Falling agri export matter of serious concern: TPCI
Press Release:
Falling agri export matter of serious concern: TPCI
15th October 2019, New Delhi: Speaking on the September Trade Data, Chairman TPCI, Mohit Singla said, “There is a definite sign of manufacturing slowing down owing to the sluggish market demand, which has taken a hit at export. Out of the thirty major commodities 22 have registered negative growth. The Industrial production for the month of August was 1.1 % which is 81 month low. Additionally, the consumption and investment has both have been equally impacted.”
Chairman TPCI further said, “Good news is amid the global slowdown especially in trade Indian electronic goods have registered whopping 33% growth as compared to the same period last year. This is a positive sign in terms of a higher proportion of technologically oriented export basket and is a continuous growth trajectory for the last two year,” In spite of the slowdown and growing trend of protectionism, the export of value-added products is on the continuous rise giving thrust added exports. This has been because of the government sustained efforts in this direction, leading to the birth of now sunrise sector. Other products registering positive growth spices, ceramic and pharma, he added.
The import of petroleum products has fallen owing to the sluggish demand and due the plummeted prices in the month of September, impacting the overall trade. The exports as the percentage of GDP have also skunked for both oil and non-oil the sector, in 2018-19, he added.
There has been a flood in almost 13 states of India due erratic rainfall which also hit the logistics and supply of intermediary products used in the manufacturing process, Singla added.
Chairman raised serious concern over the falling agri commodity exports for entire agri product basket, except spices. This is matter of concern for major stakeholders related to F&B as they represent the major share of the Indian export basket. Knowing the fact of price competitiveness and sluggish demand their still remains other archaic challenges owning to respective products. Spices are the only product which has not to be been impacted as it enjoys a monopoly in market owning to its competitiveness.
Chairman TPCI highlighted, “The price of the gold price has been an all-time high in September which emerged as an alternative saving option after the crash of bond and real estate market leading to the is a massive reduction in imports to the tune of 51%,.”
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