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External Sector 89

Figure 4: India’s Merchandise Exports

a. Accelerating exports in 2021-22 b. Relative Contribution in Exports growth
(Driven by both POL & non-POL exports)

POL Exports Non POL Exports POL Exports Non POL Exports Exports growth (RHS)
100 100
120 80 80
100 60 60
US$ Billion 60 Percentage Points 40 40 Growth rate (y-o-y), Per cent
80
20
20
40
20 0 0
0 -20 -20
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 -40 -40
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019-20 2020-21 2021-22 (P) 2019-20 2020-21 2021-22 (P)

Source: Department of Commerce
Note: P: Provisional
3.12 The rise in exports is contributed by high growth in petroleum, oil and lubricants (POL) exports
(constituting about 15 per cent of total exports) as well as non-POL exports, indicating the broad-based
nature of expansion (Figure 4b). This is reflected in the fact that more than 85 per cent of major export
commodity groups recorded positive growth during April-December, 2021 over April-December,
2020. Driven by robust demand for engineering goods, gems & jewellery, and chemicals, the non-POL
exports stood at US$ 257.5 billion during 2021-22 (April-December), registering a growth of 40.1 per
cent over corresponding period of last year and 24.9 percent over 2019-20 (April-December).

3.13 Owing to rise in global crude oil prices, petroleum products continued to be the most
exported commodity in April-November 2021, whose exports have more than doubled and their
share rose to 14.9 percent from 8.8 per cent in corresponding period a year earlier (Table 1).
Exports of pearls, precious, semi-precious stones and gold & other precious metal jewellery have
shown substantial growth of 88 per cent in April-November, 2021 compared to last year owing
to various measures undertaken by Government such as reduction in import duty of precious
metals, resolution of procedural issues to enhance ease of doing business along with revival in
demand in major export markets. The exports of aluminium and its products is a newly added
commodity in the list of top ten exported commodities during April-November, 2021.

Table 1: Top 10 Export Commodities
(US$ Billion) Share (in Per cent)
2020- 2021- 2021-22
Rank Commodity 2019- 2020- 21 22 (P) 2019- 2020- 2020-21 (P)
20 21 20 21
(Apr-Nov) (Apr-Nov)
Petroleum
1 41.3 25.8 15.3 39.5 13.2 8.8 8.8 14.9
Products
Pearl,
Precious,
2 20.7 18.1 9.8 18.1 6.6 6.2 5.6 6.8
Semiprecious
Stones

3 Iron and Steel 9.3 12.1 7.7 15.9 3.0 4.2 4.4 6.0