Muristek
New Delhi, March 23
India's exports for the first time crossed the $400-billion mark due to stellar performances by sectors such as petroleum products, engineering, gems and jewellery, and chemicals, said the Commerce Ministry on Wednesday.
The merchandise exports rose by 37% 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. With nine days left for the current fiscal to end, India might add another $10-12 billion, taking the overall exports to over $410 billion in 2021-22.
IMPORTS UP AT $589 BN, Trade deficit stands at $189 bn
The merchandise exports rose by 37% to $400.8 billion in 2021-22 until March 21 against $292 billion in 2020-21 Previously, the outbound shipments had touched a record $330 bn in FY19 Imports during the period stood at $589 billion, leaving a trade deficit of about $189 billionHowever, imports were higher at $589 billion, leaving a trade deficit of around $189 billion.
Commerce and Industry Minister Piyush Goyal said India has achieved this milestone despite unanticipated adversities such as the Covid pandemic and the Russia-Ukraine war. "First time in history, India has crossed $400 billion in merchandise exports...if this was a movie like The Kashmir Files, it would be called a Make in India blockbuster," he observed.
Key milestone
India set an ambitious export target of $400 billion and achieved it for the first time ever. I congratulate our farmers, weavers, MSMEs, manufacturers, exporters for this success. This is a key milestone in our Aatmanirbhar Bharat journey. —Narendra Modi, PM
The close 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 Minister explained. The top five export destinations are the US, the UAE, China, Bangladesh, and the Netherlands.
Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai also described the landmark as a "remarkable achievement" as exporters added over $110 billion in one year despite huge logistics challenges such as container shortage and high freight.