New Delhi: India’s exports still have a ray of hope with the possibility of a rebound in the coming months despite a negative growth trajectory for nine months (December 2014- August 2015), said an analysis by PHD Chamber of Commerce and Industry on Saturday.
“Going ahead, the analysis, on the basis of 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 labour intensive products demonstrated positive growth. These included handicrafts (18.6 percent), jute (18.17 percent), ceramic products (9.84 percent), carpets (6.3 percent), tea (5.3 percent), readymade garments (5 percent) and spices (0.64 percent).
Products with negative growth were iron ore (minus 76 percent), petroleum products (minus 49.5 percent), oil meals (minus 35.3 percent), oil seeds (minus 23 percent), marine products (minus 17.4 percent), rice (minus 16.5 percent) and meat, dairy and poultry products (minus 16 percent).
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.