“Credit is the biggest problem which exporters are facing. Arrears of duty refund claims have crossed Rs 20,000 crore. Global demand is there but we are unable to take advantage of this due to credit problem,” Federation of Indian Export Organisations (FIEO) President Rafeeque Ahmed said.
After registering a 13.47 per cent growth in October, exports recorded growth in single digits until January. Sectors contributing significantly to the export basket such as petroleum, engineering and pharmaceuticals registered a decline in February. For the April-February period, exports were up 4.79 per cent to $ 282.7 billion. Imports during the 11-month period fell 8.65 per cent to $ 410.86 billion. The trade deficit during this period was $ 128 billion. (PTI)