Government of India is set to achieve its $400 billion export target in 2021-22. Indian merchandise exports touched $95 billion in the three months ended June, recording an all-time high in any single quarter.
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Merchandise exports in the first quarter of 2021-22 jumped 16% over $82 billion in the same quarter two years ago (Q1, FY19), when compared with a normal year preceding the first wave. The previous record was $90 billion in the fourth quarter of 2020-21.
The first wave of the Covid-19 pandemic and the consequent 68-day nationwide lockdown since March 25, 2020 adversely affected merchandise exports in the first quarter of the previous financial year (April-June, 2020-21) , which clocked $51 billion.
According to official data, the highest growth of 168% was achieved in iron ore exports, which touched $1.7 billion compared to the same period two years ago [Q1 FY-20].
Similarly, rice exports grew 37% to $2.4 billion. In value terms, engineering goods worth $25.9 billion were exported, a 25% jump over $20.7 billion in April-June 2019.
Petroleum products saw 16% growth during this period to $12.9 billion. About 14% growth was also recorded in pharmaceutical exports, the tenth top export item, to $5.8 billion.