Merchandise exports remain flat at $33 billion in August

On conservating estimate, exports will cross $750 billion amid global headwinds, said Commerce Secretary

At a press briefing, Commerce Secretary B.V.R. Subrahmanyam, on September 3, 2022 said that merchandise exports for the month of August are flat at $33 billion, the same level as last year.

Mr. Subrahmanyam said services exports are rocking at $95 billion in the first four months of 2022-23, $26 billion more than last year and will beat records this year.

Commerce Secretary said "Indian exports are holding ground amid global headwinds and will cross $750 billion this year on a conservative estimate."

Mr. Subrahmanyam said "Services exports will cross $300 billion and goods exports will cross $450 billion on the lower bound. Our own estimate is $470 billion dollars for the year."

He said that some sectors have done phenomenally well in August like electronic goods, up 50%, rice up 42% and chemicals up 14%.

He further stated "There is some concern about Christmas orders. Exporters’ order books are full but there are cases where buyers are asking for shipments not to be despatched."

Mr. Subrahmanyam said "What is the reason for the flat growth in exports? To control inflation, we have put some restrictions. Wheat has almost gone into negative list, steel and iron pellets too have been put in that kind of a restriction on exports. iron ore was restricted last year."