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The Commerce and Industry Ministry in its latest data has indicated that India's merchandise exports spurt to a record high of $418 billion in the 2021-22 fiscal on higher shipments of petroleum products, engineering goods, gem and jewellery and chemicals. Merchandise exports were worth $292 billion in 2020-21. India's goods trade (exports and imports) crossed $1 trillion during 2021-22 as the country's imports too have touched an all-time high of $610 billion. Outbound shipments touched an all-time monthly high of $40.38 billion in March 2022. Exports stood at $35.26 billion in March 2021.

According to the data, the top export destinations are the US, the UAE, Bangladesh, the Netherlands, Singapore, Hong Kong, the UK, Belgium and Germany. Commodities that recorded a 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 ($111 billion as against $76 billion), electronic engineering products ($15.58 billion as against $11 billion), leather goods, chemicals, plastic and marine products.

It further stated that efforts by exporters and industry associations, coordination among different departments and state governments have resulted in this achievement. Notwithstanding the challenges posed by successive waves of Covid, India's merchandise trade performance has shown impressive growth and exports remained above $30 billion for 12 consecutive months during April 2021 to March 2022. Agriculture exports crossed $48 billion during April 2021-March 2022.