After a successful run for many quarters merchandise exports contracted by a massive 16.7 percent to $29.8 bn in October– the first contraction in 19 months. The RMG exports also declined, speaking on the RMG export scenario Chairman AEPC, Naren Goenka said, “Since most of the traditional markets of Indian RMG including UK, EU and the USA are witnessing recession and global headwinds, leading to shrinking of demand on one side and buyers asking for 15 percent discount on the other, we have requested government for expediting FTAs in these markets and ensure all tariff lines of RMG sector, which will enable a duty reduction of existing 9.6 percent and act as a strong breather.”