India's exports decline in Oct, to miss target for 2008-09
Wednesday, 12 November 2008
NEW DELHI, Nov 11 (PTI): India's exports declined in October this fiscal, for the first time in any month in five years, and the country will miss the USD 200 billion target for 2008-09, a senior Commerce Ministry official said yesterday.
"I personally think if September and October are indicators for the coming months, we will miss the export target," Director General of Foreign Trade (DGFT) R.S. Gujral told reporters on the sidelines of an export award function here.
Gujral said exports declined by 15 per cent in October over the same month last year, and barring petroleum products, the contraction in overseas shipments would be over 20 per cent.
The DGFT said the downturn in exports would "definitely impact on employment". Job-oriented sectors like gems and jewellery, handicrafts, textiles and leather have been severely hit.
Commerce and Industry Minister Kamal Nath has so far been optimistic of achieving the export target, while he admitted that there would be some impact of the troubles in the U.S. and Europe -- the two largest markets for the Indian exporters. "I am still confident we will be able to meet the target," he said on October 30.
"I personally think if September and October are indicators for the coming months, we will miss the export target," Director General of Foreign Trade (DGFT) R.S. Gujral told reporters on the sidelines of an export award function here.
Gujral said exports declined by 15 per cent in October over the same month last year, and barring petroleum products, the contraction in overseas shipments would be over 20 per cent.
The DGFT said the downturn in exports would "definitely impact on employment". Job-oriented sectors like gems and jewellery, handicrafts, textiles and leather have been severely hit.
Commerce and Industry Minister Kamal Nath has so far been optimistic of achieving the export target, while he admitted that there would be some impact of the troubles in the U.S. and Europe -- the two largest markets for the Indian exporters. "I am still confident we will be able to meet the target," he said on October 30.