Covid, Conflict, & Commodity Crisis

India wrapped up FY22 on a high note after recording US$ 417.8 Bn in merchandise exports. However, the cherry on the top was when India also reached new heights by crossing US$ 50 Bn in agriculture exports, the nation’s highest-ever mark in this industry. While the trade community is undoubtedly happy, experts are apprehensive about how sustainable is this export growth, especially considering global factors like sanctions on Russia, the resurgence of Covid in China, worsening supply chain disruptions, etc. Nevertheless, the Asian Development Bank’s latest report predicts a positive picture. The report said that the rising oil and commodity prices and a depreciating Indian rupee might help boost India’s export of petroleum and food products.

ECONOMY

Exports rise 40% to touch $418 bn in FY22, surpass govt target by 5%

The value of goods exported from India witnessed 40 percent growth during the financial year 2021-22, hitting a record $417.8 billion and surpassing the target set by the government by 5 percent, according to the commerce and industry ministry.

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WAR IMPACT

$120 billion global grain trade is being redrawn by Russia's war in Ukraine

Across Ukraine’s farm belt, silos are bursting with 15 million tons of corn from the autumn harvest, most of which should have been hitting world markets.

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ECONOMY

Indian exports to benefit from elevated oil and commodity prices, says ADB

Elevated oil and gas prices due to the ongoing Russia-Ukraine war may have put direct pressure on the rest of the world, but it can help boost India’s exports this year. “Rising oil and commodity prices, as well as a depreciating Indian rupee, may provide an impetus to exports, especially petroleum products and food products,” according to the Asian Development Bank’s 2022 outlook report published Wednesday.

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ECONOMY

Tackling The Commodity Crisis

For Indian policymakers, the war in Ukraine has prepped up the battleground in India for a different struggle — against a looming commodity crisis that threatens to drag the country’s 1.3 billion people into a quagmire of ‘stagflation’.

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INTERNATIONAL TRADE

Sri Lanka industry says 2022 exports could tumble 20%-30% on economic crisis

Sri Lankan leaders from garments, tea, and other industries said on Friday the country's goods and services exports could plunge 20% to 30% this year due to high freight charges and power cuts, potentially worsening an economic crisis.

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