High commodity prices, ‘low baseline effect’ --India’s record high exports

Over the last seven months, Indian merchandise exports have cumulatively hit an all-time high of $235 billion and it is likely that the Indian government will breach its ambitious goal of $400 billion in this fiscal. Over the last decade or so, Indian exports have hovered around $250-300 billion, and the highest-ever was in the financial year 2018-19 when the country’s total merchandise shipments reached $330 billion.
Analysts say this is a product of a sharp recovery from “low baseline” exports during the pandemic last year, overall economic recovery especially in the world’s two major economies — the US and China — and heightened commodity prices world round.