liquidated, adding further to the overall demand, Saraf observed.

FIEO Chief said that the exports of other cereals along with oil meals, iron-ore, cereal preparations and miscellaneous processed items, jute mfg. including floor covering, handicrafts excl. hand-made carpet, carpet, ceramic products and glassware, drugs and pharmaceuticals, spices, electronic goods, fruits and vegetables, organic and inorganic chemicals, cotton yarn/fabrics/made-ups, handloom products etc. , rice, meat, dairy and poultry products, gems and jewellery, mica, coal and other ores, minerals including process, tea and engineering 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, oil seeds, leather and leather manufactures, coffee, RMG of all textiles, man-made yarn/fabrics/made-ups etc. , marine products, cashew, plastic and linoleum and tobacco and 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.

However, increase in imports during December 2020 by 7. 6 percent to USD 42. 60 billion compared to the same period during the previous fiscal led to a trade deficit of USD 15.