India’s export rises 14% to record $770 billion in FY23 during the last financial year, while imports jumped to a new high of $892 billion, amid a slowdown in goods demand due to the global headwinds.
India’s March exports saw a decline of 7.53% overall, with goods exports taking a sharp dip of 13.9%, according to government data. Meanwhile, imports fell 7.9% to $58.11 billion.
Despite this, total goods exports for 2022-23 rose by 6.03% to $447.46 billion, largely due to a healthy rise in outbound shipments from sectors such as petroleum, pharma, and chemicals.
Service exports also hit an all-time high, growing by 26.8% to $322.72 billion, while total goods and services exports grew by 13.84% to $770.18 billion in 2022-23.
The Union commerce ministry has projected that India’s overall exports will continue to grow at 13.84% during the financial year 2022-23, despite strong global headwinds.
On the merchandise exports front, 17 of the 30 key sectors exhibited positive growth during 2022-23.
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The sectors include Oil Meals (55.13%), Electronic Goods (50.52%), Petroleum Products (40.1%), Tobacco (31.37%), Oil Seeds (20.13$), Rice (15.22%), Coffee (12.29%), Leather and Leather Products (8.47%), Marine Products (3.93%), Pharmaceuticals (3.25%) and Chemicals (3.23%).
Exports of Electronic goods increased by 57.36% during March 2023 at $2.86 billion.
During 2022-23, these exports rose by over 50% to $23.57 billion.
Under merchandise imports, 14 out of 30 key sectors exhibited negative growth in March 2023.
India’s imports from Russia jumped by 369.44% to $46.33 billion in the last fiscal.
China’s share in India’s merchandise imports fell to 13.79% in 2022-23 from 15.43% in 2021-22, the government said.
The total trade deficit for 2022-23 was $122 billion, up from $83.53 billion in 2021-22, with the import bill rising by 16.5% to $714 billion.
A Press Information Bureau release has it that merchandise exports in March 2023 were $ 38.38 billion, as compared to $ 44.57 billion in March 2022.
Merchandise imports in March 2023 were $ 58.11 billion, compared to $ 63.09 Billion in March 2022.
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