Data released by the commerce ministry last month showed that for the first five months of fiscal 2021-22, India exported $164.4 billion worth of goods. Last year, the country had exported $98.1 billion worth of goods in this period.

       The April-August exports in FY22 are 23.5 per cent higher than the pre-Covid normal and the highest in a decade (see chart). India, thus, is on track to hit the $400-billion export mark this year. But is this growth sustainable? A Business Standard analysis of export data for the April to August period starting FY13 shows that for 55 commodities, ...