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imports also showed secular rise since Q1: FY 21 and reached about US$ 166 billion in Q3: FY
22, crossing the pre-COVID levels (Figure 7a).
Figure 7: India’s Merchandise Imports
b. Relative Contribution in Imports Growth
a. Rising imports in 2021-22 (Non-POL, non-Gold & silver imports
contributing maximum)
Non-POL & Non Gold & Silver Imports Non-POL & Non Gold & Silver Imports
200 Gold & Silver Imports 120 Gold & Silver Imports 120
POL Imports POL Imports
160 80 80
US$ Billion 120 Percentage Points 40 0 40 Growth rate (y-o-y), Per cent
80
0
40 -40 -40
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 -80 -80
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
3.23 The expansion recorded in merchandise imports in April-December, 2021 is accounted by
the positive growth in all the three components i.e. gold & silver imports (accounting for 9.1 per
cent share in total imports), POL imports (26.6 per cent share) and non-POL, non-Gold & silver
imports (64.3 per cent share), with latter contributing the maximum indicating acceleration
in domestic activity (Figure 7b). It is observed that more than 93 per cent of major import
commodities have registered positive growth in April-December, 2021 compared to last year,
indicating a broad-based recovery in the economy.
3.24 Owing to significant rise in crude oil prices, POL imports rose by 119.2 percent to US$
118.3 billion in April-December, 2021 over corresponding a year earlier and by 22.3 per cent
compared to April-December, 2019. The crude oil price (Indian basket) surpassed the pre-
COVID level and was as high as US$ 82.1 per barrel in October 2021. On the other hand, the
volume of POL imports rose higher than last year, but remained below the pre-pandemic levels.
Gold and silver imports more than doubled to US$ 40.0 billion, as against US$ 17.5 billion in
corresponding period a year earlier and surpassed the pre-pandemic level of US$ 25.4 billion
recorded in April-December, 2019.
3.25 Non-POL, non-gold & silver imports were US$ 285.5 billion in April-December, 2021,
witnessing a positive growth of 49.3 percent compared to corresponding period of last year and
17.9 percent over April-December, 2019. Electronic goods; pearls, precious & semi-precious
stones; and coal, coke & briquettes, etc., contributed maximum in the non-POL, non-gold &
silver import growth in the said period.
3.26 Among major import commodities, crude petroleum imports more than doubled to US$ 73.3
billion in April-November, 2021 compared to last year and continues to be the highest imported
commodity. Gold imports registered sharp rise to US$ 33.2 billion (8.7 per cent share), from US$ 12.3