India’s Foreign Trade Achieved Growth Of 15.51% In March 2022

For the first time, India’s services exports exceeded the objective of $ 250 billion during April-March 2021-22*, representing a positive rise of 21.31 percent over financial 2020-21. The expected value of Services export in March 2022 is USD 22.52 billion, representing an 8.31 percent increase over March 2021.

In April-March 2021-22, India’s total exports (Merchandise and Services) reached an all-time high of USD 669.65 billion, up 34.50 percent over the same period the previous year. Over the same period last year, India’s exports increased by 15.51 percent in March 2022 to USD 64.75 billion.

Shri Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, said today at a press conference that India has achieved this high level of exports despite the global economic slowdown caused by the Covid-19 pandemic and recent geopolitical developments in Europe.

“Despite the fact that the tourism, aviation, and hospitality industries have been severely impacted by the Covid-19 outbreak,” he stated, “the services sector has reached an all-time high.”

Shri Goyal stated that India was able to exceed the entire export target of $ 650 billion thanks to Prime Minister Shri Narendra Modi’s visionary leadership in transforming India into an export-focused economy. “The Prime Minister personally met with India’s 180 missions throughout the world.” “Hectic meetings with Export Promotion Councils were held, and then the standard was set high, but doable,” he stated.

Shri Goyal stated that if India is to become a developed nation, it must boost its foreign participation. To that end, the government has achieved key trade deals with the UAE and Australia, he said, adding that other FTAs and Comprehensive Trade Agreements are being negotiated with the EU, UK, Canada, and Israel.

“Beginning with a ‘whole of the Government‘ strategy, today’s ‘Whole of the Nation’ has joined hands to make India emerge as a trusted partner at the international level, committing itself to being an economy that produces quality goods and services to the globe,” he added.

The following are the specifics of India’s Trade Data statistics:

India’s total exports (Merchandise and Services combined) are expected to be USD 669.65 billion in April-March 2021-22*, representing a 34.50 percent increase over the same period last year and a 27.18 percent increase over April-March 2019-20. Overall imports are expected to be USD 756.68 billion in April-March 2021-22*, representing a 47.8 percent increase over the same period last year and a 25.49 percent increase over April-March 2019-20.

Trade from April to March 2021-22:-

Note:- Please keep in mind that the most recent statistics for the services sector given by the RBI is for February 2022. The March 2022 figure is an estimate that will be changed based on the RBI’s subsequent announcement. (ii) Using quarterly balance of payments statistics, data for 2019, 2020, and April to December 2021 are amended pro-rata.

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