India achieves $400 billion goods exports target ahead of schedule

Prime minister Narendra Modi on Wednesday lauded farmers, weavers, micro small and medium enterprises (MSMEs), manufacturers, and exporters in helping India achieve the ambitious target of $400 billion of goods exports nine days ahead of schedule.

"India set an ambitious target of $400 billion of goods exports & achieves this target for the first time ever. I congratulate our farmers, weavers, MSMEs, manufacturers, exporters for this success," Modi tweeted. "This is a key milestone in our Aatmanirbhar Bharat journey. #LocalGoesGlobal"

This comes as India's trade deficit widened in February due to an increase in imports. The country's trade deficit jumped to $20.88 billion in February from $17.42 billion in the preceding month, the Ministry of Commerce and Industry data showed last week.

While exports rose 25.1% year-on-year to $34.57 billion in February, imports rose 36.07% year-on-year to $55.45 billion.

As compared to February 2020, exports in February 2022 exhibited a positive growth of 24.60%. Imports in February 2022 registered a positive growth of 46.28% in comparison to February 2020.

Merchandise exports for the period April-February 2021-22 stood at $374.81 billion as against $256.55 billion during the period April-February 2020-21, registering a growth of 46.09%. As compared to April-February 2019-20, exports in April-February 2021-22 exhibited a positive growth of 28.42%.

Merchandise imports for the period April-February 2021-22 stood at $550.56 billion as against $345.54 billion during the period April-February 2020-21, registering a positive growth of 59.33%. Imports in April-February 2021-22 have registered a positive growth of 24.21% compared with April-February 2019-20.

The merchandise trade balance for April-February 2021-22 was estimated at $(-) 175.75 billion as against $(-) 88.99 billion in April-February 2020-21. As compared to April-February 2019-20 (USD (-) 151.37 billion), trade balance in April-February 2021-22 exhibited a negative growth of (-) 16.11%.

Non-petroleum and non-gems & jewellery exports in February were at $26.75 billion, a growth of 19.01% year-on-year. Non-petroleum, non-gems & jewellery- gold, silver and precious metals, imports stood at $31.70 billion, clocking a 32.04% growth year-on-year.

India’s overall exports -- merchandise and services combined -- in April-February 2021-22 are estimated to be $601.77 billion, exhibiting a positive growth of 36.19% over the same period last year and a growth of 23.44% over April-February 2019-20. Overall imports in April-February 2021-22 are estimated to be $683.01 billion, exhibiting a growth of 51.51% over the same period last year and a growth of 21.66% over April-February 2019-20.