India’s total exports (Merchandise and Services combined) are expected to be USD 545.71 billion in April-January 2021-22, representing a 37.68% increase over the same period last year and a 23.29 percent increase over April-January 2019-20.
Overall imports are expected to be USD 616.91 billion in April-January 2021-22, representing a positive rise of 54.35 percent over the same period last year and a positive growth of 20.15 percent over April-January 2019-20.
India’s exports have been steadily expanding in recent months, showing a significant boost in demand for goods and services as global markets recover. One of the primary reasons for the increase in exports is pent-up demand that was not supplied during big waves of the Covid-19 outbreak. Expansionary monetary policy enacted by industrialised countries in response to the economic impact of the pandemic has raised demand for Indian exports.
This fiscal year, India’s main export is engineering items, which include iron and steel products, industrial machinery, and vehicles. They account for 25% of overall merchandise exports from the nation. In April-September 2021, India exported $52.3 billion in engineering goods, a 61.4 percent increase from $32.4 billion in the same period the previous year.
The top five commodity groups shipped by India in July 2021 were:
- petroleum products (215 percent)
- Gems and jewellery (130 percent)
- Other grains (70.25 percent)
- Man-made yarn and textiles (58 percent)
- Cotton yarn and fabrics (58 percent).
Exports to the United States ($6.7 billion), the United Arab Emirates ($2.4 billion), and Belgium ($826 million) saw the greatest value increases. In July, overall goods exports reached a new high due to a spike in oil exports. Maintaining current levels of oil exports would significantly boost goods export growth in FY22.