Collaborative efforts of stakeholders lending impetus to exports
Despite uneven recovery in foreign trade as exports declined 5.4 per cent to USD 24.82 billion in October after recording positive growth in September owing to the decline in shipment of gems & jewellery, leather and petroleum products, as per the data dispensed by the Ministry of Commerce and Industry, the situation is likely to improve in the coming months.
Interacting with the exporters through a virtual session, Director General of Foreign Trade (DGFT). Amit Yadav said,”Since April there was a huge downfall in exports, it has made good progress and is going to rise in the coming months, in the earlier part, times were challenging for exporters and importers but the October data looks promising. With collaborative efforts, there will be better results.”
“The availability of containers for exports is the biggest challenge the EXIM fraternity is facing at present, the trade facilitators like ports are making their best efforts to make containers available to exporters,” added Yadav.
A draft has been prepared following the government’s plans to create district export hubs which will require a district-level data on export potential of products and the various bottlenecks that are being faced. The revised Foreign Trade Policy will be implemented from April 2021 as the current one has been extended by one year.
