India’s iron and steel exports to major markets slip over 40%
Hit by a weak economic sentiment globally, mainly in the commodity market, India’s iron and steel exports dropped by over 40% to $4.57 billion in September this year from $7.69 billion a year ago. According to Engineering Export Promotion Council (EEPC), a massive fall in shipments to the USA, Italy, UAE, Bangladesh and Nepal, among others, resulted in fall of India’s primary iron and steel exports in September. The EEPC said that countries like Belgium, China and Iran provided some relief even as the setback in the exports of these items gave a severe blow to the country’s total engineering exports. “The year-on-year September fall in iron and steel is more than cumulative decline during April-September period against the comparable months of 2014. This is quite an alarming development,” said Anupam Shah, Chairman, EEPC India. The global slowdown is really biting the sector, he added. Shah further said that the downward trend was seen more in value terms because of a steep fall in international prices, while the volume is also under pressure due to subdued sentiment in the entire commodity space. According to EEPC data, fall in exports was followed by a big fall in shipments to the US by 76.66% to $19.81 million in September from $84.86 million in the same month last year. Similarly, shipments of these basic materials to Italy fell by 57.23% to $21.14 million from $49.42 million. The fall was even steeper by 85.58% to $7.27 million from $50.44 million in case of Nepal, followed by consignments to Thailand, which fell 85.43% to $4.74 million from $32.53 million. However, rise in shipments was seen in case of Belgium and China, which increased by 105% to $36.22 million from $17.62 million and by 7.09% to $6.12 million from $5.71 million, respectively, followed by Iran, which also registered 9.32% rise to $29. 61 million from $27.08 million. Expressing his concern over the situation, Shah urged the government for an immediate help by way of interest subvention, increased refund of local duties and infrastructure support.
October 24, 2015 | 3:41pm IST.
to success.