India’s export slowdown may have bottomed out and the recovery in outbound shipments is expected to be slow but steady in the coming months, commerce and industry minister Nirmala Sitharaman said on Monday.
India’s goods exports have contracted regularly since December 2014, barring a marginal expansion in June this year. A slump in commodity prices, economic slowdown in key markets and an appreciation of the real exchange rate of the rupee have been blamed, along with a lack of competitiveness in certain segments, for the export debacle. Merchandise exports fell 0.3% in August, compared with a 6.8% dip in the previous month. The trade data for September are expected to be released on October 15.
“At the moment, the fall is arrested (and it) is very clear. The growth is happening. We will only be looking at the steady growth. It may be slow but steady,” Sitharaman said.
Dash board on foreign trade launched
Inaugurating a dashboard on foreign trade data, Sitharaman said it will provide comprehensive data on exports and imports, apart from providing information on trade from ports. The dash board, the latest initiative of the commerce ministry to offer easy access to data on India’s trade online, provides data since 2014-15, to start with.
The digitisation of the government records and data analytics is crucial for fast and effective evidence based planning and policy evaluation, according to a commerce ministry statement. The dashboard would provide an enabling environment to importers and exporters to identify and access global trade opportunities based on reliable and updated information, directly accessible to the public through government sources.