Total merchandise exports will be about $330 billion in the current fiscal year, Commerce and Industry Minister Suresh Prabhu said on Thursday. This will be lower than the $350-billion target internally set by the commerce department.
Exports have consistently been unable to meet the commerce department’s annual trade growth forecast. Speaking at a meet with diplomats from the European Union and the Oceania region, Prabhu said India’s exports have risen despite global uncertainties in the early part of 2018-19 (FY19).
While petrochemicals, jewellery, and apparel remain major export sectors, newer segments such as agri products have been successfully pushed, officials said.
India shipped out more than 610 million tonnes of agricultural produce in FY19.
In the last fiscal year, total exports stood at $302.84 billion, below the government’s target of $310 billion, while it was $275.85 billion in the year before.
India’s annual exports remained above the $300-billion mark till 2014-15, but declined to $262.29 billion in 2015-16 due to global slowdown. Exports had reached a high of $314.4 billion in 2013-14.
In the current fiscal year, the country has seen services exports worth $200 billion, Prabhu added.