India reported highest-ever monthly exports worth $37B in December: Piyush Goyal

India's exports in December 2021 surged 37 percent on an annual basis to $37.29 billion, the highest-ever monthly figure, on the back of healthy performance by sectors like engineering, textiles, and chemicals, even as the trade deficit widened to $21.99 billion.

Imports in December too rose by 38 percent to $59.27 billion on account of an increase in oil imports, which soared 65.17 percent to $15.9 billion, government data showed on Monday.

Gold imports expanded by 4.5 percent to $4.69 billion.

The country's exports in December 2020 stood at $27.22 billion, while imports aggregated to $42.93 billion. The trade deficit was at $15.72 billion.

Cumulatively, during April-December 2021-22, exports rose by 48.85 percent to $299.74 billion.

Imports during the period increased by 69.27 percent to $443.71 billion, leaving a trade deficit of $143.97 billion.

In December 2021, exports of engineering goods grew by 37.27 percent to $9.7 billion, followed by petroleum products (140 percent to $5.6 billion), gems and jewellery (15.8 percent to $2.98 billion), chemicals (26 percent to $2.64 billion), and ready-made garments of all textiles (22 percent to $1.46 billion).

Addressing a press conference, Commerce Minister Piyush Goyal said India's merchandise exports will cross $400 billion this fiscal.

"With $300 billion in the first nine months of 2021-22, we are on track to achieve our target... This growth is satisfying, and we must aspire for more," Goyal said.

He added the third wave of COVID-19 is impacting developed economies like the US, Europe, and the Middle East, and problems related to shipping lines can be expected.

"We don't immediately see any supply disruptions or in the supply chains because by and large the world has seen the effects of this wave are relatively less harmful, and the western world has not restricted any movements as yet."

"We've also not seen instances of lockdowns being announced in any major country," Goyal said, adding that the only problem could be temporary in the form of some shipping staff getting infected with COVID-19, causing short-term disruptions.

"Most cases are asymptomatic and recover very quickly. Hopefully, supply lines and supply activity will continue in full steam," he said.

Commenting on the numbers, Federation of Indian Export Organisations (FIEO) President A Sakthivel said, "Looking at the current trend, India will achieve the $400 billion merchandise exports target for the fiscal."

Goyal also said the country is well on track to go up to $230 billion or upwards in services exports this fiscal, which will also be an all-time high.

"We have seen a $179 billion services exports in first nine months," he said.

He also said exports from Uttar Pradesh are expected at Rs 2 lakh crore this fiscal, up 60 percent from Rs 1.23 lakh crore last year.