In the month of December 2021, India recorded the highest ever monthly exports at $37 billion. The data has been released by the commerce and industry ministry. Union minister of commerce and industry Piyush Goyal said,” We are on track to achieve an export target of $400 billion. The top 10 major commodity groups, which account for 80% of exports, grew by 41% compared to last December.”
In the recent fiscal year- FY22., the outbound shipments crossed during April-December crossed $300 billion, and when compared to that of 2020-21, the number is high. “Highest ever goods exports in the history of India in Dec’21! Exports over $37 Billion. 37% jump over Dec’20, the report said.
As per preliminary data, the surge in export percent occurred because the demand for items such as engineering products, petroleum items, and gems, and jewelry continued to soar, The Mint reported.
While in December 2019, India’s goods exports rose 37.55% over $27.11 billion. Piyush Goyal also said that the third wave of Covid-19 is affecting developed countries especially the US, Europe, and the Middle East, and problems related to shipping lines can be expected.
With the good performances from petroleum products, engineering goods, and electronic items, India’s merchandise exports jumped 27.16% to $ 30.04 billion in the month of November also. As per the report by Goyal, the state UP is leading among others and export growth is to Rs.2 lakh. The state is performing under ‘the Centre’s ‘One district, One product’ scheme’.
However, he said the third wave of Covid-19 is affecting developed countries especially the US, Europe, and the Middle East, and problems related to shipping lines can be expected.
When the data is considered in last year, the imports in April-December 2021 was $443.71 billion, an increase of 69.27 percent over $262.13 billion in April-December 2020 and an increase of 21.84 percent over $364.18 billion in April-December 2019. The trade deficit in December 2021 was $21.99 billion, while it was $143.97 billion during April-December 2021.
Moreover, Goyal added that there is no extraordinary increase in imports from China. He said from FY04 to FY14, when the United Progressive Alliance was in power, imports from China had increased 1160% and there was a 24 times increase in the trade deficit from $1.5 bln in FY05 to $36 billion in FY14. It was $48 billion in 2014-15 and brought down to $44 billion in 2021.