NewsGate Press Network

India’s merchandise exports spurted to a record high of USD 418 billion in the 2021-22 fiscal on higher shipments of petroleum products, engineering goods, gem and jewellery and chemicals.

This figure was issued in a press statement by ministry of commerce on Sunday the 3rd of April 2022 along with additional details given by Piyush Goyal who added that outbound shipments touched an all-time high of USD 40 billion in a month in March 2022.

Exports during 2021-22 stood at USD 34 billion in March 2021.

India’s merchandise exports had breached the targeted USD 400 billion mark on March 23 this year.

The key export sectors, which contributed to record healthy growth, include petroleum products, engineering, gems and jewellery, chemicals and pharmaceuticals.

The top five export destinations are the US, UAE, China, Bangladesh and the Netherlands.