India has achieved its merchandise export target of $400 billion 10 days before the close of FY-22. The value of India’s exports during FY-22 stood at $ 400.8 billion on March 21 and is expected to reach around $410 billion by the end of FY-22. This would be a 37% increase from $292 billion in FY-21. The month with the highest value of exports was December 2021, with $39.3 billion worth of exports.
Major sectors which contributed to India’s exports this year were agricultural products and engineering goods, as stated by Mr. Piyush Goyal, the Union Commerce Minister on 23rd March 2022 at a press conference.
Apart from rising in exports, India also saw an increase in the value of imports to $589 billion, which translates to a $188.2 billion trade deficit.
India has achieved its export target for the first time since 2014.