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India’s exports rise to record high of USD417.8 billion in FY22

NEW DELHI (XINHUA) – India’s merchandise exports increased to a record high of USD417.8 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 on Sunday.

“Merchandise exports from India have reached USD417.8 billion 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 USD418 billion, 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 USD40.38 billion, an increase of 14.53 per cent over USD35.26 billion in March 2021.

“The exports have witnessed a significant growth in non-petroleum goods also in April 2021 – March 2022 which was USD352.76 billion, an increase of 32.62 per cent over USD266 billion 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 the same period in 2020 – 21 are petroleum products (152.1 per cent); cotton yarn/fabrics/madeups, handloom products (55.1 per cent); other cereals (52.2 per cent); gems and jewellery (49.6 per cent); man-made yarn/fabrics/madeups (46.9 per cent); engineering goods (45.5 per cent); coffee (49 per cent) and electronic goods (40.5 per cent).

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

“Goods exports at a historic high. We end financial year 2021 – 2022 with a stupendous figure of USD417.8 billion.

“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.