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India’s goods exports posted an increase of 40.5 per cent to $15.13 billion during October 1-14, 2021 (year-on-year) led by increase in outbound shipments across sectors, including petroleum products, according to preliminary data shared by the Commerce & Industry Ministry.
Imports during the period grew by 60.72 per cent to $14.82 billion, led by petroleum, as per the data released on Monday.
“Export excluding petroleum oil and lubricant (POL) has also increased in this period by 29.56 per cent over same period of 2020-21,” according to the Ministry. This indicates that exports have increased in other sectors too, apart from POL. Imports excluding petroleum, too, increased 57.33 per cent over same period of 2020-21.
In line with target
Growth in India’s goods exports in the first half of October is in line with the 57.33 per cent increase in exports posted in the April-September 2021 period to $197.89 billion. The exports carried out in the first six months of the fiscal is almost half of the ambitious export target of $400 billion set by the Commerce & Industry Ministry for 2021-22.
The target of $400 billion, though steep when compared to 2020-21 exports of $291 billion, may be reached if growth continues to stay on track, say experts. Last fiscal, exports took a hit and declined by about 7 per cent compared to 2019-20 as Covid-19 disruptions affected both production and orders.
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