Official data showed that oil products were the driving force behind overseas sales, with an annual increase of 151 percent, the Financial Express newspaper reported.
There has also been a huge increase in exports of cotton threads, fabrics, clothing, precious stones and jewelry, engineered products, electronics, and organic and inorganic chemicals.
Trade and Industry Minister Piyush Goyal said Sunday when releasing preliminary trade data that full-year exports topped a previous record of $330 billion.
A rebound in demand for goods on the back of an industrial revival in advanced economies and rising global commodity prices boosted India’s exports after falling last year due to Covid-19.
Merchandise exports surpassed $30 billion in each of the last 12 months.
Meanwhile, imports are expected to surpass a record $600 billion.
Analysts say the goods trade deficit could just surpass the previous record of $190 billion.
However, given the current global supply situation after the Russia-Ukraine conflict and the resulting increase in international transport costs, Indian exporters will find it difficult to ship their products on time and meet their obligations in the coming months.
The United States remained the top destination for Indian exports, while the United Arab Emirates regained second place, having lost it to China.
Bangladesh and the Netherlands were two other important destinations for shipments.
Overseas agricultural sales also hit a record $50 billion, driven by rising shipments of rice ($9.6 billion), seafood ($8 billion), wheat ($2 billion ), spices and sugar (six billion).
Praising the performance of the agricultural sector, Goyal said the high export growth was achieved during the pandemic, when India became a major global supplier of staple foods and agricultural products.
jcm/dim