Responding to the May 2022 Trade Data, FIEO President, Dr A Sakthivel said that the highest-ever exports of over $37 bn during May of a fiscal year, shows the continuous resilience of the exports sector amidst rising global uncertainties.
FIEO President said that the top sectors, which have performed impressively during the month, were Petroleum Products, Engineering Goods, Electronic Goods, RMG of all Textiles, Gems & Jewellery, Organic & Inorganic Chemicals, Drugs & Pharmaceuticals and Rice. Labour-intensive sectors also contributed to the exports basket, which itself is a good sign, further helping job creation in the country.
FIEO Chief also reiterated that the benefits of the newly signed FTAs and the PLI Scheme will further help us in building as we continue to move ahead during the fiscal.
Imports growth is of little concern and may be looked into. However, he added that rising imports of gold may lead to impressive gems & jewellery exports in next 1-2 months with lead time.
FIEO President is also of the view that though the government has announced a slew of measures to support exports, however, there is a need to rationalise exports of raw materials to push value-added exports, augment container manufacturing, developing an Indian Shipping Line of global repute, increase the validity of RoSCTL and RoDTEP scrips to 24 months and link transferability with realisation, extend RoDTEP to EOUs, SEZ and Advance Authorisation, expand usages of RoDTEP and RoSCTL scrips and logistics support for the sector looking at the higher freight cost.
