Reacting to the recently released Foreign Trade figure showing 14% growth in exports in June 2007, Shri Ganesh Kumar Gupta, President, Federation of Indian Export Organisations (FIEO) observed that the constant decline in exports only strengthen the fears of exporting community which indicated long back that we may end up with single digit export growth in 2007-2008.
The exports have declined after showing growth of 23% in April 2007 to 18% in May, 2007 to 14% in June 2007. The ever increasing trade deficit, with near doubling of trade deficit in April-June 2007 as compared to April-June 2006, should be a cause of concern for the government as increase in deficit also indirectly indicate the impact of appreciation of domestic production.
President, FIEO reiterated the demand for offsetting the loss to exporters so that they can venture in exports in such a volatile forex market.
Shri Gupta cautioned that Indian exporters are hardly signing new contracts in view of uncertainty on exchange front which does not augur well for the exports in the coming months.
Federation of Indian Export Organisations
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