India's exports for the first time crossed the $400 billion mark in a fiscal on healthy performance by sectors such as petroleum products, engineering, gems and jewellery, and chemicals, according to the commerce ministry’s data.
The exports rose by 37 per cent to $400.8 billion in 2021-22 until March 21 against $292 billion in 2020-21. Previously, the outbound shipments had touched a record of $330.07 billion in 2018-19. Imports during the period stood at $589 billion, leaving a trade deficit of about $189 billion.
Hailing the success, Prime Minister Narendra Modi said that this is a key milestone in India’s ‘Aatmanirbhar Bharat’ journey. The highest ever goods export target was achieved nine days ahead of the March 31 deadline.
Commerce and Industry Minister Piyush Goyal said that despite all adversities including Covid-19 pandemic, and Russia-Ukraine war, India has achieved this milestone. He added that closer interaction with states and districts; engagement with exporters; faster resolution of their issues; actively engaging with different export promotion councils, industry associations and other stakeholders have helped in reaching this milestone.
The key export sectors, which contributed to record healthy growth include petroleum products, engineering, gems and jewellery, chemicals and pharmaceuticals. The top five export destinations are the US, the UAE, China, Bangladesh, and the Netherlands.
Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said that going by the trend, “we would be adding $10-12 billion in the remaining nine days”, taking the exports by end of 2021-22 to over $410 billion.
