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India records highest-ever merchandise exports of $95 billion in June quarter of FY 2022.

Anik101

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India records highest ever merchandise exports in a quarter
At $95 billion, the exports are 16 per cent more as compared to Q1 exports in FY18-19.

Reported By: DNA Web TeamDNA Web Team | Edited By: Abhishek Sharma | Source: DNA webdesk | Updated: Jul 2, 2021, 09:09 PM IST
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India recorded the highest ever exports in the first quarter of April-June 2021, Union Commerce Minister Piyush Goyal informed on Friday.
Addressing a press conference, the minister said, "India recorded the highest ever exports in the first quarter of April-June 2021. The highest ever merchandise export in a quarter of USD 95 billion has been achieved from April to June despite the severity of the second wave of COVID-19."
In terms of numbers, the exports are said to be measured at $95 billion which is 16 per cent more as compared to Q1 exports in FY18-19 which was $82 billion. In Q4 of FY 20, exports crossed $90 billion.

Goyal said that sector-specific interventions, involvement of all the stakeholders and functioning of the government as a whole helped in achieving the growth. "Simplification of procedures, extension of timelines and licences, all of that has resulted in the record performance of exports," he added.
The minister further informed that the performance of the services sector has also been excellent, and despite the pandemic, almost 97% of 2019-20 service export levels were achieved in the last FY. He said that after deliberations with the stakeholders, he is confident that USD 350 billion service exports can be achieved by 2025, and may even go up to USD 500 billion very soon.
"Highest ever merchandise exports of USD 95 billion in Q1 of 2021-22 has been achieved in the history of India. This is 85% higher than exports of Q1 of 2020-21 and 18% higher than the exports of Q1 of 2019-20. It is also 16% more than the previous highest Q1 exports of 2018-19 (USD 82 billion) and is higher than the earlier peak of exports in Q4 of 2020-21 (USD 90 billion)," a statement from the Ministry of Commerce & Industry read.
Goyal also said that India has set a target of USD 400 billion merchandise exports for 2021-22. "In collaboration with private industry, MSME sector, engineering, agriculture, automobile, steel sector, we have set an export target of USD 400 billion. We all will work together to achieve this target," he said.

 
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Anik101

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Merchandise export is expected to cross $400 billion this year. Total export i.e merchandise + services will be around $650 billion and will cross $700 billion in 2022.
 
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