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India's exports to Greece drop 15% due to financial crisis

By Religare
|

The Indian Government has said that the financial crisis in Greece has led to a 15.45 per cent drop in India's exports to the nation during the first quarter of this fiscal, media reported.

Commenting on the issue, Commerce and Industry Minister Nirmala Sitharaman told the media, "Total bilateral trade between both the countries during this period fell 8.33 per cent to USD 124.11 million. The Greek Debt crisis has impacted India's bilateral trade with Greece."

 

"No trickle-down effect of the crisis in India is anticipated at this stage; however, institutional mechanism is in place with Greece where steps can be discussed. The volume of software and engineering exports of India to Greece is not very large, hence there is negligible impact, however, there is not much impact on Eurozone," she added.

The Minister further added that exports to some Asian countries during the last three years had declined.

The sluggishness in export depends on several factors including economic scenario in the importing countries, world economic recession, currency fluctuation and fluctuation of oil/petroleum prices

Story first published: Thursday, August 6, 2015, 12:20 [IST]
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