Exports of $400 billion may help India break into top 15 in global merchandise export ranking
- IBEF
- March 28, 2022
India has exceeded its US$ 400 billion export goal nine days ahead of plan, bringing it one step closer to becoming "Atmanirbhar" or self-sufficient. Exports are forecast to hit US$ 410 billion by the end of March. This is a significant increase over the previous high of US$ 330 billion set in 2018-19.
While engineering goods exports increased by 50% in FY22, India also appeared to be exporting more high-value and value-added items in this fiscal year.
Cotton yarn/fabrics/made-ups, handloom products, gems and jewellery, other cereals well as man-made yarn/fabrics/, saw a 50-60% increase in exports.
In the agricultural sector, rice (both basmati and non-basmati), marine products, wheat, spices, and sugar helped record the highest ever agricultural products export in 2021-22.
Petroleum goods, iron and steel, and precious stones also drove the increase in India's merchandise exports. Products like jewellery, organic chemicals, and aluminium saw strong growth as well. India's bilateral trade with the US, the UAE, Bangladesh, and the Netherlands has greatly improved.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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