homeeconomy NewsIndian export organisation believes international trade might start recovering from October
Indian export organisation believes international trade might start recovering from October
While global trade may recover in the third quarter, it is essential to acknowledge that challenges are likely to continue to impact the trade environment across the world. However, with the right strategies and support from the government and trade bodies, India can continue to increase its exports and emerge as a major player in the global trade market.
India's goods export seem to be in a bit of a downturn. After toughing highs of between $37 billion and $40 billion per month in mid-2022, exports have fallen to $29-33 billion in the last few months. Overall it is much less than what it was a year ago.
In a recent interview with CNBC-TV18, Ajay Sahai, director general and chief executive officer at FIEO, expressed his views on the future of global trade.
According to him, there is a possibility that global trade might start to recover in the third quarter of the year. However, he also warned that there are likely to be continued challenges that could impact trade across the world.
“Global demand has come down. The demand has definitely come down and also the prices of the inputs have also gone down. These two have definitely affected the exports. We are expecting that in the third quarter, as per the recent projection, the global trade may recover but the challenges on the global trade continue," he said.
Despite the challenges, Dr A Sakthivel, president-FIEO and honorary chairman of the Thirpur Exporters Association, is confident that India's exports will increase in the coming months.
"I am very confident that end of March, we will be at $100 billion more than the last year," he said.
When asked if people are able to trade in rupees with any country, Sakthivel mentioned, that it is still not done.
“Our government is trying its best to start the rupee trade soon. Once it starts, we will have a really good growth rate. Europe and US are not ready to accept the rupee trade but other countries are ready to do the rupee trade with us," he said.
Also Read | Export ban on wheat to continue till India isn't comfortable on aspect of food security, says FCI chief
India is one of the major exporters of goods and services in the world, and it is crucial for the country's economy that exports continue to grow. With the right policies and strategies in place, India can leverage its export potential and emerge as a major player in the global trade arena.
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