India’s merchandise exports cross $400 bn; Engg goods exports up 50%

  • Industry News
  • Mar 28,22
Export of cotton yarn/fabrics/made-ups, handloom products etc, gems and jewellery, other cereals and man-made yarn/fabrics./made-up etc. have registered a growth rate between 50%-60%.
India’s merchandise exports cross $400 bn; Engg goods exports up 50%

New Delhi

India’s merchandise exports have crossed $400 billion in the current financial year on March 21, 2022 (9 days ahead of schedule), said Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles. This is far higher than the previous record of USD 330 billion achieved in 2018-19. 

According to him, the achievement of $ 400 billion exports was the result of a concerted, collective effort by every sector, every stakeholder in the nation. 

Engineering goods exports have gone up by nearly 50% vis-à-vis last year. Higher engineering exports, apparel and garment export, etc indicate that the misconception of India being a major exporter of primary commodities is gradually changing. “We are now exporting more and more value added and high-end exports and this effort by our technology driven industries should continue,” said Goyal. Export of cotton yarn/fabrics/made-ups, handloom products etc, gems and jewellery, other cereals and man-made yarn/fabrics./made-up etc. have registered a growth rate between 50%-60%.

Agriculture sector has made noteworthy progress, especially during the pandemic, with India emerging as a major global supplier of food / essential agriculture products. Agriculture exports buoyancy is driven by commodities such as rice (both basmati and non-basmati), marine products, wheat, spices and sugar, among others, recording the highest ever agricultural products export in 2021-22.

Till March 21, 2022, Australia, Taiwan, Korea Rp, Bangladesh Pr, Poland, Brazil, Indonesia, Belgium, Saudi Arab, Turkey, Italy, Japan, Canada, U S A, South Africa, Netherland, Nigeria, Egypt and Mexico are the major countries which have achieved more than the export target. The major countries Thailand, Israel, Nepal, Vietnam Soc Rep, China, France and Sri Lanka Dsr which have achieved between 90% to 100% of total export target.

Till March 21, 2022, organic & inorganic chemical, other cereals, petroleum products, cotton yarn/fabrics/made-ups, handloom products etc., mica, coal and other ores, minerals including process, engineering goods and plastic and linoleumare the major Commodities which have achieved more than the export target. 

The major commodities rice, marine products, jute mfg. including floor covering, carpet, cereal preparations and miscellaneous processed item, electronic goods, coffee, gems and jewellery and handicrafts excluding hand-made which have achieved between 90% to 100%of the total export target.

The government has been working round the clock to provide a conducive environment and infrastructure for our industry and exporters to enhance their export performance. Policies and schemes aligned with the goal are being introduced and implemented for their benefit. 

The smooth roll out of RoDTEP and ROSCTL even in the midst of the pandemic reflects the strong resolve of the government to walk the talk. The Interest Equalisation Scheme has been extended to exporters and is likely to benefit a large number of MSME exporters.

Rigorous efforts for domestic capacity enhancement for deepening integration in the Global Value Chains are being made by working in close partnership with the industry to identify areas where India’s competitive advantages. We will therefore work on strengthening our capabilities and create for the world on the lines of Make in India. PLI schemes for 13 key sectors of manufacturing starting from FY 2021-22 have been announced.

A policy shift in the approach envisaged in the Districts as Exports Hub (DEH) initiative has been adopted to boost local production and make Districts active stakeholders in driving export growth of local products/services. Consistent efforts to build and provide export promoting infrastructure are being undertaken via providing appropriate funding, insurance, credit provisions etc. 

Thus, an effort has been made to set up a firm backward - forward linkage, starting from the district level to the overseas market with the help of multiple stakeholders. In between, the emphasis has been effective and efficient coordination among all stakeholders i.e. district units, State and Central Governments, line Ministries, EPCs, MSMEs exporting communities and our mission overseas to ensure breaking of silos to achieve a coherent and coordinated action for fulfilment of exports target.

Commenting on the achievement, Prime Minister Shri Narendra Modi has tweeted the following:

“India set an ambitious target of $400 Billion of goods exports & achieves this target for the first time ever. I congratulate our farmers, weavers, MSMEs, manufacturers, exporters for this success.

This is a key milestone in our Aatmanirbhar Bharat journey.”

Notwithstanding the challenges posed by successive waves of Covid, India’s merchandise trade performance has shown impressive growth and exports remained above $ 30 billion for eleven consecutive months (likely to be twelve consecutive months at the end of March) during April to February wherein December 2021 in particular recorded the highest ever monthly merchandise exports recorded at $ 39.3 billion.

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