India’s services exports too have increased by 27.16% to $323 billion in 2022-23 as compared to $254 billion in 2021-22
India’s trade deficit widens to $19.73 b, exports rose 6% to $447 b
India’s merchandise trade deficit in March 2023 stood at $19.73 billion, which was higher than $17.43 billion recorded in the previous month, according to government data released on Thursday
New Delhi, NFAPost: The country’s exports rose by about 6% to a “record” $447 billion during 2022-23 on account of healthy growth in the outbound shipments of sectors such as petroleum, pharma and chemicals and marine, Commerce and Industry Minister Piyush Goyal said.
The country’s imports also grew by 16.5% to $714 billion in 2022-23 as against $613 billion in 2021-22.
He said that the exports of goods and services together scaled “new heights” and has increased by 14% to $770 billion in 2022-23 as against $676 billion in 2021-22.
“I am delighted to share with you the outstanding export performance for 2022-23, with India’s overall exports scaling new heights at $770 billion, registering 14 per cent growth over the previous year and all-time high record growing from $500 billion in 2020-21 to $676 billion in 2021-22,” the minister told reporters in Rome.
India’s services exports too have increased by 27.16% to $323 billion in 2022-23 as compared to $254 billion in 2021-22.
“This is truly a sign of India’s expanding our international footprints,” he added.
Merchandise trade deficit
India’s merchandise trade deficit in March 2023 stood at $19.73 billion, which was higher than $17.43 billion recorded in the previous month, according to government data released.
India’s exports rose 6 per cent to $447 billion in 2022-23 as against $422 billion in 2021-22 on account of healthy growth in the outbound shipments of sectors such as petroleum, pharma and chemicals and marine products.
India’s overall exports of goods and services rose to $770 billion in 2022-23, showing a growth of 14% over the corresponding fiscal and crossing government’s annual target.
In 2021-22, the exports were $676 billion.
Commerce Secretary Sunil Barthwal while sharing the trade figures on Thursday, said that the trade target for 2022-23 was $750 billion, which has been exceeded by around $20 billion.
Despite recessionary conditions and head winds, India recorded an on-year jump of $94 billion in annual trade, the commerce secretary added.
Country’s imports in overall trade grew by 17.38% in 2022-23, as per commerce ministry data. Rise in imports was mainly due to a larger inflow of crude products, including petroleum.
A rise in imports of coal, coke, briquettes and transport equipment was also seen during the year under review.
Imports from Russia grew at a rate of 396.44%, owing to the surge in petroleum imports.
