NEW DELHI: India’s exports by March is expected to touch between $260 billion and $270 billion, but the government hopes the exports to be stronger next year due to strengthening of petroleum and commodity prices globally.
Union Commerce Secretary Rita Teaotia said: “We are already seeing the prices of petroleum products rising slightly, we are seeing some of the commodity prices strengthening and most countries and everybody has been hurt by the slowdown in the global trade and everyone’s exports have slipped. Most countries are taking strong measures to protect their industry and help exports. This is going to balance out. We should be stronger next year I believe, those are the trends we are seeing as of now.”
She said that while exports are falling due to contraction in global demand, a few sectors such as Pharma, some segments of gems and jewellery and textile and garment sector have either retained their market share or growing it, which will help them to realise better prices when the global economy rebounds.
Teaotia said that the fall in exports is due to a combination of factors such as low commodity prices, fall in petroleum product prices, and currency devaluation by several countries that affected the competitiveness of Indian products.
