Financial Insights

Indian exports cross $400 billion mark

After the third quarter, Mr. Piyush Goyal, Minister of Commerce, had announced that India had surpassed $300 billion in exports and will achieve $400 billion in exports by the end of the fiscal year.

With 10 days to spare, India has surpassed its own export estimates and touched exports worth R$400.8 billion. Engineering goods were the largest contributor to growth in exports as their exports grew nearly 50% and are expected to hit $110 billion by the end of FY2022.

Electronics goods’ exports grew by 42.8% in the first 11 months and that of gems and jewellery grew by 57.3%, on account of rise in gold prices. Export of petroleum products grew 147.6% on account of the steady rise in prices of crude oil. Organic and inorganic chemicals, readymade garments, meat and dairy & marine products saw a strong growth.

In a Twitter post, Modi said: “India set an ambitious target of USD 400 billion of goods exports and achieved 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.”

Indian exports are not the only thing that surged as its imports surged too. It reached a level of $589 billion as India’s trade deficit reached a record high of $188.2 billion. It is estimated that exports will reach $410 billion by the end of this month.

Highlight by Aman Agarwal.

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