India’s merchandise exports spurt to a record high of USD 418 billion in 2021-22 fiscal on higher shipments of petroleum products, engineering goods, gem and jewellery and chemicals, according to official data released on Sunday.

India’s goods trade (exports and imports) crossed USD 1 trillion during 2021-22 as the country’s imports to have touched an all-time high of USD 610 billion.

Outbound shipments touched an all-time monthly high of USD 40.38 billion in March 2022, Commerce and Industry Minister Piyush Goyal told reporters here. Exports stood at USD 35.26 billion in March 2021.

Merchandise exports were worth USD 292 billion in 2020-21.

India’s merchandise exports had breached the targeted USD 400 billion mark on March 21 this year. The key export sectors, which contributed to the record healthy growth, include petroleum products, engineering, gems and jewellery, chemicals and pharmaceuticals.

The top export destinations are the US, the UAE, Bangladesh, the Netherlands, Singapore, Hong Kong, the UK, Belgium and Germany.

“Merchandise exports from India have reached USD 417.8 billion in the current financial year. This figure excludes the figures from non-EDI Ports and adds that, it is likely to exceed USD 418 billion, an all-time high in India’s export history,” the Commerce and Industry Ministry said in a statement.

Goyal said that efforts by exporters and industry associations, coordination among different departments and state governments have resulted in this achievement.

Commodities that recorded positive growth in exports during April 2021-March 2022 over the previous fiscal include petroleum, cotton yarn/fabrics/made-ups, handloom, gems and jewellery, engineering goods (USD 111 billion as against USD 76 billion), electronic engineering products (USD 15.58 billion as against USD 11 billion), leather goods, chemicals, plastic and marine products.

The exports have also seen a significant increase to different countries, especially, developed countries, it said.

“Notwithstanding the challenges posed by successive waves of Covid, India’s merchandise trade performance has shown impressive growth and exports remained above USD 30 billion for 12 consecutive months during April 2021 to March 2022,” Goyal said.

Agriculture exports crossed USD 48 billion during April 2021-March 2022.