India overshoots export target; achieves USD 417.8 billion exports in 2021-22

Merchandise exports from India have reached USD 417.8 billion in the current financial year. This figure excludes the figures from non-EDI Ports and adding that, it is likely to exceed $418 billion, an all-time high in India’s export history.

India has achieved the highest monthly value of merchandise export in March 2022 amounting USD 40.38 billion, an increase of 14.53% over USD 35.26 billion in March 2021 and an increase of 87.89% over USD 21.49 billion in March 2020.

The exports have witnessed significant growth in non-petroleum goods also in April 2021-March 2022 which was USD 352.76 billion, an increase of 32.62% over USD 266.00 billion in April 2020-March 2021 and an increase of 29.66% over USD 272.07 billion in April 2019-March 2020.

Addressing a press conference here on Sunday, Minister of Commerce and Industry, Piyush Goyal said that India had truly gone from ‘local to global’ in response to the Prime Minister Narendra Modi’s call.

The Minister said that every Indian should be proud of the pace at which India is achieving ‘atmanirbharta’ while ensuring that every Indian benefits from this progress. He added that India has been able to achieve this spectacular target under the leadership of the Prime Minister.

Every sector of the economy, every farmer, every entrepreneur, every MSME and state governments worked together to achieve this lucrative goal, he said.

India’s diversified export portfolio in 2021-22 show India’s manufacturing abilities as well as growth in hi-tech goods, electronics and agricultural products.

Petroleum Products saw positive growth of 152.1 percent during April 2021-March 2022 over April-March 2020-21. Meanwhile, cotton yarn/fabrics/madeups, handloom products, etc., engineering goods and coffee also saw positive growth of 55.1%, 45.5% and 49% respectively.

Many other commodities also saw a huge growth which includes other cereals (52.2%), gems and jewellery (49.6%), man-made yarn/fabs/madeups etc.( 46.9%), , electronic goods (40.5%), jute mfg. including floor covering (36.2%).

Apart from diversified range of merchandise goods exported during 2021-22, India’s merchandise exports have also seen a significant increase to different countries, especially, developed countries. Exports to USA, UAE, Bangladesh, Netherlands, Singapore, Hong Kong, UK, Belgium and Germany grew by 46.4%, 66.9%, 64.5%, 90.5%, 26.8%, 7.8%, 28%, 90.4% and 21.1% respectively over April 2020- March 2021.

Union Minister Goyal said, notwithstanding the challenges posed by successive waves of Covid (2nd and 3rd wave), India’s merchandise trade performance has shown impressive growth and exports remained above USD 30 billion for twelve consecutive months during April 2021 to March 2022.