For the first time, India has achieved the targeted $250 billion in service exports during the financial year FY22. The country's services exports have registered a growth of 21.31% from the previous fiscal year, the Ministry of Commerce & Industry said on Thursday.
The ministry's data showed that in March 2022, the estimated value of Services exports is $22.52 Billion, exhibiting a positive growth of 8.31% vis-a-vis March 2021.
Overall, India's exports (merchandise and services) touched an all-time high of $669.65 billion in FY22 rising by 34.50% over the same period last year, said the Ministry.
During March alone, India’s exports grew by 15.51% to $64.75 billion over the same period last year. Merchandise exports for March 2022 rose to $42.22 billion, higher by 19.76% on a year-on-year basis, official data showed.
"Non-petroleum and non-gems & jewellery exports in March 2022 were $30.67 billion, registering a positive growth of 9.4% over non-petroleum and non-gems & jewellery exports of $28.03 billion in March 2021 and a positive growth of 80.90% over non-petroleum and non-gems & jewellery exports of $16.95 billion in March 2020," the Union Ministry of Commerce & Industry said.
Similarly, India's merchandise imports in March 2022 increased by 24.21% over last year to $60.74 billion from $48.90 billion.
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $37.35 billion in March 2022 with a positive growth of 35.44% over non-petroleum, non-gems & jewellery imports of $27.58 billion in March 2021 and a positive growth of 99.77% over non-petroleum, non-gems and jewellery imports of $18.70 billion in March 2020.
The trade deficit widened by 35.72% on a year-on-year basis to $18.51 billion in March 2022 from $13.64 billion in the like period of 2021.
Both non-oil exports and non-oil non-gold imports recorded their FY2022 high in March 2022. However, the pace of growth of non-oil exports marked an FY2022 low of 8.9% in March 2022, whereas non-oil non-gold imports expanded by a massive 76.1% in YoY terms on a subdued base.
The non-gold trade deficit widened multifold to $17.5 billion in March 2022 from $5.1 billion in March 2021, driven by petroleum products, coal and electronic goods, partly driven by the spike in commodity prices following the Russia-Ukraine conflict.
In terms of the full fiscal year, the data showed that India's FY22 merchandise exports rose to $419.65 billion, higher by 43.81% on a year-on-year basis from $291.81 billion reported for the previous fiscal. Besides, the data showed that FY22 merchandise imports increased by 55.13% over last year to $611.89 billion from $394.44 billion in FY21.
The trade deficit for FY22 widened by 87.32% on a year-on-year basis to $192.24 billion from $102.63 billion in the previous fiscal.
Addressing a press conference in New Delhi, Union Minister of Commerce & Industry Piyush Goyal said India has achieved these exports high despite the slowdown in the economy worldwide due to the Covid-19 pandemic and the recent geopolitical developments in Europe.