India's merchandise trade crossed the US$ 1 trillion mark in 2022
- IBEF
- January 18, 2023
The data from the commerce and industry ministry has shown that the merchandise trade of India has crossed the US$ 1 trillion mark in the calendar year 2022 (CY22), where exports were worth US$ 450 billion, and imports were worth US$ 723 billion. The exports registered an increase of 13.7% on a year-on-year basis in 2022, while imports increased by 21%.
The exports witnessed double-digit growth in the first six months of 2022 in the range of 20-34%. The sustained growth in exports can be attributed to the pent-up demand factor due to the opening of most developed economies in 2021, with the easing of Covid restrictions. There was a significant jump in exports from India to developed markets like the US, Singapore, Hong Kong, and European countries like the Netherlands, UK, Belgium, and Germany.
Over the last decade, the merchandise exports stood at around US$ 260-330 billion, and the highest was in the fiscal year 2018-19 at US$ 330 billion, the majority of goods were exported to the neighbouring countries, mainly to the Association of Southeast Asian Nations (ASEAN) countries.
The exports worth US$ 450 billion in CY22 comprised of engineering goods, gems and jewellery, drugs, pharmaceuticals, and electronic goods. Whereas the two-thirds of imports comprised five items- crude oil, coal, gold and diamond, electronics, and machinery, as per the report.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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