India’s exports in 2020-21 may decline around 7.3% to USD 290 billion compared to USD 313.36 billion in the previous fiscal due to a sharp fall in the first and second quarters induced by COVID-19 disruptions. But things may improve substantially next year, as per estimates made by the Federation of Indian Export Organizations.

“Looking into the extremely good order booking position for food including processed food, pharma, medical and diagnostic products, technical textiles, chemical, plastics, electronics and networking products, we should endeavour to take exports to USD 350 billion in 2021-22,” said S K Saraf, President, FIEO, in an official release.

 

While the target for 2021-22 may look ambitious, it is definitely achievable if supply side challenges are addressed, he said.

 

The World Trade Organization (WTO), in its recent forecast, has projected a 9.2% decline in the volume of world merchandise trade for 2020, followed by a 7.2% rise in 2021.

 

India’s goods exports declined 17.76% in April-November 2020-21 to USD 173.66 billion, as per figures circulated by the Commerce & Industry Ministry.

Source: thehindubusinessline.com