Record rise of $418 bn in merchandise export for FY22

By Escandita Tewari

Commerce and Industry Minister Piyush Goyal stated on Sunday that India's merchandise exports for the fiscal year 2021-2022 reached a new high of $ 417.8 billion, over 5% higher than the target.

In the 2020-2021 fiscal year, merchandise exports totaled $292 billion. Between April 2021 and March 2022, agriculture exports exceeded USD 48 billion. US, UAE, China, Bangladesh, and the Netherlands are the top five export destinations. By 2030, India wants to export $1 trillion in goods.

On March 23 of this year, India's merchandise exports surpassed the $400 billion benchmark. Petroleum products, engineering, gems & jewelry, chemicals, and pharmaceuticals are some of the important export sectors that contributed to the country's strong growth.