NEW DELHI, June 14 (Xinhua) -- India's moderate export growth of 3.93 percent during the month of May was due to sluggish global trade, said president of Federation of Indian Export Organisations (FIEO) Ganesh Kumar Gupta in a statement on Friday.
He expressed his concerns on India's rising trade deficit primarily on account of swelling crude import bill with further northward movement of prices and ban on Iranian imports along with rising gold import.
Gupta said that such a growth in exports was a "reflection of extremely modest growth in global trade and increasing protectionism."
According to him, the "Micro, Small and Medium Enterprises (MSME)" sectors were still facing the problem of liquidity besides various other challenges.
Only 17 out of 30 major product groups were in positive territory during the month of May, including electronic goods, organic and inorganic chemicals, drugs and pharma, Ready Made Garments of all textiles, plastics and Linoleum, ceramic products and glassware, handicrafts, commodities besides a few plantation and agri-products showing positive growth during the month.
