Decline in exports have bottomed out and the outbound shipments are expected to witness gradual improvement in the coming months depending upon pick up in global demand, Commerce and Industry Minister Nirmala Sitharaman said today.
She said that global demand pick up is still not as much as "we would like it to be".
"Problems persist in many countries. Brazilian economy is in trouble. European Union is going through the after effects of Brexit. UK itself is looking for starting fresh negotiations.
"So while there is a hope...The exports having bottomed out and its now showing signs of improvement, (but) will still have some way to go before they really steadily move upwards," she told PTI in an interview.
Exports fell for the 18th month in a row in May, though marginally by 0.79 per cent to USD 22.17 billion as several non-oil sectors such as engineering and gems and jewellery saw a rise in outward shipments.
Exporters body FIEO too has stated that decline in exports has largely been arrested and non-oil exports have turned positive after a long gap.
Exports have been falling since December 2014 due to weak global demand and slide in oil prices. However, since December last year, the pace of contraction is slowing down.
During April-May 2016, exports contracted by 3.74 per cent to USD 42.73 billion.
The key sectors which are still showing negative growth include pharmaceuticals, some agri products and textiles.
