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Indias merchandise exports rise to record $418 bn in FY22

Indias merchandise exports

Indias merchandise exports on increase

Indias merchandise exports – Commerce and Industry Minister Piyush Goyal announced on Sunday that India’s merchandise exports for the fiscal year 2021-2022 reached a new high of $ 417.8 billion, over 5% more than the target. 
 
Goyal also stated at a press conference in New Delhi that exports reached an all-time monthly high of $40 billion in March 2022, up 14.53 percent from $35.26 billion in March 2021 and 87.89 percent higher than $21.49 billion in March 2020. 
 
“We have been able to accomplish such tremendous outcomes without any subsidies or grants,” Goyal said, adding, “We would like to urge India in this manner to work for greater global participation, and I am convinced that we will succeed.” 
 
In the fiscal year 2020-2021, merchandise exports totaled $292 billion. 
 
On March 23, this year, India’s merchandise exports surpassed the $400 billion benchmark. Petroleum products, engineering, diamonds and gold, chemicals, and pharmaceuticals are just a few of the main export areas that have fueled the nation’s rapid expansion. The top five export destinations are the United States, the United Arab Emirates, China, Bangladesh, and the Netherlands. Prime Minister Narendra Modi praised the country’s achievement of the goods export objective, calling it a “important milestone” in India’s “Aatmanirbhar Bharat” journey.

Indias merchandise exports

Furthermore, Goyal claimed that, due to increased worldwide demand for the commodity, India’s wheat exports are likely to top 100 lakh tonnes (10 million tonnes) in 2022-23. 

In 2021-22, exports exceeded 70 lakh tonnes (value over Rs 15,000 crore), compared to 21.55 lakh tonnes (worth over Rs 4,000 crore) in 2020-21.  
 
Wheat exports, according to the ministry, have aided other countries in satisfying their food security needs. 
 
Goyal has previously stated, when speaking to business leaders from India and the UAE at an event, that India’s aim for goods exports by 2030 is $1 trillion. “In the next years, I’d like a higher portion of the UAE market because my aim is $1 trillion in merchandise exports from India by 2030.” 

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