India's merchandise exports rose by 16.78% to $37.94 billion in June, while exports during the first quarter of 2022-23 is up over 22 percent to $116.77 billion, the highest ever exports during the first quarter. These figures are encouraging, particularly in the background of the ongoing geo-political tensions and rising global uncertainties. It is difficult to say how long this situation will persist and what will unfold in the coming days.

A deeper look into the June export figures show that non-petroleum exports amounted to $30.12 billion in June, registering 5.53% year-on-year growth against $28.54 billion in June 2021. For the first quarter, non-petroleum exports amounted to $92.49 billion, registering 11.92% growth. On the other hand, non-petroleum and non-gems and jewellery exports rose 4% in June and 12.19 in April-June.

Among the top ten product categories, engineering goods exports registered 1.57 negative growth to $9.14 billion against $9.29 billion in June 2021. Drugs and pharmaceuticals exports fell 1.27% to $1.99 billion while exports of Yarn/Fabs./Madeups, Handloom products etc. fell 22.54%. These sectors need to be taken care of urgently. It is also a concern that total imports in June rose by a whopping 51.02% to $63.58 billion, resulting to trade deficit of $25.63 billion.

Meanwhile, India's marine product exports reach an all-time high of $ 7.76 billion in FY 2021-22, and it is interesting again that the sector managed to export 13,69,264 MT of seafood during a period while its major export markets were facing tough challenges due to the Covid pandemic. It is noteworthy that India has set aims to double marine export to Rs 1 lakh crore in next 5 years, but this will require a concentrated effort by the government.

I invite your opinions.