Indian exports cross record high US$ 400 billion for the first time in FY 22

Petroleum products, Engineering products Gems and Jewelry sector and Apparel and Garments led export performance

March 24, 2022

Merchandise exports grew by 46.09% during the April-February period in 2021-22.

The coordination between India’s missions abroad as well as the banking and insurance sectors aided export growth.

Agricultural exports grew during the period owing to increased exports of rice, wheat and marine products among others.

US$ 46 million worth of trade is estimated to have taken place on an hourly basis.

India’s annual exports crossed US$ 400 billion as per an announcement by Prime Minister Modi on Wednesday, March 23rd. The record amount of goods export was supported by US$ 46 million worth of trade every hour and the superior export performance of the Petroleum products, Engineering products Gems and Jewellery sector as well as Apparel and Garments space. Merchandise exports registered a 46.09% year-on-year growth from US$ 256.55 billion in April-February 2020-21 to US$ 374.81 billion in the corresponding 2021-22 period. Prime Minister Modi observed in his message “India set an ambitious target of $400 billion of goods exports and achieved this target for the first time ever. This is a key milestone in our Aatmanirbhar Bharat journey,”

Union Minister of Commerce & Industry Sh Piyush Goyal attributed the milestone to the concerted coordination between the banking sector, India’s diplomatic missions overseas as well as insurance companies while also lauding stakeholders in the agricultural sector. The 2021-22 period also saw agriculture exports increase significantly owing to the export volumes of spices, rice, wheat, sugar and marine products.