India’s merchandise exports during the first six months of the calendar year 2022 jumped about 27 per cent to $235 billion, compared with $185.9 billion in the year-ago period. The country’s imports during January-June 2022 stood at $361.1 billion, against $258.6 billion in the corresponding period last year, according to official data released on Friday.
“The total merchandise export was $421.9 billion during 2021-22 against the export target of $400 billion, achieving 105.4 per cent of the export target," the commerce and industry ministry said in a statement on Friday. It added that barring a few sectors, all major sectors during the January-June 2022 showed a positive trend with an overall growth rate of 26.7 per cent.
The ministry said the government has taken many remedial measures to boost exports. These include extending the Foreign Trade Policy (2015-20) by one year up to September 30; providing assistance through several schemes to promote exports such as Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme; and implementing the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme and the Rebate of State and Central Levies and Taxes (RoSCTL) Scheme to promote labour-oriented textile exports.
The government also launched the Common Digital Platform for Certificate of Origin to facilitate trade and increase free-trade agreement (FTA) utilisation by exporters. The Districts as Export Hubs has also been launched by identifying products with export potential in each district, addressing bottlenecks for exporting these products and supporting local exporters/manufacturers to generate employment in the district.
The role of Indian missions abroad towards promoting India’s trade, tourism, technology, and investment goals has been enhanced. A package was announced in light of the COVID-19 pandemic to support the domestic industry through various banking and financial sector relief measures, especially for MSMEs, which constitute a major share in exports. It also helped exports.
During the first quarter of the current financial year 2022-23 (April-June 2022), the country’s merchandise exports stood at $118.96 billion as against $95.54 billion during the April-June 2021 period, registering a positive growth of 24.51 per cent. Merchandise imports for the period April-June 2022 were $189.76 billion as against $126.96 billion during the period April-June 2021, registering a positive growth of 49.47 per cent. The merchandise trade deficit for April-June 2022 was estimated at $70.80 billion as against $31.42 billion in April-June 2021, which is an increase of 125.34 per cent
During June alone, India’s merchandise exports jumped 23.52 per cent year-on-year to $40.13 billion, while imports increased 57.55 per cent to $66.31 billion. The country’s trade deficit ballooned to a record of $26.18 billion. The trade deficit had stood at $9.60 billion in June 2021. Cumulative exports in April-June 2022-23 rose about 24.51 per cent to $118.96 billion, while imports increased 49.47 per cent to $189.76 billion during the period.
In May, the country’s exports jumped 20.55 per cent year-on-year to $38.94 billion, while the imports increased 62.83 per cent year-on-year to $63.22 billion during the month. Thus, the trade deficit during the month was $24.29 billion as against $6.53 billion in May 2021.