New Delhi, Jan 4 (FN Bureau) India’s merchandise export in December 2021 was USD 37.29 billion, the highest ever monthly achievement, which shows an increase of 37% over USD 27.22 billion in December 2020 and an increase of 37.55% over USD 27.11 billion in December 2019. In April-December 2021, merchandise export was USD 299.74 billion, an increase of 48.85% over USD 201.37 billion in April-December 2020 and an increase of 25.80% over USD 238.27 billion in April-December 2019, according to preliminary data from the Ministry of Commerce and Industry released on Monday. Describing what he termed as “historic and highest ever merchandise export figures for December”, Commerce and Industry Minister Piyush Goyal attributed the landmark development to the leadership and vision of Prime Minister Modi and the collective efforts of all export promotion councils, industry associations and Indian Embassy officials all across the globe.
The jump in exports come at a time when the Government is looking at a target of USD 400 billion exports in 2021-22 with Modi urging industry to focus on exports and achieve a quantum jump in international trade in goods and services. The performance is a build-up on past trends which saw India achieving the highest ever merchandise export of USD 330 billion in 2018-19, merchandise export of USD 291 billion in 2020-21 and highest ever monthly merchandise export of $ 34 billion in March 2021. India’s merchandise import in December 2021 was USD 59.27 billion, an increase of 38.06% over USD 42.93 billion in December 2020 and an increase of 49.7% over USD 39.59 billion in December 2019. The trade deficit in December 2021 was USD 21.99 billion, while it was 143.97 billion USD during April-December 2021.
The Commerce Ministry figures show that the top 10 major commodity groups constituting 80% of exports have grown by 41 % over last December, each one having positive growth. Engineering goods have grown by 37% over last December, gems and jewellery exports by 15.8 %, ready-made garments by 22%, cotton yarn/fabs/made-ups/handloom by 46% and electronic goods by 33%. Among the top 40 destinations, 18 countries have achieved more than the targets set. India’s services exports have also fared well with total export in services for 2021-22 period of April-December at USD 178.81 billion compared to USD 150.08 billion in 2020-21 same period. This is a growth of 19.14 % over 2020-21 and 11.67% over 2019-20. As per the quarterly data for 2021-22 period of April-September, the three important components in services export are telecommunications, computer, and information services, Other business services and transportation are contributing around 85% share in India’s total export in services. During 2021-22 period of April-December, telecommunications, computer and information services, other business services and transportation witnessed positive growth of 21.27%, 17.08% and 40.73% over the growth of 2.86%, 2.48% and (-) 3.33% respectively in the corresponding period of 2020-21. However, owing to the mobility restrictions imposed worldwide, the growth in travel receipts continue to be in negative trajectory (-6.56%) during 2021-22 months of April-December compared to (-) 72.55% in the same period of 2020-21.