India's exports rise to record high of 417.8 billion USD in FY22

India's merchandise exports increased to a record high of 417.8 billion U.S. dollars in 2021-22 fiscal year ending March on higher shipments of petroleum products, engineering goods, gem and jewellery and chemicals, the Commerce and Industry Ministry said in a statement Sunday.

"Merchandise exports from India have reached 417.8 billion U.S. dollars in the current financial year," said the statement. "This figure excludes the figures from non-Electronic Data Interchange (EDI) ports and it is likely to exceed 418 billion U.S. dollars, an all-time high in India's export history."

According to the ministry, India has achieved the highest monthly value of merchandise export in March 2022 amounting 40.38 billion U.S. dollars, an increase of 14.53 percent over 35.26 billion U.S. dollars in March 2021.

"The exports have witnessed a significant growth in non-petroleum goods also in April 2021-March 2022 which was 352.76 billion U.S. dollars, an increase of 32.62 percent over 266 billion U.S. dollars in April 2020-March 2021," the statement said.

The ministry said exports of major commodity that recorded positive growth during April 2021-March 2022 over April-March 2020-21 are petroleum products (152.1 percent), cotton yarn/fabrics/madeups, handloom products, etc., (55.1 percent), other cereals (52.2 percent), gems and jewellery (49.6 percent), man-made yarn/fabrics/madeups, etc.,( 46.9 percent), engineering goods (45.5 percent), coffee (49 percent) and electronic goods (40.5 percent).

Commerce and Industry Minister Piyush Goyal described the achievement as a historic high.

"Goods exports at a historic high. We end financial year 2021-22 with a stupendous figure of 417.8 billion U.S. dollars. I dedicate this feat to every stakeholder including our farm and factory workers who have kept their feet on the accelerator," he wrote on social media.