Overall Indian exports set to cross $750 bln this year

5 Sep 2022 , 10:26 AM

Despite the grim global outlook, Indias total exports this year will surpass $750 billion comfortably, higher than past trends, said Indias Commerce Secretary B V R Subrahmanyam. Last year it was at the level of $676 billion. Briefing the media, Subrahmanyam said goods exports is expected to touch $450 billion while exports in service sector will reach $300 billion this year. India has achieved merchandise export of $33.0 billion in August 2022, almost at similar levels of $33.38 billion in August 2021. The countrys merchandise export in April-August 2022-23 was $192.59 billion, an increase of 17.1% over $164.44 billion in April-August 2021-22. Indias merchandise import in August 2022 was $61.68 billion, an increase of 36.78% over $45.09 billion in August 2021. Indias merchandise imports in April -August 2022-23 was $317.81 billion with an increase of 45.64% over $218.22 billion in April-August 2021-22. Subrahmanyam added coal and petroleum imports are driving the rise in imports but overall rise in imports is a sign of healthy demand in the economy as 25% of countrys imports are for consumer items, while 75% are for raw materials. In value terms, the surge in imports is due to a combination of quantity and price factors. High increase in import values in August 2022 was witnessed in coal, coke & briquettes, etc.(133.64%), petroleum, crude & products (86.44%), organic & inorganic chemicals (42.73%), vegetable oil (41.55%). Powered by Capital Market – Live News