Exports may hit $450 billion against $480 billion target

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NEW DELHI: India’s exports may reach around $440-450 billion during the current financial year, as against earlier projections of $470-480 billion, in the wake of the global slowdown and fall in commodity prices, government officials said.
While a formal assessment is yet to be done, monthly exports have been under $35 billion for the last three months, with overall exports during April-December 2022 adding up to $333 billion. If the current trend continues, exports may reach around $440 billion, which will eclipse last year’s record of $422 billion. Government officials believe that with some last-minute boost, India could end the year with close to $450 billion exports. “If there is an increase in oil prices because of China opening up, there may be a gain of $6-7 billion and help boost our exports,” said Ajay Sahay, director general at Federation of Indian Export Organisations (Fieo). While petroleum products have been booming, rising 52% to $70 billion during April-December, there was sharp decline of 27% in December, which was attributed to a fall in crude prices. Even other mainstays saw a decline in the value of goods shipped out in December. The list included engineering goods (down 12%), gems and jewellery (15% lower), cotton yarn and fabrics (down 40%) and made-up yarn and fabrics (27% fall).
Officials as well exporters attributed it to the muted demand in Europe and the US, which are grappling with high inflation and a decline in economic activity. Most agencies have, lowered the global trade projections. This has prompted the government to explore newer markets.

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