Coimbatore: Export of engineering goods from India is likely to witness a marginal decline during this financial year, chairman of Engineering Export Promotion Council (EEPC) Ravi Sehgal said Wednesday.
The country had registered exports worth USD 81 billion last fiscal and there was a great expectation to cross that mark. But the global trade war between China and USA took the toll on India due to lesser demand, Sehgal told reporters here.
To cap it all, the spread of coronavirus also had a great impact on the exports due to which Indian exports are expected to be below USD 80 billion, Sehgal, here as a part of organising the three-day 9th International Engineering Sourcing Show (IESS), added.
The EEPC chairman said that the exports may witness a dip in the first three months of January-March 2020, as against the normal peak situation. It is likely to pick up during April-June due to various reasons, including the advantage by the impact of coronavirus.
Asked whether the visit of US President Donald Trump to India would help boost exports, Sehgal said though there was no immediate impact on the restrictions imposed by US, it could be a morale booster for future trade, particularly on duties.
Earlier, addressing the IESS, Sehgal said 467 exhibitors from 47 countries are displaying their products in this flagship annual event.
Though the event is taking place in the background of a challenging global economic environment, it would provide opportunity for the participants to come up with out-of-box solutions to meet head winds like impact of coronavirus on trade and protection measures being resorted by several leading economies of the world, informed Sehgal.