In a year Rs. One lakh crore business

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- India's record in import-export of commercial goods

- Exports grew by double digits in the first half of last year, followed by single-digit growth: significant exports this time to ASEAN countries

New Delhi: In the calendar year 2022 (January to December), India's merchandise trade has crossed Rs 1 lakh crore ($1 trillion). Of this, $450 billion is exports and $723 billion is imports. According to data from the Ministry of Commerce and Industry, consignments sent abroad in 2022 increased by 13.7 percent compared to the previous year, while imports increased by 21 percent.

In the first six months of the year, exports have increased by double digits and ranged from 34 to 20 percent. Growth then dipped into single digits in July and thereafter, and India's exports were hit by fears of a slowdown in developed countries at the end of the year.

2021 Exports rose sustainably due to increased demand as most developed economies opened up after Covid-related restrictions. Besides, exports to developed countries like Singapore, Hong Kong, European countries as well as Netherlands, UK, Belgium, Germany and other countries like United States of America have increased.

Annual merchandise exports from India have been between $260 and $330 billion over the past decade. During the financial year 2018-19, the highest exports of 330 billion dollars have been made. This time there have been significant exports to neighboring countries, especially the Association of South East Asian Nations (ASEAN).

According to a report published by the Global Trade Research Initiative, despite the gloomy situation globally, the total merchandise trade stood at Rs. 1 lakh crore has been crossed. This is setting up a tough year ahead as gross domestic product (GDP) growth of major economies is likely to remain below 3 percent in 2023.

The total import of commercial goods in 2022 is 723 billion dollars. Crude oil accounted for $270 billion, coal $80 billion, gold and diamonds $80 billion, electronics $72 billion and machinery $55 billion. share.

Geopolitical instability due to the ongoing conflict between Russia and Ukraine, high inflation and monetary policy tightening in advanced countries are reducing consumption and increasing inventories. Because of this, the situation of recession has been created in the countries of America and Europe. The World Trade Organization has projected a 3 percent growth in global trade by 2022.

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