India's merchandise exports rise to record $418 bn in FY22

India's merchandise exports for the financial year 2021-2022 rose to a record $ 417.8 billion, almost 5 per cent higher than the target, Commerce & Industry Minister Piyush Goyal said on Sunday.

Addressing a press conference in New Delhi, Goyal, also informed that the exports touched an all-time monthly high of $40 billion in March 2022. 

"We have been able to achieve such wonderful results without any subsidies and grants," Goyal said, adding, " We would like to encourage India in this same fashion to work for greater world engagement and I am confident that we will be successful."

Merchandise exports were worth $292 billion in the financial year 2020-2021.

India's merchandise exports had breached the targeted $400 billion-mark on March 23 this year. The key export sectors, which contributed to record healthy growth, include petroleum products, engineering, gems and jewellery, chemicals and pharmaceuticals. The top five export destinations are the US, UAE, China, Bangladesh and the Netherlands.

Hailing the country’s success in achieving the goods export target, Prime Minister Narendra Modi had said that this is a key milestone in India’s 'Aatmanirbhar Bharat' journey.

Earlier, addressing the business leaders from India and the UAE at an event, Goyal had added that  India's target is $1 trillion goods exports by 2030. "I would want a larger share of the UAE market in the years to come, because for me, the target is $1 trillion of export of merchandise from India by 2030."

 "We are in the game for around $100 billion each way in the next six to seven years. We are in the game for at least $250 billion bilateral trade. I would like all our industry people to set the timeline. I think it's possible and I come with renewed enthusiasm after having achieved India's historic high of $400 billion plus exports for the first time ever," the Union Minister had further said.