Exports likely to expand at a healthy rate in 2022—2023: Goyal

12 Jul 2022 , 02:16 PM

Despite the global trade concerns, the country’s exports are anticipated to expand by a “decent amount” in the current fiscal year, according to Commerce and Industry Minister Piyush Goyal.

There are unmistakable indications of a slowdown in global commerce, and India is keeping a “watchful” check on the situation by speaking with all the export promotion councils and major exporters as well as consulting with Indian embassies overseas, the official said.

In the circumstances that exist now, “Our exports will be judged on the basis of their affordability and quality. Based on the actual situation, we will calibrate our export aspirations “told PTI, the minister.

When asked if estimates of the value of goods exported in 2022—2023, such as USD 450 billion or USD 500 billion, appear ambitious in this context, he responded that the ministry has not yet established a final estimate or an export target for the current year and is currently in consultation with all the stakeholders on that.

“The globe is experiencing enormous issues, and COVID is still ongoing.” There is an unfavorable geopolitical environment, global inflation is (a source of) worry, petroleum goods continue to be priced high, food security issues are also present, and there are reports of fertilizer shortages in many regions of the world.

“In these difficult circumstances, India increased its fundamental preparedness and capacity to increase exports by fundamentally preparing itself. So, it is still realistic to anticipate an increase from last year,” Goyal added.

According to the government’s preliminary figures, India’s exports of goods increased by 16.78% year over year to USD 37.94 billion in June, while the trade imbalance reached a record high of USD 25.63 billion as a result of sharp increases in imports of gold and crude oil.

From 20.55 percent in May to 48.34 percent in June 2021, the growth of exports slowed. The nation exported goods worth USD 420 billion and services worth USD 254 billion in 2021—2022.

Goyal stated that the ministry is gathering feedback from all sources to create a “strong” foreign trade strategy (FTP). The government has prolonged the current policy through September of this year due to global and international trade uncertainty.