Exporters’ body Fieo said that in sectors such as engineering goods & plastics, a fall in commodity prices resulted in a decrease in the value of shipments and pegged the full-year estimate at around $470 billion, compared to $422 billion last year. The government has set a $450-billion target for goods exports for the current fiscal.
“Global trade is slowing down and the WTO‘s revised numbers, due in October, will further point to a moderation. Freight rates on some major routes have dropped by 50%… We do not expect to see the kind of growth we saw last year when we added $130 billion to our exports this year, but we expect it to be over $470 billion,” said Fieo director general Ajay Sahay.
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