Business Economy : At $37.29 bn in Dec, India records highest ever monthly merchandise exports

Insight Online News

New Delhi, Jan 3 : India’s merchandise exports reached the highest ever monthly level in the month of December notching $37.29 billion, up 37 per cent over the $27.22 billion in December 2020 with labour-intensive sectors such as engineering goods and gems and jewellery contributing significantly.

Merchandise exports in April-December of FY22 crossed $300 billion which exceeded the exports of entire financial year of FY21.

Speaking to media here on Monday, Commerce and Industry Minister Piyush Goyal highlighted that labour-intensive sectors such as engineering, gems and jewellery, ready-made garments, cotton yarn, fabrics, made-ups, handlooms and electronic goods saw rapid exports growth.

“I am also delighted that in agriculture exports India has made very rapid strides and I am confident that going forward our farmers will continue to produce high-quality farm products which will meet the food requirements of the world,” Goyal said.

The government is hopeful of achieving its exports target of $400 billion in FY22.

The Minister hoped that production-linked incentives (PLI) schemes launched for various sectors would help India further scale up exports.

As per official data, the top 10 major commodity groups constituting 80 per cent of exports recorded 41 per cent year-on-year growth in exports during the month of December.

Engineering goods which constituted 26 per cent of exports grew by 37 per cent in December to $ 9.7 billion. Gems & Jewellery exports grew 16 per cent year-on-year in December, 2021.

India’s total export in services for 2021-22 (Apr-Dec) stood at $178.81 billion compared to $150.08 billion in corresponding period of FY21.

UNIINDIA

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