This page is for information purpose only. Interested exporters may contact APEDA – Agricultural & Processed Food Products Export Development Authority at apeda.gov.in
India’s overall exports, covering merchandise and services, were reported at US$ 676.25 billion during the financial year 2021-22, a whopping increase of over 37% over the previous year.
Highlights of India’s international trade during financial year April 2021- March 2022:
The Indian economy showed significant resilience amidst the global pandemic and trade shock that began to impact the global economy towards the end of 2019-20 and acquired catastrophic proportions in 2020-21. In this context, the stellar trade performance in 2021-22 reflects a remarkable turnaround, after having registered a decline of 6.66% in exports and 16.53% in imports in 2020-21.
On the back of India’s growing capabilities in manufacturing, technology, manpower and R&D and services capabilities, which helped tackle international trade uncertainties and cyclical economic downturn in the past, India has been one of the first countries to bounce back. With constant expansion in capacity and skills, India’s export market – merchandise as well as services – has been expanding into new geographies, by pursuing geography-specific and product-specific strategies to increase market share.
In May 2020, at the height of Covid-induced global economic downturn the Prime Minister of India called for turning the pandemic crisis into an opportunity to build a self-reliant India (Atmanirbhar Bharat Abhiyan). The Government announced a stimulus package of Rs.21 trillion (US$280 billion), amounting to about 10 per cent of India’s GDP, to revive and strengthen the economy. This was followed by second and third stimulus packages announced in October and November 2020 respectively, taking the total value of stimulus measures to Rs. 29.87 trillion.
The implementation of Atmanirbhar Bharat package and calibrated unlocking of the economy have ensured that economic recovery in India has regained momentum and the adverse impact on foreign trade has been mitigated.
The new financial year 2022-23 has begun with record merchandise exports of US$ 40.19 billion in April 2022, a jump of over 30% over April 2021. Continuing the record-breaking performance of 2021-22, this is the highest ever achievement of merchandise exports in April. India’s overall exports (Merchandise and Services combined) in April 2022 are estimated to be US$ 67.79 Billion, exhibiting a positive growth of 38.90% over the same period last year.
India continues to have among the largest foreign exchange reserves in the world. As on 6 May 2022, India’s total foreign exchange reserves stood at US$ 595.954 billion. Link.
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