India's export tally to the world swells to $422.2 billion in the financial year 2022 on the back of robust domestic manufacturing in several sectors. Data available with CMIE Economic Outlook showed that the engineering goods sector is leading India's export contingent with a contribution of $69.8 billion into the country's kitty which is closely followed by refined petroleum and crude products ($67.6 billion), chemicals and related products ($57.3 billion), agricultural and allied products ($49.7 billion) and textiles sector ($39.8 billion).
The country registered a 45.10 per cent year-on-year (YoY) growth from $291 billion in FY21. For the latest quarter ended June 30, India exported products worth $121.1 billion in just three months with a quarter-on-quarter (QoQ) growth of 3.6 per cent from $117 billion in March 2022.
USA: Export: $76.2 billion; 18.0% of total export
The USA is India's ranked one export destination which is accounted for ($76.2 billion) or 18 per cent of India's total export value. India exported ($16.2 billion) worth of Engineering goods and ($11.9 billion) of Chemicals & related products including pharmaceuticals to the world's largest GDP.
UAE: Export: $28.1 billion; 6.7% of total export
India exported $28.10 billion worth of goods to United Arab Emirates (UAE) last year, registering a growth of nearly 69 per cent as compared with FY21. This was led by petroleum products worth ($5.7 billion), engineering goods ($5.5 billion) and gems and jewellery ($4.9 billion). However, total exports to UAE came 2.6 per cent lower than the pre-covid level of $28.8 billion in FY20.
China: Export: $21.2 billion; 5.0% of total export
India supplied products worth ($21.2 billion) to China majorly engineering goods ($5.4 billion), Agricultural & allied products ($3.8 billion) and Chemicals & related products of ($2.9 billion) value.
Bangladesh: Export: $16.1 billion; 3.8% of total export
India exports goods to Bangladesh worth ($16.1 billion) which are Agricultural & allied products ($5.5 billion), Textiles excluding readymade garments ($3.5 billion) and engineering goods ($2.8 billion) are major trade contributors.
Netherlands: Export: $12.6 billion; 3.0% of total export
The Netherlands accounts for India's export worth ($16.1 billion), major export includes petroleum products worth ($5.3 billion), engineering goods ($1.8 billion) and Chemicals & related products of ($1.8 billion) value to the European nation during FY22.