Growth in the near term is likely to be driven by volumes as realisations may decline amid softer raw material prices, downtrading, and shift in preference towards lower-value apparel.
Passenger cars exports dropped by 47.89 per cent at 2,76,808 units last year as against 5,31,226 units exported in 2019.
Freshara Picklz Exports, a company situated at Velakkalnatham, a tiny village in Tirupattur district, has been exporting processed cucumber to clients located in about 35 countries.
Exports in December 2019 were USD 27.11 billion, while imports stood at USD 39.5 billion. In November 2020, exports were down by 8.74 per cent.
Federation of Indian Exports Organisations (FIEO) President Sharad Kumar Saraf also said that 2021 would bring a ray of hope and optimism for the exporting community.
Chilli, cumin, turmeric, coriander and ginger were the top five most-exported spices from India
The company said in a statement that the expansion in sourcing will include helping develop new suppliers in categories such as food, pharmaceuticals and other key Indian export categories.
Black tiger shrimp, commonly known as giant tiger prawn or Asian tiger shrimp, is a popular seafood delicacy the world over and also forms an important segment of India’s marine products export basket
Export of gems and jewellery, petroleum items saw the steepest fall
The secretary said that export sectors which did well during the eight months period include pharma, which grew by 15 per cent, rice (39 per cent), and iron ore (62 per cent).
AEPC Chairman A Sakthivel said that the agreement would help in removing the customs duty disadvantages faced by domestic players in the UK.
India's services exports in September fell 1.4 per cent to USD 17.29 billion, data from the Reserve Bank of India showed.
Sectors which recorded negative growth include petroleum, marine products and leather goods.
Demand for immunity-boosting spices shot up amidst the COVID pandemic. Ginger registered a remarkable growth of 107 per cent in quantity by shipping 19700 tonnes globally.
To compound the problem, most of the exports which grew were raw materials, while exports of manufactures.