India achieve the $400-billion mark for exports as US economy recovers
Published On: Friday, March 25, 2022 | By: Team KnowMyStock
US Economic recovery from the pandemic has helped India achieve the $400-billion mark for exports for the first time in any fiscal year. According to the preliminary data compiled by the Department of Commerce, India exported goods worth $73 billion to the US from April 1 to March 21 — up 47 percent, compared to last year. The US’ share of exports, compared to total exports, stood at 18.2 percent. The country is also India’s largest trading partner and export destination.
On 21 March, the government said India had exported goods worth $400 billion ahead of schedule — 37 per cent higher than the earlier fiscal year. The government is confident of clocking exports worth $410 billion by March 31, given that India has been exporting goods worth roughly $1.3 billion per day.
However, India’s exports to China grew at a relatively slower pace due to disruptions caused by a ‘stealth’ variant of Omicron, triggering lockdowns in several regions of the neighbouring country.
During the first 11 months of the fiscal year, outbound shipments to China grew at 7 per cent, with shipments valued at $19.8 billion. This translates into meeting 90 per cent of the annual target set for sending goods to China at $22 billion by the end of the month.China was India’s second trading partner and the third largest export destination this year.
Tags: trade US economy Indian exports
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