Exports contraction in May is expected to be less than that seen April as exports to China have grown and imports from China have reduced in May.
Spice, fruits and vegetable exports have grown in May. About 70 percent of world exports happening in electronics telecom equipment, Directorate General of Foreign Trade (DGFT) said.
“70 percent of India’s exports address only traditional global exports. Average global Logistics cost is 7-8 percent. Logistics cost in India is 14 percent. We need to address the hidden cost associated with exports and ensure that no taxes are added to exports. Long and short term reforms needed in exports. Will look at targeted export incentives for identified sectors,” DGFT said.