Exporters likely to lose US$1 bn in Feb exports
Owing to the fact that countries are shutting their borders and order cancellations, exporters are bracing for at least a US$ 1 billion decline in outward shipments in February. Industry experts opine that labour intensive sectors like gems and jewellery, lifestyle goods, carpets and handicrafts are expected to get impacted the most.
“If orders are not finalised now, then there will be a lead time of three months. Remittances will be affected since only essential purchases are happening,” stated Ajay Sahai, Director General, Federation of Indian Export Organisations. “Our clients in the US have put their orders in abeyance. At present, orders worth Rs 1.5 crore have been put on hold for 20-30 days,” opined Mahavir Sharma, founder of Jaipur-based Oscar Expo Design LLP.