India’s exports surge 37% to $37.29 billion in December 2021
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The government data has showed that India’s exports surged 37 percent on an annual basis to $37.29 billion in December 2021, the highest-ever monthly figure, on the back of healthy performance by sectors like engineering, textiles and chemicals, even as the trade deficit widened to $21.99 billion. Imports in December too rose by 38 per cent to $59.27 billion on account of an increase in oil imports, which soared 65.17 per cent to $15.9 billion.
Cumulatively, during April-December 2021-22 exports rose by 48.85 per cent to $299.74 billion. Imports during the period increased by 69.27 per cent to $443.71 billion, leaving a trade deficit of $143.97 billion. In December 2021, exports of engineering goods grew by 37.27 per cent to $9.7 billion, followed by petroleum products (140 per cent to $5.6 billion), gems and jewellery (15.8 per cent to $2.98 billion), chemicals (26 per cent to $2.64 billion) and ready made garments of all textiles (22 per cent to $1.46 billion).
Meanwhile, Commerce Minister Piyush Goyal said India's merchandise exports will cross $400 billion this fiscal. He added that the third wave of COVID-19 is impacting developed economies like the US, Europe and the Middle East, and problems related to shipping lines can be expected.
