India's Merchandise Exports Cross Record $400 Billion In FY22

India's merchandise exports crossed record $400 billion in the ongoing fiscal, led by agricultural products and engineering goods, Commerce Minister Piyush Goyal said on Wednesday.

The country's exports stood at $298.1 billion in the previous fiscal.

Highest-ever monthly merchandise exports were recorded at $39.3 billion in December, the Department of Commerce said in a statement.

Exports of over $30 billion were recorded for 11 consecutive months in FY22, it said. Engineering goods shipments rose almost 50% over last financial year. Highest-ever farm products exports in 2021-22 were driven by commodities like rice (other than basmati), marine products, wheat, spices and sugar, it said.

"I congratulate our farmers, weavers, MSMEs, manufacturers, exporters for this success,” Prime Minister Narendra Modi had tweeted on Tuesday, while announcing that India set and achieved the "ambitious target" of $400-billion exports.

Goyal said on Wednesday farmers took "India's produce to a global stage". "Rs 3 lakh crore worth of agri products have been exported so far. It is a tremendous achievement for India's farmers," he said. "The MSME industry has also largely contributed to this."

Most engineering goods were exported to U.S., petroleum products to the U.A.E., gems and jewellery to China, organic and inorganic chemicals to Bangladesh and drugs and pharmaceuticals to the Netherlands, according to a presentation shared by the government.