The country’s exports are likely to witness a 10-12 per cent year-on-year decline during the ongoing fiscal, if the current trend persists, due to the contraction in global demand on account of the COVID-19 pandemic, FIEO said on Thursday. Federation of Indian Export Organisations (FIEO) President S K Saraf said although exporters are receiving a lot of enquiries from countries where anti-China sentiments are high, demand in employment intensive sectors like gems and jewellery, apparels, footwear, handicrafts, and carpets is still a challenge. “Initially, looking into the lockdown challenges and projected decline in global trade, we expected 20 per cent decline in our exports. However, two days back, the WTO (World Trade Organisation) trade estimates for the second quarter puts the contraction only at 13 per cent,” Saraf told reporters during a video conference briefing.

(Economic Times)