FIEO expects 20% fall in exports

Kolkata: The Federation of Indian Export Organisations (FIEO) said on Tuesday that the export from the country is expected to fall by 20 per cent in the current fiscal in the wake of the coronavirus pandemic.

The outlook is 'extremely negative' at the moment, and fall in export will also be accompanied by a decline in import, an official of the apex exporters' body said.

"We expect that export during the current financial year is likely to fall by 20 per cent. In value terms, this will be around $50 to 60 billion," FIEO director general and chief executive officer Ajay Sahai said.

He, however, said there will be no significant pressure on the balance of trade as both export and import are expected to fall due to the Covid-19 outbreak.

"However, this (fall in export) will put a question mark on job creation and also cause loss of jobs," Sahai said.

Speaking on the stimulus package announced by the government, he said exporters need more support to improve their competitiveness in the global markets as China has started production.