NEW DELHI: Exporters body FIEO on Wednesday said the export sector has started feeling the pinch of the outbreak of coronavirus as international buyers are asking to hold back shipments.
Federation of Indian Export Organisations (FIEO) said they are expecting that in the coming days a significant number of such requests would come which could eventually lead to cancellation of orders. The MSMEs, particularly in employment-intensive sectors like carpets, handicrafts, apparels, footwear, gems and jewellery, and marine, are likely to be worst affected particularly in the first quarter of 2020-2021 as per the current trend, it said in a statement.
“Coronavirus has hitherto not impacted the Indian economy yet the sector has started feeling the pinch with many requests from buyers to hold back shipments till further instructions...such requests may eventually lead to orders cancellation,” it said.