Milestone in India’s Export
India’s exports crossed the USD 400 billion mark in a fiscal year. This is the first time India’s export has reached such heights.
- This milestone has been achieved due to good performance by various sectors such as engineering, petroleum products, jewellery and gems, and chemicals.
- Exports increased by 37 percent to USD 400.8 billion in 2021-22 until March 21, compared to USD 292 billion in 2020-21.
- Earlier, a record of USD 330.07 billion in 2018-19 was reached by outbound shipments.
- During this period imports amounted to USD 589 billion, which leaves a USD 189 billion trade deficit.
- The country had a target of USD 400 billion for merchandise export set for FY2022 which was was achieved with 10 days remaining in the fiscal.
- There’s a chance that the total export for this fiscal might cross USD 410 billion.
Increase in the export of other types of goods
Several goods such as motor vehicles, auto components, buffalo meat, cereal preparations, carpets, rice, and processed fruits saw an increase in their overall exports volumes despite commodity price decline.
Engineering goods contributed the most. It grew at a nearly 50 percent rate and is expected to touch USD110 billion by FY2022’s end. By 42.8 percent the export of electronics goods rose. By 57.3 percent the jewellery and gems exports rose.
Due to a steady increase in the prices of crude oil, petroleum products exports rose by 147.6 percent.
Along with this inorganic and organic chemicals, meat, readymade garments, dairy products, and marine products saw an increase in exports.
Category: Economy & Banking Current Affairs - 2022
Topics: chemicals • crude oil • Dairy products • Engineering • exports • India's export • inorganic and organic chemicals • jewellery and gems • marine products • Meat • Petroleum products • readymade garments
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