India’s exports reached a record high of $418 billion in FY22 on higher shipments of petroleum products, engineering goods, gem and jewellery and chemicals, according to official data released on Sunday. India’s exports and imports crossed $1 trillion during 2021-22 as the country’s imports to have touched an all-time high of $610 billion. Outbound shipments touched a monthly high of $40.38 billion in March 2022, Commerce and Industry Minister Piyush Goyal said.

The critical export sectors, including petroleum products, engineering, gems and jewellery, chemicals and pharmaceuticals, contributed to the record healthy growth of the country. “Merchandise exports from India have reached $417.8 billion in the current financial year. This figure eliminates the figures from non-EDI Ports and is likely to surpass the $418 billion mark, which is an all-time high in India’s export history,” the Commerce and Industry Ministry said in a statement.

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Piyush Goyal said that the efforts by exporters and industry associations, coordination among different departments and state governments have resulted in this achievement. Commodities that recorded positive growth in exports during April 2021-March 2022 include petroleum, cotton yarn/fabrics/made-ups, handloom, gems and jewellery, engineering goods, leather goods, chemicals, plastic and marine products. The exports have also witnessed a notable increase in different countries, especially developed countries, he added.