India’s exports in 2021-22 touched an all time high of $417.8 billion, a 43 per cent growth over the previous fiscal, Commerce and Industry Minister Piyush Goyal said. Exports in March recorded the highest monthly value of $40 billion.

 “Every sector of the economy, every farmer, every entrepreneur, every MSME and State governments worked together to achieve this lucrative goal. India’s diversified export portfolio in 2021-22 shows its manufacturing abilities as well as growth in hi-tech goods, electronics and agricultural products,” Goyal said addressing the media on Sunday.

Led by sectors such as engineering goods, electronics, farm products, petroleum products, textiles and chemicals, exports surpassed the target of $400 billion set by the government. They were 33 per cent higher than exports in the pre-pandemic year of 2019-20.

Lauding efforts put in by farmers, Goyal said India emerged as a major global supplier of food / essential agriculture products, particularly during the pandemic. This was driven by commodities such as rice, marine products, wheat, spices and sugar, recording the highest ever agricultural products export.

The Minister said India will step up wheat supplies to countries hit by the Ukraine War. “We will continue to export wheat in a big way to meet needs in countries that are not getting supplies from conflict areas. We are likely to exceed our wheat exports over 10 million tonnes in 2022-23. Our farmers are focused on increasing production,” he said.

Director-General of Foreign Trade Santosh Sarangi pointed out that India had seen a significant jump in exports to developed markets such as the US, Netherlands, Singapore, Hong Kong, UK, Belgium, Germany in 2020-21.

The quick estimates of trade data for 2021-22, which will have details of the country’s imports as well as exports, is likely to be shared by the middle of the month. India’s imports in the fiscal posted a sharper growth than exports resulting in almost a doubling of trade deficit.

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