Petroleum products driving India’s exports, agri trade growing at 23%: Eco Survey 2022

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The survey observed that even the segments like marine products, buffalo meat, tea, coffee and dairy products, which had not performed well during 2020-21, have registered substantial growth during the current year.

By exporting goods worth $301.4 billion, India has already attained over 75% of its ambitious export target of $400 billion set for 2021-22, reveals the Economic Survey 2021-22. Notably, the country has set an export target of $300 billion for the April-December period of 2021-22.

“This shows that India is well on track as far as attaining the export target is concerned. After bottoming out in Q1: FY 21, there was an impressive rebound in India’s merchandise exports, with strong y-o-y and sequential growth, crossing a milestone of $100 billion in Q2 and Q3 of 2021-22. This is remarkable in view of moderation in global trade growth, elevated shipping rates and persistent problem of container shortages,” says the government’s annual economic survey.

It further noted that the rise in exports is contributed by high growth in petroleum, oil and lubricants (POL) exports (constituting about 15% of total exports) as well as non-POL exports, indicating the broad-based nature of expansion. Over 85% of major export commodity groups recorded positive growth during April-December, 2021 over April-December, 2020. Driven by robust demand for engineering goods, gems & jewellery, and chemicals, the non-POL exports stood at $257.5 billion during 2021-22 (April-December), registering a growth of 40.1% over the corresponding period of last year and 24.9% over 2019-20 (April-December).

The government’s survey also observed that India’s agricultural exports continue to do well in 2021-22, thanks to increased demand for staples during the Covid-19 pandemic. It stated that the export of agriculture and allied products (including marine and plantation products) grew by 23.2% to $31 billion during April-November, 2021 over the corresponding period of 2020-21 and by 35% over April-November 2019, surpassing the pre-pandemic levels.
The survey observed that even the segments like marine products, buffalo meat, tea, coffee and dairy products, which had not performed well during 2020-21, have registered substantial growth during the current year. This augurs well for further diversification and strengthening of agricultural exports in the coming years, it added.