India records highest exports of USD 418 billion in FY 2022
India’s merchandise exports hit a record high of USD 418 billion in the 2021-22 financial year on high shipments of petroleum products, engineering goods, gems and jewelery and chemicals, according to official data released on Sunday.
Commerce and Industry Minister Piyush Goyal told reporters here that outbound shipments touched an all-time high of USD 40 billion in a month in March 2022. Exports stood at USD 34 billion in March 2021. Merchandise exports stood at USD 292 billion in the financial year 2020-21.
On March 23 this year, India’s merchandise exports had crossed the target of $400 billion. Major export sectors, which contributed to registering healthy growth, include petroleum products, engineering, gems and jewellery, chemicals and pharmaceuticals.
The top five export destinations are the US, the United Arab Emirates, China, Bangladesh and the Netherlands. Appreciating the country’s success in achieving the goods export target, Prime Minister Narendra Modi had said that this is an important milestone in India’s journey of ‘Self-reliant India’.
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