India's merchandise exports breach $400 billion mark

India's merchandise exports for the financial year 2021-2022 rose to a record $ 417.8 billion, almost 5 per cent higher than the target, Commerce & Industry Minister Piyush Goyal said on Sunday.

Addressing a press conference in New Delhi, Goyal, also informed that the exports touched an all-time monthly high of $40 billion in March 2022, an increase of 14.53 per cent over $35.26 billion in March 2021 and an increase of 87.89 per cent over $21.49 billion in March 2020.

"We have been able to achieve such wonderful results without any subsidies and grants," Goyal said, adding, " We would like to encourage India in this same fashion to work for greater world engagement and I am confident that we will be successful."

Merchandise exports were worth $292 billion in the financial year 2020-2021.

India's merchandise exports had breached the targeted $400 billion-mark on March 23 this year. 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, UAE, China, Bangladesh and the Netherlands.

Hailing the country's success in achieving the goods export target, Prime Minister Narendra Modi had said that this is a key milestone in India's 'Aatmanirbhar Bharat' journey.

Moreover, Goyal added that India's wheat exports are likely is cross 100 lakh tonnes (10 million tonnes) during 2022-23, due to increasing demand for the commodity in the world market.

The exports have crossed 70 lakh tonnes in 2021-22 (worth over Rs 15,000 crore) as against 21.55 lakh tonnes (over Rs 4,000 crore) in 2020-21. It was only two lakh tonnes (Rs 500 crore) in 2019-20.

The minister said wheat exports have helped several countries in meeting the requirements of food security.

Earlier, addressing the business leaders from India and the UAE at an event, Goyal had added that India's target is $1 trillion goods exports by 2030. "I would want a larger share of the UAE market in the years to come, because for me, the target is $1 trillion of export of merchandise from India by 2030."