India’s total exports surpass an all-time high of $750 billion, says Piyush Goyal

India’s total exports have surpassed an all-time high of $750 billion, Union Trade Minister Piyush Goyal said on Tuesday. The country’s exports rose to that figure in extremely challenging times from $500 billion in 2020-2021, he said, citing unfavorable global economic conditions due to a combination of factors including high inflation and war in Ukraine.

In 2021-22, the country’s exports of goods and services hit an all-time high of US$422 billion and US$254 billion, respectively, bringing total shipments to US$676 billion.

Speaking at the 2023 ASSOCHAM Annual Meeting, Goyal said there had been healthy growth in both the goods and services sectors. He said that with the whole world in recession, inflation at all-time highs in most developed countries, interest rates soaring and a sense of doom and gloom in the rest of the world, “India is filling Achieve with pride”.

Goyal spoke about the two main FTAs ​​signed last year with the United Arab Emirates and Australia. He said India’s trade deals with Australia and the United Arab Emirates had been welcomed by industry in all three countries and the speed, quality and extensive consultations with stakeholders that led to finding the right balance had been appreciated by all sections .

India signed the trade deal with the United Arab Emirates in March last year. According to a statement released at the time, India will benefit from preferential UAE market access on over 97 percent of its customs lines, accounting for 99 percent of Indian exports to the UAE by value.

The minister said a number of FTAs ​​are at various stages of discussion to further expand trade and open up more breakthrough opportunities for the economy.

According to Ministry of Commerce data released earlier this month, India’s exports fell 8.8 percent in February for the third straight month to $33.88 billion from $37.15 billion in the same month last year.

Imports also fell 8.21 percent to $51.31 billion from $55.9 billion in the same month last year. The country’s trade deficit was $17.43 billion in February.

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