India records highest-ever monthly exports at $37 billion in December

India exported goods worth US$ 37.29 billion in December, the highest ever in a month, as demand for items such as engineering products continued to rise. India’s merchandise exports in April to December increased to nearly US$ 300 billion, up 48.85% year-on-year and 26% over the same period in 2019, which is three-fourths of its annual export target of US$ 400 billion. Commerce and Industry Minister Piyush Goyal is confident of India achieving its target. He said that the export data in this financial year is historical and the US$ 103 billion in exports achieved between October to December are the highest to date.

Exports went from US$ 238.27 billion in April to December FY2019-20 to US$ 299.74 billion in the same period in FY 2021-22. Top 10 commodity groups constituting 80% of exports have grown at a record 41% year-on-year. Engineering goods comprising 26%, grew 37% year-on-year. Gems and jewellery comprising 8%, grew 15.8% year-on-year. India’s merchandise exports were US$ 59.27 billion in December, up 38% year-on-year and 49.7% from December 2019. The trade deficit increased to US$ 21.99 billion from US$ 15.75 billion last year. Services exports are expected to be US$ 179 billion between April to December 2021. Mr. Piyush Goyal expects service exports to cross US$ 230 billion and does not expect Omicron variant to cause supply chain disruption in the medium to long term. Engineering and Export Promotion Council of India Chairman Mahesh Desai stated that Omicron could play a major spoilsport as the key markets of Europe and North America are facing high infections which could impact order pipeline.

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