Exports would continue to decline in coming months

Federation of Indian Export Organisations (FIEO) The Federation of Indian Export Organisations (FIEO) has forecasted 15 to 20 per cent decline in export in the month of March following slump in demand under the impact of global slowdown.

USA and Europe, the traditional markets for Indian products, are grappled with hard financial conditions with unemployment spreading across all nations due to large scale layoffs as firms are facing shortage of contracts due to low demand and reduction in customers spending.

Sakthivel, president of the Federation of Indian Export Organizations (FIEO), said, "If further protectionist measures are not taken by our trading partners, Indian exports will be back on track by the end of the first quarter of the current year."

FIEO said that over 10 million jobs have been lost till now and figures may rise in coming days if present conditions prevail for more time. Government expects the export to remain flat for the financial year 2009-10 amid recession like conditions in developed economies.

Commerce Secretary, G. K. Pillai, on the sidelines of an Indo-American Chamber of Commerce meeting, said, "We expect that in March exports would be about $12-14 billion. For the fiscal ended March 2009, total exports would be $168-170 billion. Up to February, overseas trade aggregated $156.59 billion, thereby missing the revised target of $170 billion exports."

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