India Exported Rs 3400 Crore Of Products Every Hour In 2022: Rs 30 Lakh Crore Of Exports In 12 Months!
India has achieved its target of $400 billion in exports driven by sectors such as petroleum products, engineering, gems and jewellery, and chemicals.
The merchandise exports rose by 37% to $400.8 billion in 2021-22 until March 21 against $292 billion in 2020-21.
The previous record was outbound shipments of $330.07 billion in 2018-19.
India’s exports rose 25.41% to $57.03 billion this February despite the trade deficit widening to $12.32 billion.
Exports of engineering goods, petroleum and chemicals in February increased by 32%, 88.14% and 25.38% to $9.32 billion, $4.64 billion and $2.4 billion, respectively.
Meanwhile, imports stood at $589 billion, leaving a trade deficit of about $189 billion.
Ahead Of Deadline
The latest target was achieved 9 days ahead of the March 31 deadline.
Factors helping achieve this milestone have been closer interaction with states and districts; engagement with exporters; faster resolution of their issues, actively engaging with different export promotion councils, industry associations and other stakeholders.
Single Day Exports Worth $1 Bn
On average, good exports in 2021-2022 was a staggering $46 million every hour, $1 billion a day and $33 billion every month.
This $33 billion monthly export target was accomplished through the Centre’s backing of domestic manufacturing and incentives and schemes like the Production Linked Incentives.
Main Export Sectors And Destinations
The key export sectors include petroleum products, electronic goods, engineering goods, leather, coffee, plastic, ready-made garments of all textiles, meat and dairy products, marine products and tobacco.
The top five export destinations are the US, the UAE, China, Bangladesh, and the Netherlands.
9 Days To Reach $410 Bn
Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said that for the remaining 9 days the country will be adding $10-12 billion.
This takes the exports by the end of 2021-22 to over $410 billion.
The feat is all the more impressive considering the huge logistics challenges, including container shortage, skyrocketing freight and liquidity constraints.