Merchandise exports reach US$ 453.3 billion in 2022: Report

India’s merchandise exports rose by 14.6% YoY to US$ 453.3 billion in 2022, according to a report by Global Trade Research Initiative (GTRI). 

Products worth US$ 315.9 billion, or 69.8% of total exports, increased in value due to higher export levels. Meanwhile, products with increased export quantities from the previous year made up 63% of total exports, equivalent to US$ 285.6 billion.

The report highlighted significant product categories that recorded growth in both value and volume terms, such as petroleum products, sugar, and basmati rice. In particular, petroleum products, including diesel, gasoline, and naphtha, saw an export value of US$ 94 billion last year, with the unit price increasing between 50-115% from the previous year due to high crude oil prices. Sugar saw a 15% increase in unit value, leading its exports to reach over US$ 5 billion in 2022.

Despite these positive trends, some products have been experiencing regulatory heat in a few countries or low global demand, including shrimps and iron-ore pellets. Additionally, the report stated that gold jewellery and similar products, with an export value of about US$ 9 billion, saw lower unit value realization in 2022. Similarly, hot-rolled steel products with exports of US$ 769 million experienced a decline of 26.2% in unit value realization.

The report also noted that the Indian rupee/US dollar exchange rate appreciated by 6.1% between June 2021 and June 2022, which partly explains why products where exports increased to cover a value of 69.8% of total merchandise exports, but products whose export quantities increased merely represented 63% of total exports.

GTRI was co-founded by former Indian Trade Service officer Ajay Srivastava. Overall, the report suggests that India’s merchandise exports saw a healthy trend in 2022, covering 63% of export value and witnessing an increase in the quantity of export.

Source: Economic Times