India’s Monthly Goods Exports – Current Trend

The Ministry of Commerce and Industry recently released the monthly goods export report of the country. According to the report, in December 2021, India exported 37.29 billion USD of goods.

Key Findings of the report

The export demand for goods such as petroleum items, engineering products and gems and jewellery were the highest in December 2021. Between April and December, the exports grew by 48.9%. The cumulative services exports have reached 179 billion USD in the first nine months (Apr to Dec). It is to reach 230 billion USD by the end of the fiscal year. The main reason behind the increase in exports is expansion of export baskets.

Merchandise Exports

The merchandise exports of the country between April and December 2021 were 300 billion USD. This was 26% higher than the same period in 2019. At this rate, the export of India will touch 400 billion USD in 2021-22. In 2020-21, the exports of the country were 290 billion USD.

Engineering goods

The engineering goods constitute 26% of the total exports. It has grown by 37% as compared to last year.

Gems and jewellery

Gems and jewellery constitute 8% of the total exports. It has grown by 15.8%.

Merchandise imports

The merchandise imports of the country were 59.27 billion USD in December 2021. It has increased by 38.06%. In December 2019, it was 49.7%.

Trade Deficit

The trade deficit was 21.99 billion USD in December 2021. Last year, it was 15.75 billion USD.

Impact of Omicron

The key markets of India such as North America and Europe are witnessing high infections. This might affect the pipeline of imports and exports. As of now, Omicron has no effect on trade of the country.

Imports

  • The imports in December 2021 were 59.27 billion USD. It increased by 38%
  • The oil imports in December 2021 were 15.9 billion USD. It increased by 65.17%

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