Giving a relief to the tobacco industry, which has been struggling on the international platform, exports from India are slowly picking up and have registered an upward trend during the first two months in the first quarter of the financial year. It is a strong indication that the demand for the Indian produce will grow further in the coming months.
Although the previous financial year ended on a negative trend with nearly 7% decrease in exports, it recovered quickly following the increase in exports in April and May 2012. According to industry sources, Indian merchants exported stocks worth nearly Rs 562.85 crore against Rs 522.94 crore during the corresponding period in 2011. An increase of over Rs 40 crore in just two months is significant, given the poor export trends that have been reported for the past few years. In fact, total exports till March 2012 declined by around 7% in terms of total value as it dropped to Rs 3090.21 crore from Rs 3192.39 crore reported during 2010-11.
Tobacco exporters are struggling to manage the situation as neither they could cut down the procurement nor dispose off all the stocks. The merchants started picking up stocks actively from the local platforms only after getting strong indications from the international market that the global demand for the Indian produce is likely to see northward in the coming days. "We got strong inputs from the global leaders that production in Brazil and Zimbabwe will come down due to the increased prices," tobacco board chairman G Kamalavardhan Rao told TOI. chairman said unfavourable conditions of two countries would turn advantageous to Indian exports during the next year.
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