India’s exports continued to grow steadily in the first week of January 2022, posting a 33.16 per cent increase (year-on-year) to $7.63 billion, per preliminary weekly data shared by the Commerce & Industry Ministry.
Exports, excluding petroleum, increased in this period by 24.97 per cent compared to the same period of 2020-21, indicating that export growth was experienced in a number of sectors.
In December 2021, exports recorded the highest ever monthly performance of $37.29 billion, posting a growth of 37 per cent over the same month of the previous fiscal. The top sectors were petroleum, gems & jewellery, engineering products, pharmaceuticals, chemicals and textiles registering lead.
India’s imports, too, increased sharply by 38.06 per cent in December 2021 to $59.27 billion with trade deficit widening to $21.99 billion compared to $15.72 billion in December 2020.
Exports in the April-December 2021 period at $299.74 billion recorded a 48.85 per cent growth over exports in the same period of the previous fiscal.
The Commerce Ministry is positive about achieving the $400-billion export target set for 2021-22 although it is apprehensive that the fast spread of the Omicron variant of the Covid-19 virus could lead to problems related to shipping and container availability.