India's FY22 merchandise exports at all-time high of $417.8 billion

Minister of Commerce and Industry Piyush Goyal said the "never say die" spirit of Indian exporters, the relentless effort by export promotion councils (EPCs) and industry associations, the coordination among different government departments and state governments have helped India achieve an all-time high exports.

India's diversified export portfolio in 2021-22 shows the country's manufacturing abilities as well as growth in hi-tech goods, electronics and agricultural products, he said at a press conference in New Delhi.

Exports of major commodity that recorded a positive growth during April 2021-March 2022 over April-March 2020-21 are Petroleum Products (152.1%), Cotton Yarn/Fabrics/Madeups, Handloom Products Etc. (55.1%), Other Cereals (52.2%), Gems and Jewellery (49.6%), Man-Made Yarn/Fabs/Madeups Etc.( 46.9%), Engineering Goods (45.5%), Coffee (49%), Electronic Goods (40.5%), Jute Mfg. Including Floor Covering (36.2%), Leather and Leather Manufactures (32.2%), Organic & Inorganic Chemical (32.0%), Plastic and Linoleum (31.1%), Marine Products (30.0%), readymade garments of all textiles (29.9%), Handicrafts Excluding Hand Made Carpet (22.0%) and Cereal Preparations .

Apart from diversified range of merchandise goods exported during 2021-22, India's merchandise exports have also seen a significant increase to different countries, especially, developed countries. Exports to the US, the UAE, Bangladesh, the Netherlands, Singapore, Hong Kong, UK, Belgium and Germany grew by 46.4%, 66.9%, 64.5%, 90.5%, 26.8%, 7.8%, 28%, 90.4% and 21.1% respectively over April 2020- March 2021.

Impressive growth has been seen in the agriculture sector and especially during the pandemic as India emerged as a major global supplier of food/essential agriculture products. Agriculture exports buoyancy is driven by commodities such as rice (both basmati and non-basmati), marine products, wheat, spices and sugar, among others, recording the highest ever agricultural products export in 2021-22.

Goyal said that notwithstanding the challenges posed by successive waves of Covid-19 (2nd and 3rd wave), India's merchandise trade performance has shown impressive growth and exports remained above $30 billion for twelve consecutive months during April 2021 to March 2022. "The prime minister called for "local to global" and today India's products are in great demand all over the world. This is a testament to the strength of leadership. PM now focuses extensively on 'whole of nation approach'," he said.