Covid has not only infected humans but tons of Export Import business as well. Especially in India day by day the death toll is not stopping with 3.46M+ cases & 62550+ deaths, currently India is in third worst situation globally. Let’s look at how the Exim industry is affected.
India announced its first nation-wide lockdown in March, which led to the massive economic slowdown. Talking about Imports, though electronic goods were being affected but not as much as compared to gold, coal and petroleum products which faced more than 50% decline as compared to June 2019. Exports too faced one of the highest double digit declines. Drugs and pharmaceutical products were only comparatively positive. It’s clear that exports are in a better position than import trade. Hence the dependency on imported products is reducing, opportunity to go Atma nirbhar( self dependent)?. Same goes with the Steel sector and engineering goods as their demand falls, many leading companies are shifting to exports instead of selling much in the domestic market so that they would at least survive steadily. For the upward line in the export sector an average proportion of credit also goes to the Indian government for running different export promotion activities and schemes under the current ‘Foreign Trade Policy’.
‘Atma Nirbhar Bharat’, a new positive movement for manufacturers and exporters!
“The greatest glory in living lies not in never failing, but in rising every time we fail.” – Nelson Mandela
“China has taken a huge dent as far as edible products are concerned, to India’s advantage,” said by Ajay Sahai, director general of the federation of Indian Export Organisations. He also added about export of apparel, footwear, gems, jewellery and handicrafts saying that normally, by this time, we would be getting orders for February-March next year, but we are only getting orders for the pre-Christmas period. Buyers are not taking long-term calls since they are unsure of the market.
Short Key point
6 months back hardly people knew about PPE kit but in recent times India is the second largest producer of PPE kit. Sounds good, isn’t it?
Conclusion: After the First World war, the economy of respective countries grew steadily though not rapidly but still there is no point of quitting. Also there are numerous examples in which the countries suffered and most of them recovered too (Economically). It totally depends on you whether you turn obstacles into opportunity or not in the world of export import business. Lets really motivate each other for manufacturing and supplying so that we can grow faster. Online Exim Academy plays a vital role for Import Export Training in making the future Exporters of India. Do explore with us for total practical knowledge of export import business. Digital Exim – Connect l Collabrate l Trade