Retail

India set to achieve the $400 billion annual exports milestone


India has clocked record exports in the first half of FY22 at $197.89 billion and is closer than ever to achieve the $400 billion annual exports milestone by the end of the year. However, the soaring global commodity prices, including of key inputs such as oil, chemicals, metals, plastic and cotton, are largely responsible for this rise. The volume growth is not commensurate with this value growth, traders and industry watchers say. Kirtika Suneja takes a look:

RECORD EXPORTS

  • $197.89 billion merchandise goods exports in Apr-Sep
  • Improved global demand supports outbound shipments

PRODUCT STORY
Apr-Sep Exports growth (%)

Untitled-8Agencies

Apr-Aug

  • Fresh fruit & veg exports down 17.4% in volume terms, up 3.8% in $
  • Value-added steel product exports fall 15-35%

Untitled-9Agencies

EXPORTERS SAY

  • Carpet, handicraft export volume only 5% higher on year
  • Liquidity crunch, high manufacturing cost squeeze profits
  • Energy crisis, high coal imports may worsen commodity inflation, hit exports
  • 20-30% rise in ocean freight, container prices since May
(The one-stop destination for MSME, ET RISE provides news, views and analysis around GST, Exports, Funding, Policy and small business management.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.