Commerce ministry asks exporters to concentrate on potential sectors, key markets to spice up exports

These points amongst others have been mentioned throughout a gathering referred to as by the ministry with the trade and exporters.

The assembly was chaired by commerce and trade minister Piyush Goyal.

The six sectors which maintain big potential to extend the nation’s exports embrace meals, textiles, engineering, electricals and electronics, medical gadgets, pharma and auto parts.

The primary international locations the place exports might be promoted additional embrace the US, UK, Brazil, Germany, Saudi Arabia, Sweden, Taiwan, Korea, Japan and Russia.

An trade consultant, who participated within the assembly, mentioned that emphasis was given on each commerce and investments. Growing investments will assist in selling commerce via integration with international worth chains. The assembly assumed significance because the nation’s merchandise exports have been contracting for the final 4 months on account of demand slowdown within the international markets.

An exporter mentioned that the export figures for June are additionally trying “disappointing” because of the international financial uncertainties.

“Commerce and investments must be promoted parallelly,” the exporter added.

Exports declined for the fourth consecutive month by 10.3 per cent year-on-year to USD 34.98 billion in Might, whereas the commerce deficit widened to a five-month excessive of USD 22.12 billion, based on the ministry information.

Cumulatively, exports throughout April-Might this fiscal contracted by 11.41 per cent to USD 69.72 billion, whereas imports declined 10.24 per cent to USD 107 billion.

Demand slowdown in main markets, excessive inflation in developed economies and the Russia-Ukraine struggle are impacting the nation’s exports.

Representatives from totally different export promotion councils from sectors equivalent to attire and medical gadgets participated within the assembly apart from Federation of Indian Export Organisations (FIEO) and trade associations.

Final month, commerce secretary Suni Barthwal has said that the ministry is engaged on a commerce technique to advertise exports.

As a part of that, the Division of Commerce, Division for Promotion of Trade and Inside Commerce (DPIIT), Make investments India and Indian missions overseas would concentrate on 40 international locations.

These international locations, together with the US and European Union nations, account for 85 per cent of India’s whole exports.