India's exports crossed $300 billion in the first 9 months of 2021-22, the first time ever that this has occurred.
December, 2021 also saw the highest ever level of monthly outbound trade at $37 billion. Exports in December, 2021 saw 37 percent growth over December 2020 and an increase of 37.5 percent over December 2019.
"With this, we are on track to achieve our target of $400 billion worth of annual exports," Commerce and Industry Minister Piyush Goyal said.
Exports reached a cumulative $299.74 billion in April-December of FY22, an increase of 48.8 percent over the April-December period of FY21 and an increase of 25.8 percent over FY20.
Official data also showed that in the October-December quarter (Q3) exports racked up a cumulative $ 103 billion worth of foreign exchange earnings, the highest ever in any Q3.
The Prime Minister wanted India to witness not only incremental growth but experience a Quantum jump, Goyal said. Almost all sectors have seen growth. India's exports have risen every month of the current financial year.
Sector-wise, export of engineering goods increased 37 percent, Gems and jewelry increased by 16 percent, Readymade garments increased by 22 percent, and electronics increased by 33 percent.
Trade Agreements ahead
On 4 January, Commerce and Industry Minister Piyush Goyal said that India is charging full steam ahead on a host of free trade agreements that has been under negotiations for some time now.
He said the government is close to concluding an interim trade deal with Australia, while trade negotiations with the United Kingdom are set to begin this month, with a tentative end date of March, later this year. He also stressed that talks on the proposed comprehensive Trade Partnership agreement with the UAE is also close to conclusion.Meanwhile, India is also set to launch trade negotiations with Canada and Israel soon, Goyal added.