During the same time period, imports grew 51% on year to $589 billion, resulting in a trade deficit of $189 billion. The trade deficit was $114 billion in FY21.<\/span><\/p>\n Engineering goods, petroleum products were the top goods exported from India.<\/span><\/p>\n Engineering goods exports have gone up by nearly 50% vis-\u00e0-vis last year. Higher engineering exports indicate that the misconception of India being a major exporter of primary commodities is gradually changing.<\/span><\/p>\n The agriculture sector too had recorded its highest-ever export during 2021-22 with the help of export of rice, marine products, wheat, spices and sugar.<\/span><\/p>\n The major reasons for the jump in exports are <\/span>1)<\/b> Rise in demand, which had fallen due to the Covid pandemic, and <\/span>2)<\/b> boost in domestic manufacturing due to production-linked incentive (PLI) schemes<\/a> and implementation of some interim trade pacts.<\/span><\/p>\n Source: <\/b>This post is based on the following articles:<\/span><\/p>\n \u2013 \u201c<\/b>India achieves $400 billion merchandise exports well before target date: Commerce Minister<\/b>\u201d <\/b>published in<\/span> PIB<\/b> on 23rd March 2022<\/b><\/p>\n \u2013 \u201c<\/b>Exports cross $400 billion annual target as goods shipments jump\u201d <\/b>published in<\/span> The Hindu <\/b>on 24th March 2022<\/b>.<\/b><\/p>\n \u2013 \u201cIndia achieves $400-bn export target for FY22 ahead of schedule\u201d <\/b>published in<\/span> Business Standard <\/b>on 24th March 2022<\/b>.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":" What is the News? India\u2019s Annual Merchandise(Goods) Exports have crossed the $400-billion mark for the first time ever. This is 37% higher than the previous financial year, when India exported goods worth $291 billion. During the same time period, imports grew 51% on year to $589 billion, resulting in a trade deficit of $189 billion.… Continue reading India achieves $400 billion merchandise exports well before target date: Commerce Minister<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,9],"tags":[10503,3590,10498],"class_list":["post-175675","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-public","tag-business-standard","tag-pib","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/175675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=175675"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/175675\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=175675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=175675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=175675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}About India’s Merchandise Trade<\/b><\/h5>\n
![\"\"](\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2022\/03\/trade.jpeg?resize=300%2C228&ssl=1\")
<\/p>\n![\"\"](\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2022\/03\/Screenshot-2022-03-24-at-1.46.02-PM.png?resize=300%2C226&ssl=1\")
<\/p>\nWhat is the reason behind the rise in exports? <\/b><\/h5>\n