The Centre has set a target of $400 billion in exports for FY22. During the first six months (April-September) of this fiscal, exports totalled $198 billion. Trade minister has asked export promotion councils to target $450-500 billion in exports in FY23
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NEW DELHI: India’s exports during the first two weeks of October rose 40.54% year-on-year to $15.13 billion, tentative data released by the commerce ministry showed.
In September, exports were at $33.79 billion during the full month.
Imports during the first two weeks of October stood at $23.81 billion, rising 60.72% from the year-ago period, leading to a trade deficit of $8.68 billion in the period under review.
Non-petroleum exports increased 29.56% during the first two weeks of October while non-petroleum imports rose 55.95% during the same period.
Government has set a target of $400 billion exports for FY22. During the first six months (April-September), exports touched worth $198 billion. Trade minister has asked export promotion councils to target $450-500 billion exports for FY23.
The World Trade Organization earlier this month upgraded its forecast for global merchandise trade volume to an increase of 10.8% in 2021 from the 8% increase projected in March this year on the back of last year’s slump, which bottomed out in the second quarter of 2020.
“Due to a lower base, year-on-year growth in the second quarter of 2021 was 22%, but the figure is projected to fall to 10.9% in the third quarter and 6.6% in the fourth quarter, in part because of the rapid recovery in trade in the last two quarters of 2020. Reaching the forecast for 2021 only requires quarter-on-quarter growth to average 0.8% per quarter in the second half of this year, equivalent to an annualized rate of 3.1%," WTO said.