NewsGram Staff Writer
New Delhi: Despite a negative growth curve for nine months (December 2014- August 2015) India’s exports still have a ray of hope with the possibility of bouncing back in the coming months, revealed an analysis by PHD Chamber of Commerce and Industry on Saturday.
“The analysis based on recent interactions with various exporters reveal that order books of the exporters have started reviving and we can see the exports growth trajectory turning positive in the coming months,” said a PHD Research Bureau statement.
Indian exports registered negative growth in 68 of the top 100 export destinations ranging from 10 percent to 50 percent, said the statement.
All the top 10 export destinations of Indian exports posted negative growth: Saudi Arabia (minus 49.7 percent), Singapore (minus 30.70 percent), China (minus 20 percent), Bangladesh (minus 16.4 percent), Germany (minus 10.3 percent), Hong Kong (minus 6.4 percent), UAE (minus 4.8 percent), Sri Lanka (minus 4.73 percent), Britain (minus 3.83 percent) and US (minus 3.82 percent).
However, 32 of the top 100 destinations – Australia, Canada, Norway, Bahrain, Iraq, Czech Republic, Chile, Ghana and Afghanistan among others – witnessed growth ranging between two percent to 50 percent.
According to the statement, exports constituting labor intensive products demonstrated positive growth. These included handicrafts (18.6 per cent), jute (18.17 per cent), ceramic products (9.84 per cent), carpets (6.3 per cent), tea (5.3 per cent), readymade garments (5 per cent) and spices (0.64 percent).
Products with negative growth were iron ore (minus 76 per cent), petroleum products (minus 49.5 per cent), oil meals (minus 35.3 per cent), oil seeds (minus 23 per cent), marine products (minus 17.4 per cent), rice (minus 16.5 per cent) and meat, dairy and poultry products (minus 16 per cent).
The analysis urged the government to focus on encouraging exporters to venture into new countries, launching information portals for providing comprehensive information about export opportunities in various markets.
Starting a mobile app for foreign trade, enhancing fiscal incentives and port facilities were some other measures suggest by the business chamber.
(With inputs from IANS)