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Iraq crisis slumps exports by 54.3%
07/03/20140
Fierce fighting in Iraq has taken a casualty on India’s engineering exports to the war-ravaged economy slumping by annualised 54.30 per cent in May and worsening situation is now halting shipments there, EEPC India said.
According to the apex engineering exports organisation, the exports for the first two months of the current financial year (April-May, 2014) have shown a drop of 23.49 per cent.
“There is a clear negative growth of our exports to Iraq. When the country is in the middle of war, it is understandable that the economic activity has gone in for a complete disarray. Moreover, the engineering items are not of day-to-day use for the Iraqi people,” EEPC chairman Anupam Shah said.
He said in the midst of a war between the government and the militants, not only the logistics of shipments get disrupted but the entire payment system gets halted.
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07/03/20140
Fierce fighting in Iraq has taken a casualty on India’s engineering exports to the war-ravaged economy slumping by annualised 54.30 per cent in May and worsening situation is now halting shipments there, EEPC India said.
According to the apex engineering exports organisation, the exports for the first two months of the current financial year (April-May, 2014) have shown a drop of 23.49 per cent.
“There is a clear negative growth of our exports to Iraq. When the country is in the middle of war, it is understandable that the economic activity has gone in for a complete disarray. Moreover, the engineering items are not of day-to-day use for the Iraqi people,” EEPC chairman Anupam Shah said.
He said in the midst of a war between the government and the militants, not only the logistics of shipments get disrupted but the entire payment system gets halted.
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