Indian exports will continue to rise, will benefit from supply disruptions from China and turmoil in Europe

World-class organizations have lowered the global business growth rate for the current year 2022, but its impact is not visible from anywhere on India at the moment. On the contrary, exporters of employable sector are getting more orders than before. According to exporters, there is a lot of turmoil in Europe due to the Russo-Ukraine war coupled with supply disruptions from China and India seems to be benefiting from it. Exporters say that commodity exports may decline in the next six months due to slowdown in global trade, but manufacturing exports will continue to rise.

The World Economic Outlook (WEO) has lowered the global growth forecast for the current year 2022 by 0.8 percent to 3.6 percent. At the same time, the World Trade Organization (WTO) has reduced the growth rate of goods business in the current year 2022 from 4.7 percent to three percent. Exporters said that the effect of economic slowdown in the US will not be visible on India because many countries are seeing India as a major supplier in the global situation. In April, the first month of the current financial year, Indian goods exports grew by more than 30 percent.

Suranjan Gupta, executive director, Engineering Export Promotion Council, said the reduction in global trade has no impact on engineering export orders at present. In contrast, exporters are getting more inquiries for export orders than before.

Council of Leather Export Vice Chairman RK Jalana said that even though global trade is declining, India is getting more export orders than before due to supply disruptions and war from China. Many European and African countries are now turning to India.

In Apparel Export Promotion Council, Northern Chairman Lalit Thukral said that many foreign garment traders are coming to participate in the Garment Expo Fair to be held at Expomart, Noida from June 20. These are the businessmen who want to buy goods from India except China.