union minister for commerce and industry piyush goyal press conference in new delhi

March 2022 also registered the highest-ever monthly export of more than $40 billion, Mr Goyal said.

March 2022 also registered the highest-ever monthly export of more than $40 billion, Mr Goyal said.

India’s goods exports grew 43.2% in 2021-22 to nearly $418 billion dollars, up from more than $125 billion in the COVID-affected year 2020-21, with March registering the highest ever outbound shipments worth of $40.38 billion, the Department of Trade and Industry said on Sunday. †

Last year’s record exports marked a 33.33% increase from pre-pandemic levels of 2019-20. Trade and Industry Minister Piyush Goyal said total exports were about 5% higher than the $400 billion target for the year, which was exceeded on March 21.

The government has not released any import data that normally accompanies the official monthly export figures. Total goods imports had passed $550 billion by February 2022, leading to a trade deficit of $175.75 billion in the first 11 months of the year. Goods imports in 2020-21 were $393.6 billion.

Much of the growth in goods exports has been attributed to exports of technical goods and agricultural products, both of which hit record highs in 2021-22. Technical goods exports grew 46% over the year to $111 billion, of which $16 billion was shipped to the US alone. Agricultural exports are estimated at $50 billion with strong growth in rice, wheat, seafood, coffee and dairy products.

“Even a pandemic like COVID-19 and the war situation have not deterred our export target for this year. These results reflect what is possible when there is decisive leadership from a leader like Prime Minister Narendra Modi with a ‘whole government’ and ‘whole nation’ approach,” said Mr. goyal.

The minister emphasized that growth has occurred in products where small and medium-sized enterprises are active and in labour-intensive sectors such as jute products, textiles, leather, gemstones and jewellery. Mr Goyal said the government will continue to work hard to increase exports of SMEs and the agricultural sector and boost job creation.

He also congratulated the farmers for increasing their productivity so that wheat exports have grown from 2 lakh tons in 2019-20 to 21.55 lakh tons last year and more than 70 lakh tons in 2021-22. About half of this wheat was exported to Bangladesh, largely through the Petrapole land border, BVR Trade Minister Subrahmanyam said.

“We will continue to export wheat on a large scale to countries affected by the conflict in Ukraine and Russia (major global wheat suppliers) and hope to comfortably export 100 lakh tons of wheat this year,” Mr Goyal said.

While some of the export growth may have been driven by rising commodity prices, the performance is commendable, said Aditi Nayar, ICRA’s chief economist, who had expected full-year exports to reach $415 billion.

‘Push for added value, new markets’

Mr Subrahmanyam pointed out that India is no longer just a primary commodity exporter and commodities or commodities that have traditionally enjoyed high exports have actually declined in 2021-22, indicating a decline in iron ore and oil meal exports.

“These are the areas where the government is deliberately saying we need to produce and export manufactured goods here,” he said, adding that there was a greater impulse for finished goods and processed products. “In textiles, our exports are $35 billion, of which raw cotton is about $3 billion. The rest is processed. We have exported cell phones worth $6 billion,”

“Apart from raw cotton, other agricultural exports and iron ore, we are largely an exporter of processed goods. That is why it is very important for us to have free trade agreements with the developed world so that value-added exports can grow and create jobs. ‘ said Mr Goyal.

Officials stressed that the growth in shipments came from diversified industries, including sectors such as electronics, where India was a major importer, clocking exports of $15.58 billion in 2021-22, compared to $11 billion the previous year.

Some of the other sectors that showed the highest growth included petroleum products largely exported to the UAE, pharmaceuticals and pharmaceuticals, with the Netherlands as the largest buyer. Bangladesh was the largest importer of Indian chemicals, while China was the largest buyer of precious stones and jewelry from India.

They also underlined that the range of Indian products has expanded as developed countries begin to import higher-value goods.

“Indian exports used to be dominated by neighboring and ASEAN countries, but this year there has been a significant leap forward in exports to developed countries such as the US, the Netherlands, Hong Kong, Singapore, the UK, Belgium and Germany,” he said. Santosh Sarangi, the Director General of Foreign Trade.

‘2022-23 Challenges’

“You take into account that there is a conflict situation that disrupts shipping lines, there are container shortages and the shipping costs have increased. Trade and supply chains are being affected globally, so the fact that we crossed $40 billion in exports in March with all these challenges gives us confidence,” the minister said, adding that the free trade agreements with Australia and the UAE will increase exports this year. help stimulate.

In setting the export target for this year, Mr Goyal said the Export Promotion Councils will work out sectoral options and Indian missions abroad will evaluate prospects in several importing countries, which will then be translated into an “ambitious target”.


Leave a Reply

Your email address will not be published.