Merchandise exports increased by 37% to USD 400.8 billion from January to March 2021-22, compared to USD 292 billion in 2020-21. Outbound shipments had previously reached a high of USD 330.07 billion in 2018-19.

 

Imports totaled USD 589 billion throughout the period, resulting in a USD 189 billion trade imbalance.

 

Prime Minister Narendra Modi praised the country's achievement of its commodities export objective, calling it a "important milestone" in India's "Aatmanirbhar Bharat" journey.

 

Nine days before the March 31 deadline, the highest-ever goods export target was met.

 

"India set a lofty goal of USD 400 billion in goods exports, which it surpasses for the first time. For this success, I salute our farmers, weavers, MSMEs, manufacturers, and exporters. This is a significant turning point in the Aatmanirbhar Bharat trip. "#LocalGoesGlobal," Modi wrote on Twitter.

 

Despite all difficulties, including the Covid-19 pandemic and the Russia-Ukraine war, Commerce and Industry Minister Piyush Goyal told the media that India had reached this milestone.

 

"For the first time in history, India's merchandise exports have surpassed USD 400 billion... "This would be a Make in India smash if it were a film like The Kashmir Files," Goyal told reporters.

 

Closer interaction with states and districts, involvement with exporters, speedier resolution of their difficulties, and active engagement with various export promotion councils, industry associations, and other stakeholders all contributed to the achievement of this milestone, he said.

 

Every month, commodities worth almost USD 33 billion were shipped, and about USD 1 billion was shipped every day.

 

According to Santosh Kumar Sarangi, Director General of Foreign Trade (DGFT), "we would be adding USD 10-12 billion in the remaining nine days," bringing total exports to above USD 410 billion by the end of 2021-22.

 

Ajay Sahai, Director General of the Federation of Indian Export Organisations (FIEO), said that crossing USD 400 billion is a remarkable achievement because exporters added over USD 110 billion in a year to get here despite huge logistical challenges such as container shortages, skyrocketing freight, and liquidity constraints.

 

Petroleum products, engineering, gems & jewellery, chemicals, and pharmaceuticals are among the primary export sectors that have contributed to the country's strong growth. The United States, the United Arab Emirates, China, Bangladesh, and the Netherlands are the top five export destinations.

 

During April-March 21, 2022, engineering exports increased by 46.5 percent to USD 107.8 billion, petroleum exports increased by 141.4 percent to USD 59.6 billion, chemicals and cotton yarn exports increased by 32.3 percent to USD 28.2 billion, fabrics exports increased by 56.5 percent to 14.8 billion, and plastic exports increased by 31.4 percent to USD 31.4 billion.

 

According to Santosh Kumar Sarangi, Director General of Foreign Trade (DGFT), "we would be adding USD 10-12 billion in the remaining nine days," bringing total exports to above USD 410 billion by the end of 2021-22.

 

Ajay Sahai, Director General of the Federation of Indian Export Organisations (FIEO), said that crossing the USD 400 billion mark is a remarkable achievement because exporters added over USD 110 billion in a year to get here despite massive logistical challenges such as container shortages, skyrocketing freight, and liquidity constraints.

 

"What's more important is to build on it," he said, noting that the PLI scheme (production linked incentive) and new free trade agreements will help.

 

The achievement, according to FIEO Vice-President Khalid Khan, is a "landmark," as exports have "done so well" despite the COVID-19 pandemic.

 

India's surpassing of USD 400 billion in merchandise exports, according to Chairman of the Apparel Export Promotion Council (AEPC) Narendra Goenka, "marks the beginning of an age of exponential growth and domination in world commerce."

 

"From here on forward, the growth rates will be exponential," Goenka said.

 

Exports of engineering goods have increased by over 50% this fiscal year compared to the previous year. Agriculture exports were also at an all-time high in the years 2021-22.

 

According to Goyal, increased engineering exports, clothing and garment exports, and other indicators show that the perception of India as a big supplier of primary commodities is progressively shifting.

 

"We are now exporting a growing number of value-added and high-end exports, and our technology-driven sectors should keep up the good work." Cotton Yarn/Fabrics/Made-ups, Handloom Products, Gems and Jewellery, Other Cereals, and Man-Made Yarn/Fabrics /Made-ups have all seen a 50-60% increase in exports," he stated.

 

Australia, Taiwan, Korea, Bangladesh, Poland, Brazil, Indonesia, Belgium, Saudi Arabia, Turkey, Italy, Japan, Canada, the United States, South Africa, the Netherlands, Nigeria, Egypt, and Mexico have all met their export targets.

 

India's exports to the United States surged by 46.8% to USD 73.1 billion, while exports to Bangladesh and the Netherlands jumped by 65.7 percent and 79.6%, respectively, to USD 15.4 billion and USD 11.3 billion.

 

According to the ministry, a policy shift in the approach envisioned in the Districts as Exports Hub project has been taken in order to increase local production and make Districts active partners in driving local product/service export growth.