Export performance to improve in May, June: Piyush Goyal
Commerce and industry minister Piyush Goyal on Thursday said that in a fast ramp up of India’s export performance, outbound shipments will improve in May and June.
“While April was a washout with a 60% decline, the fall in exports in May will be 30-35%,” Goyal said at the Digital Summit on Exports organised by CII via video conferencing.
He said in June, exports can improve further and at par with June 2019 or a tad lower.
“In June, we can improve, (be) at par with June 2019 or 8-10% less. This is a pretty fast ramp-up,” he added.
Cancellation of orders had resulted in India’s merchandise exports contracting a sharp 60% from a year earlier to $10.36 billion in April.
Highlighting that domestic market is the pedestal on which exports are made, he said: “We have to build up on domestic demand at competitive prices with surplus going to exports” and added that manufacturing revival, diversification of export basket and focus on new markets will help expand India’s presence horizontally across the world.
Furniture, auto components, air conditioners including compressors and other components, and set top boxes are the sectors where domestic demand is huge and where exports should be more than imports, he added.
Goyal added that PCBs, textiles and lithium ion batteries are the other sectors with huge opportunity for export.
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