Despite the slackening pace of the global trade due to Corona pandemic, Indian exports managed to stay in the positive territory in February. Total exports in February stood at USD 27.65 billion exhibiting a positive growth of 2.91 per cent. In Rupee terms, exports were Rs. 1,97,646.12 crore in February registering a positive growth of 3.29 per cent.
Reacting to a nominal growth in February, FIEO President, Sharad Kumar Saraf said that in the wake of Novel Corona Virus, which not only pulled down the global sentiments but also affected the supply chain both internationally and domestically, such modest growth is encouraging. However, the impact of pandemic will be more visible in exports figure of March onwards.
FIEO Chief said that with major global players including China, US, economies of Europe, Japan, South Korea, Australia, Russia, Gulf countries are also facing the brunt as oil and commodity prices have also shown drastic decline in recent days.
16 out of the 30 major product groups were in positive territory during February 2020 including petroleum, engineering goods, organic & inorganic chemicals, drugs & pharmaceuticals, electronic goods, ceramic products & glassware, iron ore, man-made yarn/fabs/made-ups, handicrafts and handmade carpet, carpet, marine products, oilseeds and few agri products have shown some positive or nominal growth. However, all other major sectors of exports including almost all labour-intensive sector of exports are still in negative territory.