Merchandise export jumps 27% to $235 bn

Guwahati: India's exports of products climbed by almost 27% to $235 billion in the first half of 2022 from $185.9 billion at around the same period in 2017.

The country's imports from January through June 2022 reached $361.1 billion, up from $258.6 billion during the same period the previous year, according to official data.

The commerce and industry ministry stated in a statement on Friday that "the export of the overall goods was $421.9 billion for 2021–22 versus the export objective of $400 billion, reaching 105.4% of the export target." With the exception of a few industries, it went on to say that from January to June 2022, all major industries had a positive trend, with an average growth rate of 26.7%.

According to the ministry, the government has taken a number of corrective actions to increase exports. These include the implementation of the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme and the Rebate of State and Central Levies and Taxes The Common Digital Platform for Certificate of Origin was also introduced by the government to promote commerce and boost exporters' use of free-trade agreements (FTAs).

By identifying items with export potential in each district, eliminating exporting obstacles, and assisting local exporters and manufacturers to create jobs in the area, the Districts as Export Hubs initiative has also been created.

The promotion of India's commerce, tourism, technology, and investment goals has increased the contribution of Indian embassies overseas. In light of the COVID-19 epidemic, a package was launched to boost domestic business through different banking and financial sector relief measures, particularly for MSMEs, which account for a significant portion of exports.

It aided exports as well.(ROSCTL) Scheme to promote labor-oriented textile exports, as well as the extension of the Foreign Trade Policy (2015-20) by one year, ending on September 30. The country's merchandise exports reached $118.96 billion in the first quarter of the current fiscal year 2022–23 (April–June 2022), up from $95.54 billion in the same period in the previous year, representing a positive rise of 24.51 percent.

Imports of goods increased by 49.47 percent from April to June 2021 to April to June 2022, reaching $189.76 billion as opposed to $126.96 billion. The predicted merchandise trade deficit for April–June 2022 was $70.80 billion, up from $31.42 billion in April–June 2021, a 125.34 percent increase.

India's goods exports surged by 23.52 percent year over year to $40.13 billion in only June, while imports rose by 57.55 percent to $66.31 billion. The nation's record-high trade imbalance reached $26.18 billion. In June 2021, the trade imbalance was $9.60 billion. In April through June 2022–2023, total exports climbed by roughly 24.51 percent to $118.96 billion, while total imports rose by about 49.47 percent to $189.76 billion.

The nation's exports surged 20.55 percent year over year to $38.94 billion in May, while imports rose.

62.83 % more than a year before, or S63.22 billion, was earned throughout the month. As a result, the month's trade imbalance was $24.29 billion as opposed to $6.53 billion in May 2021.