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According to India’s Ministry of Commerce, exports continue to retract over 23 different industry segments, including leather.
Out of the 30 exporting sectors, 23 were in the negative zone in August 2015, according to data from India’s Ministry of Commerce.
India’s exports dropped 20.66% in August to US$21.26 billion, increasing the trade deficit to US$12.47 billion. Industry representatives have urged for government intervention. S C Ralhan, President of the Federation of Indian Export Organisations, said this is “a challenging time in which reaching last year’s export figure looks difficult” and has called for a meeting with all parties concerned.
The leather segment reported 12.78% negative growth during August. Other sectors concerned are engineering (-29%), and petroleum products (47.88%). Textiles exports declined 7.32% to US$1.28 billion in August alone.
Agri-products, which represent over 10% of the country’s total exports, also recorded a negative growth for the same month.
As reported by ILM on August 18, India’s Ministry of Commerce was considering providing a subsidy to the leather industry as part of a measure to halt a continuous fall in exports. However, it has now asked industry representatives to explore new markets and value-added products.
The Indian government has aimed at increasing exports of goods and services to US$900 billion by 2020 and raising the country’s share in world exports from 2% to 3.5%. Total exports in the past four financial years have represented around US$300 billion.
According to local media, the continuous decline in exports is expected to impact jobs and put pressure on the current account deficit.
Source: The Hindu