Dr Sakthivel said the increase in shipments showed the continuous resilience of the export sector
India’s Dec 2021 merchandise export was US$37.29 billion, the highest ever monthly achievement and an increase of 37% over US$27.22 billion in December 2020.
Welcoming the improving export volume, FIEO President Dr A Sakthivel has called on the Government to support exporters in case of spread of new Covid-19 variant Omicron, encourage exporters to exploit overseas markets, provide fiscal and tax support to address logistics challenges snd develop an Indian shipping network of global repute.
The December increase in shipments boosted the April-December 2021 merchandise exports to US$299.74 billion, an increase of 48.85% over US$201.37 billion in April-December 2020.
December merchandise import was US$59.27 billion, an increase of 38.06% over US$42.93 billion over the same month a year ago.
The April-December 2021 merchandise imports was US$443.71 billion, an increase of 69.27% over US$262.13 billion in the corresponding period of 2020.
The trade deficit in December 2021 was US$21.99 billion and US$143.97 billion for April-December 2021.
Dr Sakthivel said the increase in exports showed the continuous resilience of India’s exports sector.
“The enthusiasm with which the Exim community has impressively performed during the year has further given a boost to the sector, thereby helping the economy further move towards recovery. The forecast of growth in the economy along with the recent GDP numbers also showcases the positive impact of exports,” said FIEO Chief.
“Looking at the current trend, we are on course to achieving the US$400 billion merchandise exports target for the fiscal,” said Dr Sakthivel.
The spectacular exports growth coupled with orders in hand will help in pushing India’s exports further during the next fiscal thereby aiming for exports in the vicinity of US$525-$530 billion during FY2022-23, he said.
However, imports clocking US$59.27 billion during the month with a very high growth of 38.06%, is a point of concern and should be analysed, said Dr A Sakthivel. fiinews.com
