India’s exports of goods surged to a record high of $417.8 billion in FY22, boosted by higher shipments of petroleum products, engineering goods, gems and jewellery and textile products, according to the data released by the Commerce Ministry on Sunday. Exports for the year were 43.2 per cent higher than shipments of $291.8 billion in FY21 and 26.6 per cent higher than exports of $330.1 billion in FY19, which saw India’s previous record high.
FY22 is also expected to mark record high imports and trade deficit for India, with imports for the first 11 months of the fiscal having grown by 59.2 per cent to $550.1 billion and almost doubling India’s trade deficit to $176.1 billion in the period. The government had not released data on imports for March at the time of publishing.
