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India’s exports seen down 2.2% in FY10 – UN report

Posted on: June 14, 2009


Reuters – Saturday, June 13

NEW DELHI, June 12 – India’s exports are expected to decline 2.2 percent in the fiscal year ending March 2010, rendering 1.3 million workers jobless, as the global slump trims demand for Indian goods, the United Nations said in a report on Friday.

The report, released by United Nations Conference on Trade and Development, said exports of petroleum products, minerals, gems and jewellery and textiles are expected to see the steepest fall.

“Given such heavy reliance on advanced countries’ markets, the impact of slowdown in these countries is being felt in India’s trade sector,” the report said.

However, the UN said, India’s exports are expected to recover and grow 8.3 percent in FY11, and this will help create 5.22 million jobs.

Exports, which contribute nearly a fifth to India’s economy, have been falling since October, prompting exporters to demand relief measures from the government to arrest the slide.

Policy makers expect the declining trend to last until September and they projected exports at $168-$170 billion in FY10 compared to $168.7 billion in FY09.

The report puts the job losses in the exports sector in the fiscal 2008/09 at around 1.16 million.

India’s trade minister has said he would ask the finance ministry for more relief measures for exporters.

To counter the impact of global slowdown the report suggests diversification of exports to new markets and products, and reduction of costs by simplifying customs procedures.

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