Encouraged over the double-digit growth in country’s outbound shipments in the month of June, the Federation of Indian Exports Organisations (FIEO) has stated that the momentum is likely to continue in the coming months on the back of improving demand in overseas countries and measures announced in the Union Budget 2014-15.
FIEO President M Rafeeque Ahmed has asserted that current global situation is conducive to exports as both advanced and emerging economies are showing better economic indicators. Further, budget announcements such as including extension of 24x7 facility for all export promotion schemes, institutionalization of export promotion mission and greater involvement of the states will further provide impetus to country’s exports besides reducing transaction cost and time.
India’s merchandise exports grew at double digits for a second month in a row in June at 10.22% to $26.5 billion from 24 billion recorded in June 2013. The significant growth in country’s exports is mainly due to strong performance in export-oriented sectors like textiles, petroleum products and engineering. The outbound shipments of engineering and petroleum products, each representing 20% share in country's total exports, grew by 22% and 38% respectively in June. Further, India’s textile exports grew by 14% in the reported month.