Capexil exports down over 10% in chemicals, allied products in first six months this fiscal

Last Updated: Sun, Jan 13, 2013 19:41 hrs

Capexil, a multi-product council, reported a substantial fall in exports during the first six months of the year in the current fiscal. The aggregate exports in the chemicals and allied products segment in April-October 2012 went down by a over 10% compared to the corresponding period of the previous financial year.

The dip in exports is largely attributable to the mineral segment, where the fall was a staggering 27% to $3,231 million (provisional) during the first half of 2012-13 from $4,433 million in the comparable period of the previous year. The non-mineral segment, however, bucked this trend, registering around 8% increase to $4,502 million (provisional) from $4,175 million.

“The dip in exports is because of the mineral segment. There is a general declining trend. Unless a national mining policy is decided on, the situation will remain the same. This will accord greater clarity to the mining sector. Illegal mining is an issue. The export duty on iron ore should be removed and environmental clearance should be given fast,” said C. K. Somany, chairman of Capexil.

“At present, mining, particularly iron ore, is at a virtual standstill with majority of the mines shut down,” added Somany.

More from Sify: