: India Rating cautions on export growth on H1 in FY22 #FinanceIndia #StockMarketNEWS India Rating cautions on export growth on H1 in FY22 New Delhi, 29 Oct (KNN) As per India Ratings, it will be difficult

@StockMarketNEWS Fri 29 Oct, 2021

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India Rating cautions on export growth on H1 in FY22 #FinanceIndia #StockMarketNEWS
India Rating cautions on export growth on H1 in FY22 New Delhi, 29 Oct (KNN) As per India Ratings, it will be difficult for exports from India to see a substantial growth in the first half of FY22.

It has recommended for a combination of policy support and strategies to tap opportunities of manufactured products for exports among developed and developing markets.

The report pointed out that due to the aging population in developed markets, the demand for goods and products is different than what the emerging economies are exporting to them.

Hence, the Indian export market should be cognizant of this situation and accordingly market the mix products along with the existing range of export products.

Exports from India rose 22.63 percent year-on-year to USD 33.79 billion in September, mainly driven by exports of coffee (62.6 percent); cashew (49.4 percent); petroleum products (47.9 percent); cotton & handloom products (40.5 percent); engineering goods (36.8 percent); and organic & inorganic chemicals (29.7 percent). On the downside, sales fell significantly for Iron ore (-72.8 percent) and oil meals (-39.1 percent).

India’s main export partners are: United States (15 percent of the total exports), United Arab Emirates (11 percent), Hong Kong (5 percent), China (4 percent), Singapore (4 percent) and United Kingdom (3 percent).

In recent years, India exported mostly: pearls, precious and semi-precious stones and jewelry (16 percent of total shipments); mineral fuels, oils and waxes and bituminous substances (12 percent); vehicles, parts and accessories (5 percent); nuclear reactors, boilers, machinery and mechanical appliances (5 percent); pharmaceutical products (5 percent); and organic chemicals (4 percent).

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