India’s merchandise exports hit a record high of $418 billion in FY 2021-22 on rising shipments of petroleum products, engineering goods, gemstones and jewelry and chemicals, according to official data released on Sunday.
Outbound shipments hit a record high of $40 billion in one month in March 2022, Trade and Industry Minister Piyush Goyal told reporters. Exports amounted to USD 34 billion in March 2021.
Merchandise exports stood at USD 292 billion in fiscal year 2020-21. India’s merchandise exports had passed the $400 billion mark by March 23 this year.
Key export sectors, which contributed to healthy and record growth, include petroleum products, engineering, gemstones and jewelry, chemicals and pharmaceuticals.
The top five export destinations are the United States, United Arab Emirates, China, Bangladesh and the Netherlands.
Hailing the country’s success in achieving the goods export target, Prime Minister Narendra Modi said it was a key milestone in India’s “Aatmanirbhar Bharat” journey.