Exports reach an all-time high of US $670 billion in FY22

The targets for service exports for FY22 were revised from US $225 billion to US $250 billion: Minister of Commerce

April 14, 2022

In FY19, the highest merchandise export total of $330 billion was reached, which has been surpassed by current figures

Exports grew by an overall 35% this year from FY21, according to Commerce Ministry data

Imports grew by 24.2% to US $60.7 billion

Service exports grew by 21% to US $250 billion

Indian exports reached an all-time high of US $670 billion in FY22, according to data released by the Ministry of Commerce. This is an all-time high in the last five financial years, where exports grew by an overall 35% this year as compared to FY21.

The data showed that merchandise exports rose by almost 44% to US $420 billion, and service exports by 21% to US $250 billion. Both of these categories have also reached their highest numbers, since FY17.

Commenting on the growth in services exports, Commerce Minister Piyush Goyal said that the targets for FY22 were revised from US $225 billion to US $250 billion. He also added that these are provisional estimates, and will most likely be revised again. 

The highest merchandise export figure of $330 billion was achieved in FY19, which was surpassed by the current figures.   

Imports, on the other hand, also grew at a pace faster by 24.2% from last year to US $60.7 billion.