India’s exports crossed $400 billion for the first time ever
India achieved the highest ever goods export target ahead of the March 31 deadline. The country crossed the threshold of the $400-billion annual merchandise export target for the first time.
Prime Minister Narendra Modi said that this is a key milestone in India’s ‘Atmanirbhar Bharat’ journey. According to media reports, exports increased by 37 per cent to USD 400 billion during March 22, against USD 292 billion in 2020-21. PM Modi wrote in a tweet, “I congratulate our farmers, weavers, MSMEs, manufacturers and exporters for this success.”
Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai also said that crossing USD 400 billion is an achievement for India.
This target was achieved nine days ahead of schedule. On average, goods worth about USD 33 billion were shipped every month, $1 billion of exports every day, and $ 46 million worth of exports every hour of the year. Total exports stood at $374 billion till February. All major categories of exports have risen consistently in 2022.
The key export sectors include petroleum products, electronic goods, engineering goods, leather, coffee, plastic, ready-made garments, meat, and dairy products, marine products, and tobacco.
According to more control, the impact of rising commodity prices on India’s exports is evident as India’s single largest export item, processed petroleum, alone has a 15 per cent share in India’s overall exports. Processed petroleum exports doubled in the first 10 months of FY22 to $50.2 billion.
The export doubled because of the continuously rising price of crude oil and Russia invasion of Ukraine. The world witnessed large jumps in the cost of food items this month because of the Russia-Ukraine war. The war in Ukraine will continue to push up prices of commodities. The oil prices have been rising over the last couple of months on concerns over demand and supply.