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India’s goods exports posted a growth of 37 per cent (year-on-year) to $18.79 billion in the first two weeks of April 2022 in sync with the performance in financial year 2021-22.
Imports during the April 1-14 period increased 12.24 per cent to $25.84 billion, a rise of 12.24 per cent over the same period of 2021-22, according to the weekly trade alert shared by the Ministry of Commerce and Industry on Monday.
Petroleum imports down
Imports, excluding petroleum, increased at a higher rate of 18.24 per cent, indicating a slowdown in growth of petroleum imports. Exports, excluding POL (petroleum, oil and lubricants), has increased in this period by 23.64 per cent over the same period of 2021-22, per the data shared.
Details on exports and imports of individual items will be shared when the government comes up with the early estimates for the month of April 2022 in the beginning of May.
In 2021-22, India’s exports touched a record high of $419.65 billion (growing over 40 per cent), as the world bounced back from the Covid-19 induced slowdown. Imports, too, spiked to $611.89 billion, resulting in a trade deficit of $192.24 billion.
While the World Trade Organization (WTO) has recently revised down its global trade growth forecast for 2022 to 3 per cent from 4.7 earlier due to the impact of the Russia-Ukraine war, Indian exports so far, do not seem to be significantly affected.
FY23 target
Commerce Minister Piyush Goyal had recently said the ministry was in consultations with Indian Missions abroad and various export promotion councils to arrive at a suitable target.
Meanwhile, Foreign Secretary Harshvardhan Shringla, speaking at an event, indicated that the export target was $470 billion. “Our Missions worked closely with the Department of Commerce to achieve the export target of $400 billion ... we have already commenced work on next year’s target which has been set at $470 billion. Missions have been asked to give due attention to achieving the targets set for them and enhancing India’s trade and investment engagement with countries they are working in,” he said.
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