India's exports snap six-month losing streak, rise 5.27% in September
Goyal said this is an indicator of the "rapid recovery" of the Indian economy as it surpasses pre-COVID-19 levels across parameters.
October 01, 2020 / 10:48 PM IST
After contracting for six months in a row, the country's exports grew by 5.27 percent to $27.4 billion in September, Commerce and Industry Minister Piyush Goyal said on October 1.
He said this is an indicator of the "rapid recovery" of the Indian economy as it surpasses pre-COVID-19 levels across parameters. "Make in India, Make for the World: Indian merchandise exports grew 5.27 percent in September 20 as compared to last year," he said in a tweet.
In September 2019, the exports stood at $26.02 billion. Since March, the country's outbound shipments were recording negative growth due to the COVID-19 pandemic and the resultant fall in global demand.
Key sectors such as petroleum, leather, engineering goods and gems and jewellery were registering negative growth rates. Commenting on the numbers, Trade Promotion Council of India (TPCI) Chairman Mohit Singla said exports are on the path of recovery as the international market is opening up and buyers have started placing orders.
"Food and agri sector will continue to thrust exports as they have done in even the worst of times in the past," Singla added. Federation of Indian Export Organisations (FIEO) President Sharad Kumar Saraf said "this was expected due to anti-China sentiments as a lot of orders have come."
He added that exporters can do much better if issues pertaining to Merchandise Exports from India Scheme (MEIS), risky exporters and RoDTEP (Remission of Duties and Taxes on Exported Products) are resolved.Follow our full coverage of the coronavirus pandemic here.