India recorded highest-ever exports

India recorded highest-ever exports

Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “India recorded highest-ever exports

The preliminary data published by the commerce and industry ministry showed that India’s exports goods has reached at worth $37.29 billion in December. This number is the highest ever in a month (for December 2021). It is demanded for items such as engineering products, petroleum items, and gems and jewellery continued to surge.
In April-December, India’s merchandise exports were attained a level nearly $300 billion which was rose up to 48.85 per cent year-on-year and 26 per cent with comparison to the same period in 2019.

This can be interpreted as India’s achievement of three-fourths of its annual export target of $400 billion in the first 9 months of Financial Year 2022.

The number has transcended the exports worth $290 billion of 2020-21.

Union Commerce Minister Piyush Goyal glimpsed on the data from 2016 to December 2021 which showed that the export of every month from April to December2021 is tremendous. Exports worth $103 billion have been recorded in the three months of October, November, and December which is the highest to date.

The data also indicates the surge in the top 10 major commodity groups which comprising 80 per cent of exports 41% year-on-year with each recording growth. Exports of engineering goods have increased up to 37% over last year.

Similarly, gems and jewellery exports have grown up by 15.8% which consist 8 per cent of the kitty.

Imports of India:

India’s merchandise imports were recorded at $59.27 billion in December which was grown up 38.06 per cent year-on-year and 49.7 per cent against December 2019.

The trade deficit was $21.99 billion as compared to $15.75 billion a year ago.

Services exports are expected to be $179 billion in the first nine months of the current fiscal year.

Concern over the new variant of Corona virus:

India expecting none immediate supply chain disruption over the threat from the Omicron variant is concerned.

It might be some short-term disruption but it is hoped that industrial activity is expected to continue.

Omicron has been rapidly spreading across various developed nations such as the US, European nations as well as West Asia.

 

Question & Answer:

Q1. India’s exports goods has reached at how much billion dollar in December 2021?

Ans. $37.29 billion

Q2. India’s merchandise imports were recorded at how much billion dollar in December 2021?

Ans. $59.27

Q3. Who is the Union Minister for Commerce & Industry?

Ans. Piyush Goyal

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