New Delhi, April 3 (FN Bureau) Aided by global growth momentum and rise in commodity prices, merchandise exports from India ended on a record note in financial year 2021-22 and stood at $418 billion. The exports recorded in FY22 is the highest ever and an increase of 5% over the $400 billion merchandise exports target for the year.
In the month of March 2022, merchandise exports exceeded $40 billion. Briefing media here today, Commerce and Industry Minister Piyush Goyal said that the exports data show that the increase in outward shipments is in sectors which generally benefit small industries and farmers. Underlining the growing importance of agricultural produce in exports basket, Goyal said that wheat exports reached Rs 4,000 crore in 2020-21 from Rs 500 crore in 2019-20. “In the year 2021-22, more than 70 lakh tonnes of wheat worth about Rs 15,000 crore were exported from India to various countries,” Goyal said.
Labour-intensive sectors such as engineering goods, textiles, gems and jewellery and leather goods reported record exports in FY22. Mentioning about trade pacts signed with the UAE and Australia in recent weeks, the Minister said that the focus of the government had been on labour-oriented sectors. As per official data, labour-intensive engineering goods exports reached all-time high of $111 billion in FY22 as compared to $76 billion in the previous year. With nearly $16 billion worth of exports, US was the key destination for engineering goods exports.