India's overall export declined 5.25 per cent to USD 61.82 billion, against USD 65.25 billion in December 2021, the Ministry of Commerce and Industry said on Monday.
The Ministry also said India's overall December imports also dipped 1.95 per cent to USD 73.80 billion as against USD 75.27 billion in December 2021.
According to the statement released on Monday, India's overall exports during April-December 2022 have seen a 16.11 growth. The ministry said India's overall April-December 2022 exports grew to USD 568.57 billion as against USD 489.69 billion in the year-ago period.
India's overall during April-December 2022 imports grew 25.55 per cent to USD 686.70 billion, against USD 546.95 billion in the corresponding period the previous year, according to the ministry of commerce and industry.
Commerce Secretary Sunil Barthwal during a briefing on Monday said, "India's exports to the Netherlands have seen a significant rise. Exports to Brazil have also seen a significant rise. Similarly, on electronic goods, the developed world in terms of the US has seen a huge rise in imports from India. New areas, new geographies are increasing, and the depth in these countries where we are, already."
Explaining the export data, the secretary said, "Despite some restrictions on some food products, our rice exports have risen. This shows that India is trying to become a good source of food security for other countries."
"In spite of the kind of recessionary headwinds in the purchasing countries, we have been able to raise our garment exports, raise it not to very high but at least in the way we are able to maintain," the secretary said.
The commerce secretary said, "We have moved away from exporting agriculture products to finished goods...If we see our export basket...you will find that in our total basket, 24 per cent is now being represented by engineering goods."
"I think we have moved far away from the exporting nation of agricultural products and the raw materials," the commerce secretary said, adding, "We are moving into exporting some finished products like gems and jewellery, drugs and pharmaceutical, electronic goods, readymade garments. We are exporting close to 50 of our export basket in finished products."
( With inputs from ANI )
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