India's exports rise to record high of $417.8b in FY22

Merchandise exports of India increased to a record high of $417.8 billion in FY2021-22, ending March on higher shipments of petroleum products, engineering goods, gem and jewellery and chemicals, the country's Ministry of Commerce and Industry said in a statement Sunday.

"Merchandise exports from India have reached $417.8 billion in the current financial year," read the statement adding, "This figure excludes the figures from non-Electronic Data Interchange (EDI) ports and it is likely to exceed $418 billion dollars, an all-time high in India's export history."

As per the data provided by the ministry, India has achieved the highest monthly value of merchandise export in March 2022 amounting $40.38 billion, an increase of 14.53% over $35.26 billion in March last year.

"The exports have witnessed a significant growth in non-petroleum goods also in April 2021-March 2022 which was $352.76 billion, an increase of 32.62% over $266 billion in April 2020-March 2021," the statement said.

The ministry said exports of major commodity that recorded positive growth during April 2021-March 2022 over April-March 2020-21 are petroleum products (152.1%), cotton yarn/fabrics/madeups, handloom products, etc., (55.1%), other cereals (52.2%), gems and jewellery (49.6%), man-made yarn/fabrics/madeups, etc.,(46.9%), engineering goods (45.5%), coffee (49%) and electronic goods (40.5%).

Meanwhile, Commerce and Industry Minister Piyush Goyal described the achievement as "historic high."

"Goods exports at a historic high. We end financial year 2021-22 with a stupendous figure of $417.8 billion. I dedicate this feat to every stakeholder including our farm and factory workers who have kept their feet on the accelerator," he wrote on social media.