India set to achieve the $400 billion annual exports milestone
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.
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 (%)
Apr-Aug
Fresh fruit & veg exports down 17.4% in volume terms, up 3.8% in $
Value-added steel product exports fall 15-35%
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
