January 4, 2022
India plans on growing 37.6% at US$400 bn in 2022.
The growth may slow down during FY2023 due to the pandemic.
Merchandise exports are expected to reach US$460bn - US$475 bn by 2023.
Coronavirus to act as a deciding factor for the rise and fall of merchandise exports in the upcoming years.
India’s goods exports in December 2021 increased by an all-time high of 37% to reach $37.29 billion, the highest-ever monthly figure. During the initial three weeks of the month, India’s exports rose by 36.20% on-year at US$23.82 billion. Sources also said that the outbound shipments were 27.75% higher during December 2019 and 2020.
Exports excluding petroleum, oil and lubricants have risen 28% over the corresponding period last year. In the third week of December, exports increased by 20.83% at US$7.36 billion. During the financial years 2020 and 2021, exports excluding petroleum rose at 24.56% and 29.25% respectively. India’s merchandise export between April-December amounted to $299.74 billion, which was a 49% increase from 2020.
In the coming year, India’s exports of goods will cross US$400 billion as confirmed by Commerce and industry minister Piyush Goyal. However, there have been predictions that the growth may ease down to 15-17% in the financial year 2023 due to the latest variant of COVID-19. This will also act as a deciding factor for the export Industry in 2023.
The Federation of Indian Export Organizations also said that in the upcoming year, merchandise exports will stand at US$400 billion and aims to reach US$460 billion – US$475 billion by the end of 2023.