Is the import also likely to be very high in FY22?

With merchandise imports crossing $550 billion in 11 months of FY22, the total import bill is all set to cross $600 billion for the full year fiscal FY22. So overall trade is likely to be in the vicinity of $1 trillion but it also means that the trade deficit is in the region of $200 billion.

The sharp rise in imports is a function of high crude prices with steeply higher prices of gold and other industrial inputs. Bloomberg Commodity Index is up 45.6% year-on-year, so even through in many cases the volumes are sharply down the value of exports are still higher.