Message from Our Chairman
Dear Friends
There is not much change in the outlook for International Trade as it continues to face headwinds due to high inflation, rising interest rates, continued disruptions due to Russia-Ukraine war and adverse US-China relations.
While Merchandise Exports are down by 15.1% to 102.68 billion in Q1 FY 24 on YoY basis, Services exports have increased by 5% to 80.03 billion. Of the 30 principal Commodity Groups, exports have increased in respect of 11 groups while exports have declined in 19 groups. In the major commodity groups, exports of Petroleum products were down by 33.28%, Engineering Goods down by 7.46%, Gems & Jewellery down by 26.43%, Chemicals down by 19.40%, RMG of all Textiles down by 17.72% while exports of Electronic Goods increased by 47.05% and Drugs & Pharmaceuticals increased by 5.10%.
As regards SEZs, during Q1, FY 24, exports of Goods and Services from SEZ declined by 12%, exports of Goods declined by 22%, export of Services by 3%. Sale of Goods to DTA from SEZs declined by 16%. During the same period, imports of Goods from SEZs declined by 10% and procurement of Goods from DTA by SEZs declined by 19%.
It is heartening to note that Hon’ble Commerce & Industry Minister is regularly reviewing the export scenario with EPCs and Industry Associations to address their concerns. However, industry is still awaiting the enactment of the proposed DESH Bill and coverage of EOUs and SEZ under the RoDTEP scheme. EPCES has been following up with the Government on a continuous basis. We hope that Government finalises the Bill and ends this policy uncertainty about SEZs at the earliest which is adversely affecting investment plans.
I would like to express my gratitude to the members of EPCES for their continuous follow-up and support. We will keep you updated on our activities during 2023-24 through our website, twitter and publications.
Thank you for your continued support, and I wish you all the best for your future endeavours.