NEW DELHI: India's merchandise exports in March 2022 were USD42.22 billion, up 19.76% year on year, according to government figures released on Tuesday. In March 2021, exports totaled USD35.26 billion.

"Non-petroleum and non-gems & jewellery exports in March 2022 were USD30.67 billion, up 9.4% from USD28.03 billion in March 2021 and 80.90% more than non-petroleum and non-gems & jewellery exports of USD16.95 billion in March 2020," according to the Union Ministry of Commerce and Industry.

Imports of non-petroleum, non-gems, and jewellery (gold, silver, and precious metals) totaled USD37.35 billion in March 2022, up 35.44 percent from USD27.58 billion in March 2021 and 99.77 percent more than non-petroleum, non-gems, and jewellery imports of USD18.70 billion in March 2020." The trade deficit increased by 35.72 percent year over year, from USD13.64 billion in March 2021 to USD18.51 billion in March 2022.

"In March 2022, both non-oil exports and non-oil non-gold imports reached a new high for FY2022. Non-oil exports, on the other hand, reached an FY2022 low of 8.9% in March 2022, but non-oil non-gold imports grew by a huge 76.1 percent in year-on-year terms on a subdued basis," according to ICRA's Chief Economist Aditi Nayar.

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