India’s Exports 2022: Indian exports surge to a record high of $418 billion in FY22

Fueled by petroleum products, technical goods, precious stones and jewelry and chemicals, India’s goods exports rose to a record $418 billion in FY22, data showed by Trade and Industry on Sunday.

In 2020-21, India’s merchandise exports were US$291.8 billion and in FY2020 was US$313.36 billion.

Outgoing shipments hit an all-time high of $40.38 billion in March, Trade and Industry Secretary Pyush Goyal said while assuring that India would increase wheat shipments to countries affected by the Russia-Ukraine war.

Exports of goods in March increased by 14.53% yoy and by 87.89% to exceed US$21.49 billion in March 2020. A significant increase in exports to developed countries such as the US, the NetherlandsHong Kong, Singapore, UK, Belgium and Germany.

“Growth has occurred in sectors that have smaller businesses and affect the agricultural sector… Even a pandemic like Covid-19 and the war-like situation hasn’t impacted our export target for the year,” Goyal said.

Wheat exports are likely to exceed 10 million tons in 2022-23, Goyal said. Technical specifications of Indian wheat were also shared with Turkey – one of the largest importers alongside Egypt – for possible wheat exports.

Goyal said India will increase wheat exports to countries affected by the Russia-Ukraine conflict. “We will continue to export large quantities of wheat to meet the needs of countries that do not receive supplies from conflict zones. We will likely exceed our wheat exports to over 10 million tons in 2022-23,” he said.

Exports of engineered goods reached a record $111 billion, of which about $16 billion worth of goods were shipped to the United States alone.

Trade Minister BVR Subrahmanyam said 3.5 million tons of wheat had been exported there Bangladesh mostly through the land border of Petrapole. “Many of them (sectors) were labour-intensive sectors that made a large contribution to the export basket, which in itself is a good sign and contributes to further job creation in the country,” said FIEO President A Sakthivel.

Sources said the fiscal year’s import bill is also likely to have hit a record high of $600 billion. India’s import of goods in April-February FY22 was US$550.12 billion, up 59.21% from US$345.54 billion in the same period last year and up 24.11% from April 2019-February 2020. The trade deficit during the period was $176.07 billion.

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Download The Economic Times news app to get daily market updates and live economic news. India’s Exports 2022: Indian exports surge to a record high of $418 billion in FY22

Dais Johnston

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