India’s exports dip to $24.82 billion in October
Exports between April-October 2020-21 stood at $150.07 billion, showcasing a decline of 19.05 per cent as compared to the same period last year according to the statement by the Commerce and Industry Ministry.
After recording positive growth in September, in the month of October, India’s exports reduced by 5.4 per cent to $24.82 billion as the shipments of sectors like petroleum products, gems and jewellery, and leather declined as per the government data.
Major export commodities that witnessed negative growth for the month October included petroleum products, cashew , jewellery, leather, man-made yarn/fabrics/made-ups and more similar items.
Some sectors dealing in rice, oil meals, iron ore, oil seeds, carpet, pharmaceuticals have shown the inclination. However, imports declined as well by 11.56 per cent and stood at $33.6 billion for the month of October.
As per Sharad Kumar Saraf, President of Federation of Indian Export Organisations (FIEO), the decline in the exports statistics happened due to the shortage of huge container and increase in sea freight, which impacted the exports. According to the founder chairman of Trade Promotion Council of India (TPCI), Mohit Singla, Agri and food commodities have impressed the market which gives new hopes for great demand of Indian food and agri products in the international markets. And it is time for India to emerge as the global food basket of the world.