New Delhi: Director General Foreign Trade (DGFT) Santosh Sarangi has said that India’s overall exports (Merchandise and Services combined) in April-December 2022 is estimated to exhibit a positive growth of 16.11 per cent over the same period last year (April-December 2021).
DGFT Shri Sarangi took review of the Export Scenario here with senior officials. As India’s domestic demand has remained steady amidst the global slump, overall imports in April-December 2022 is estimated to exhibit a growth of 25.55 per cent over the same period last year.
India’s overall export (Merchandise and Services combined) of USD 61.82 Billion in December 2022. The exports exhibited a negative growth of (-) 5.26 per cent over the same period last year. Overall import in December 2022 is estimated to be USD 73.80 Billion, exhibiting a negative growth of (-) 1.95 per cent over the same period last year.
The estimated value of services export for April-December 2022 is USD 235.81 Billion as compared to USD 184.65 Billion in April-December 2021.
The estimated value of services imports for April-December 2022 is USD 134.99 Billion as compared to USD 105.45 Billion in April-December 2021.
The services trade surplus for April-December 2022 is estimated at USD 100.82 Billion as against USD 79.20 Billion in April-December 2021.
The resilient growth of the Indian economy during the first half of the current financial year, the fastest among major economies, bespeaks strengthening macroeconomic stability.
However, global growth forecasts indicate downturn in global economic activity and trade. As per Global Composite PMI report (January 2023), new export orders have been contracting for the tenth successive month in December.
The report also indicated that India and Ireland were the only nations to register growth of economic activity in December 2022.
In spite of the high base, highest ever record of exports last year, India’s overall exports (Merchandise and Services combined) in April-December 2022 is estimated to exhibit a positive growth of 16.11 per cent over the same period last year (April-December 2021). December last year has been the second highest monthly export (Merchandise and Services) during 2021-22. As such, due to high base effect, the overall export (Merchandise and Services combined) of USD 61.82 Billion in December 2022 exhibited a negative growth of (-) 5.26 per cent over the same period last year (December 2021).
India’s merchandise exports exhibited a positive (y-o-y) growth in 11 out of 30 sectors in December as compared to the same period last year and imports have increased in 17 out of 30 sectors (y-o-y).
Among the QE commodity groups, Iron Ore (185.76%), Oil Meals (53%), Electronic Goods (36.96%), Other Cereals (16.87%), Tea (15.97%), Rice (13.3%), Tobacco (13.07%), Ceramic Products & Glassware (11.67%), Fruits & Vegetables (8.03%), Cereal Preparations & Miscellaneous Processed Items (4.9%), RMG Of All Textiles (1.02%), registered positive growth (y-o-y) in December 2022.
The exports of Electronic goods during the period April – December 2022 recorded USD 16.67 billion as compared to USD 10.99 billion during the same period last year registering a growth of 51.56%. Exports of petroleum products in April – December 2022 was USD 70.28 billion registering a growth of 52.15% over USD 46.19 billion in April – December 2021. More than USD 6 Billion worth of Smart phones were exported during the period April-November 2022.
In the Textile sector, Cotton yarns exports declined because there was continuous price rise of raw materials throughout 2022. Exports of Indian Textile apparels and RMG textiles got a major hit due to recessionary trend in major economies.
Given the cumulative growth until December 2022 and the indicators of the slowdown in global economic activity, there is cautious optimism on international trade in the last quarter of the current financial year.