Despite tough market conditions, India’s overall exports (Merchandise and Services combined) during April-July rose to $181.47billion, exhibiting a positive growth of 3.13per cent over the same period last year. Exports in July 2019 were $26.3billion, as compared to $25.75billion in July 2018, exhibiting a positive growth of 2.25per cent.
Responding to marginal rebound in July, 2019 merchandise exports data, exporters association FIEO’s President, Sharad Kumar Saraf said that growth in exports shows resilience of the Indian exporting community even during such tough times and sluggishness in the global economy. He, however, expressed concerns that depreciation of Chinese Yuan will not only help China to reduce the impact of higher tariffs imposed by US but will also make Chinese exports more competitive in a third country as well aggravating our problem.
He further added that only 17 out of 30 major product groups were in positive territory during July, 2019 including few plantation and agri sector, marine products, iron ore, ceramic products & glassware, drugs & pharma, organic & inorganic chemicals, electronic goods, man-made yarn/fabs/made-ups etc, RMG of all textiles, carpet and jute manufacturing including floor covering. Major product category which contribute to the country’s exports basket were in the negative territory such as the petroleum, plastic & linoleum, cotton yarn/fabs/made-ups, handloom products etc., engineering goods, gems & jewellery, leather & leather products besides some of the agri sector of exports also showed de-growth during the month.