India’s exports in December surged 37 per cent on an annual basis to $37.29 billion, the highest-ever monthly figure, and for the nine months of the fiscal touched $300 billion in shipments. Based on this trend, the government feels merchandise exports would touch $400 billion in 2021-22.

However, exporters expressed concerns that a growing number of Omicron cases in major destinations such as the US and Europe could be a dampener on the country’s shipments.

“With $300 billion in the first nine months of 2021-22 we are on track to achieve our target of $400 billion worth of annual exports,” commerce minister Piyush Goyal told reporters.

Exports in April-December 2021 was $299.74 billion, an increase of 48.85 per cent over $201.37 billion in April-December 2020 and an increase of 25.80 per cent over $238.27 billion in April-December 2019.

Preliminary trade data showed that merchandise imports in December 2021 was $59.27 billion, an increase of 38.06 per cent over $42.93 billion in December 2020 and an increase of 49.7 per cent over $39.59 billion in December 2019.

Imports in April-December 2021 was $443.71 billion, an increase of 69.27 per cent over $262.13 billion in April-December 2020 and an increase of 21.84 per cent over $364.18 billion in April-December 2019.

The trade deficit in December 2021 was $21.99 billion, while it was $143.97 billion during April-December 2021.

EEPC India chairman Mahesh Desai said “While we remain cautiously optimistic the Omicron worry is real and it could play major spoilsport.”

FIEO President A. Sakthivel said: “The spectacular exports growth coupled with orders in hand will help push India’s exports further. However, imports clocking $59.27 billion during the month with a very high growth of 38.06 per cent, is a point of concern and should be analysed.”