New Delhi, April 29: The country’s exports have shown a healthy increase during the first three weeks of April so far despite challenges due to the ongoing West Asia crisis, Commerce and Industry Minister Piyush Goyal said on Wednesday.
He added that the consignments to West Asia are going through different routes because the Strait of Hormuz is “still a challenge”.
Goyal also said that free trade agreements finalised by India would give a huge boost to the domestic industry.
“There is an increase in exports during the first three weeks of April as compared to the same period of last April… Despite the war in West Asia, there is tremendous enthusiasm among domestic exporters,” Goyal told reporters here.
The trade data for April will be released by the commerce ministry on May 15.
Exports posted the steepest fall in five months, declining by 7.44 per cent in March to USD 38.92 billion due to trade uncertainty and geopolitical tensions, with shipments to West Asia contracting by more than 50 per cent in the month, according to official data released on Wednesday.
The ongoing crisis has severely impacted the movement of cargo ships through the Strait of Hormuz, a narrow passage between Iran and Oman/UAE.
It is the major route for shipping lines to carry consignments from India to the Middle East region.
When asked about the progress in negotiations for a trade pact with the US, the minister said, “We had very good discussions, I think about a week ago. Our team is back, and we continue to engage.” An Indian official team returned from Washington this month after holding three-day talks with US authorities on finalising the first phase of the bilateral trade agreement.
Both sides discussed several areas, such as market access, non-tariff measures, technical barriers to trade, customs and trade facilitation, investment promotion, economic security alignment and digital trade. (PTI)
