CIM expects exports to improve in May-June
Addressing the Digital Summit on Exports, Commerce and Industry Minister Shri Piyush Goyal said that the country’s outbound shipments will improve in May and June. He added that furniture, auto components, air conditioners including compressors and other components, set top boxes, PCBs, textiles and lithium ion batteries are the sectors with huge opportunity for export.
He noted that cancellation of orders had resulted in India’s merchandise exports contracting a sharp 60% from a year earlier to $10.36 billion in April, while the fall in exports in May will be 30-35%. However, he’s hopeful that in June, exports can improve further and be at par with June 2019 or a 8-10% lower.
The minister also spoke about the need for manufacturing revival, diversification of export basket and focus on new markets will help expand India’s presence horizontally across the world. “We have to build up on domestic demand at competitive prices with surplus going to exports,” he added.