33 Procurement Interview Questions in 2022

India Export Statistics 2022 — 18 Key Figures

India is one of the largest countries in the world. Thus, its exports are crucial to know especially nowadays. 

In this article, we will show you the latest export statistics for India in 2022. We will also discuss some factors affecting its export industry. 

Once you are finished reading this article, you will have an in-depth knowledge of India’s export. Thus, an important variable if you are also getting your products from India for your company. 

Countercyclical Policies Affecting the Rising External Demand

According to macroeconomics expert, Mr. Azim Premji, the rising demand is reflecting some recovery of exports from the pandemic and the countercyclical policies across the world are pushing up external demand in a few countries where India exports. 

The Director General and CEO of the Federation of Indian Export Organization (FIEO), Mr. Ajay Sahai, pointed out that although the imports growth is slower than exports growth, imports have a higher base. 

Mr. Ajay Sahai said that India’s exports showed a higher growth rate but they require differential growth in their exports and imports to make a difference to their trade balance sheet. 

He added that exporters in India are seeing a huge number of orders coming in India due to the business model of China, the improved quality of goods produced by India, and the fact that they are getting more involved in the value-addition of exports. 

India Achieving Its Exports target

India has achieved an ambitious target of $400 billion in goods export for 2022. The Commerce and Industry minister of India called this achievement a “make India blockbuster.”

India has achieved the milestone despite the COVID-19 pandemic and the Russia-Ukraine war. He added that closer interaction with states and districts, as well as the active engagement of exporters and other industry associations, have helped achieve the milestone. 

India’s exports are one of the factors that drive India’s economic growth. This sector was one of the very few to recover quickly to pre-pandemic levels once the government started relaxing Covid-related rules and policies.

One of the major reasons for the jump in India’s exports is the rise in demand which had fallen during the full force of restrictions to fight the COVID-19 pandemic. 

Besides the boost in domestic manufacturing, the implementation of some interim trade pacts has also led to a surge in exports. Also, MSMEs and startups were used by the government as vehicles for exports.

India’s High Current Account Deficit

Factors such as soaring prices and the biggest capital outflows had a major impact on the trade gap which made India’s current account deficit widen to possibly its highest level. 

India Ratings and Research (Ind-Ra) anticipates merchandise imports to remain robust due to elevated global commodity prices and a weak rupee. However, merchandise exports are likely to slow down due to global headwinds. Thus, putting India’s export targets of $750 billion for the fiscal year 2023 in danger. 

Although Mr. Sahai said that as economies are opening up, India can expect that the travel and tourism industry can help increase services exports significantly besides other sectors. Thus, helping to offset the headwinds visible in merchandise trade.

The team of Procurement Tactics made a list of India’s Export Statistical Figures for our readers to learn more about the export situation in India. Let’s dive in!

18 India’s Export Statistical Figures That You Should Know

1. India’s merchandise export in January 2022 has increased by 23.69% compared to last year’s January. 

2. The top export product of India in 2022 is engineering goods which amounted to $111.63 billion. 

3. The trade deficit during the first six months of the fiscal year has widened to $149.47 billion. 

4. India’s services exports increased by 20.2% in July 2022. 

5. The value of non-petroleum exports in January 2022 was $30.33 billion. 

6. Services exports have surged at 25% growth in four months up until July 2022. 

7. Among its major products, exports of electronic goods, rice, and organic and inorganic chemicals have shown impressive growth during August 2022. 

8. India’s merchandise export from April to August 2022 was at $192.59 billion with an increase of 17.1% compared to last year. 

9. The export of non-petroleum and non-gems and jewelry from April to August was at $135.49 billion which is an increase of 8.4% over the cumulative value of the said products’ export last year. 

10. India achieved merchandise exports of $33 billion in August 2022 which is at similar levels in August 2021. 

11. India’s merchandise export has fallen to $33 billion compared to $33.38 billion recorded in the same month last year.

12. The estimated value of services exported for April to September is $150.43 billion which exhibits a positive growth of 27.88% compared to last year. 

13. From April to September 2022, India’s export recorded a growth of 16.96% 

14. The government data showed that India’s merchandise exports rose to 4.82% in September. 

15. The exports of engineering goods dipped by 10.85% in September.

16. The ministry of India has said that the estimated value of services exported for September 2022 is $25.65 billion which is an increase of 18.72% compared to last year’s September. 

17. India’s total export recorded $35.5 billion in September 2022. 

18. India’s overall exports contracted by 3.52% in September 2022 compared to the same month last year. 

Frequentlyasked questions

+ What are India's export statistics?

The export statistics of India will show you the performance of its export in 2022.

+ What is a countercyclical policy?

This is a policy measure that counteracts the effects of the economic cycle. 

+ What country is its largest trading partner?

In July 2022, China re-emerged as India’s largest trading partner.

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