India’s exports in the first three weeks of December rose 36.20% on-year at $23.82 billion. Outbound shipments were 27.7% higher than the same period of 2019-20, sources said.
Export excluding petroleum, oil and lubricants increased 28.08% over the corresponding period last year.
In the third week of December, exports rose 20.83% on-year at $7.36 billion. Export excluding petroleum increased 24.56% over same period of FY21 and up by 29.25% over same period of FY20.
India aims to clock $400 billion of goods exports in FY22, a growth of 37.6% from $290.6 billion.
However, the country’s top exporters body has said that exports growth may slow to 15-17.5% in FY23 but containment of Covid-19 through massive vaccination across the globe and creation of required capacity will be the decisive factors.
The Federation of Indian Export Organisations said that FY22 is expected to end with merchandise exports of $400 billion but the aim for the next fiscal is $460-475 billion.
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The auto component industry, in this backdrop, displayed remarkable resilience. Increased value-addition to meet regulatory compliance, fast recovery in external markets and traction in the domestic aftermarket market have contributed to the growth of the sector in the first-half of FY 2021-22.”