'Exports to quake-hit Japan to be affected'

Top Stories

»	PM Modi congratulates Carney on election win, says looking forward to strengthen India-Canada partnership together
»	India, Netherlands agree to strengthen economic ties
»	India’s engineering goods exports touch all-time high of $116.7 billion in 2024-25
»	India, as fastest growing economy, is ideal investment destination: RBI Governor
»	India’s forex reserves on way to reclaim all-time high of $704.8 billion

SME Times News Bureau | 14 Mar, 2011
Devastation in Japan will hit India's export to the country at least in the short-run, even though reconstruction activity in the affected cities may lead to increased demand for Indian steel, the Federation of Indian Export Organisations (FIEO) said on Sunday.

"In the short-term, delivery of goods in transit will be affected...it would also have impact on exporters' payments," FIEO President Ramu S Deora was quoted by a news agency report.

India-Japan bilateral trade stood at over USD 10 billion in 2009-10. India's exports to Japan comprise steel, iron ore, chemicals, while imports include machinery, mechanical parts, auto components and chemicals.

With a desire to give a quantum jump to trade in goods, services and investment, the two countries had last month signed Comprehensive Economic Partnership Agreement (CEPA).

It was expected to boost market access for Indian exporters in pharmaceutical sector, agricultural produce including instant tea, seafood and garments.

Tens of thousands of people were feared dead Monday after last week's earthquake and tsunami in northeastern Japan as Prime Minister Naoto Kan said 15,000 people had been rescued so far.