Sunday, July 21, 2024

India’s exports up 6% to reach $447.46 bn in 2022-23: Commerce Secretary  

Commerce Secretary Sunil Barthwal. File

Commerce Secretary Sunil Barthwal. File
| Photo Credit: Special Arrangement

India’s goods exports rose by about 6.03% to reach $447 billion during the last financial year, while imports jumped to a record $714.24 billion, registering a 16.5% growth.

Commerce Secretary Sunil Barthwal on India’s foreign trade in 2022-23 said, “Based on services exports estimates and actual numbers of goods exports, we have surpassed our target of $750 billion dollars to hit $770.18 billion. Last year also, we achieved highest exports of $676 billion and this is $94 billion higher.”

“Despite global headwinds, we have not only achieved the target but also surpassed it. Goods exports have touched $447.46 billion in 2022-23, indicating a growth of 6.03% over $422 billion of exports in 2021-22,” he added.

“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% growth over the previous year and all-time high record growing from $500 billion in 2020-21 to $676 billion in 2021-22,” Commerce and Industry Minister Piyush Goyal said on April 13.

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.

Mr. Goyal is on a three-day visit to France and Italy from April 11-13 to hold a series of meetings with leaders and top CEOs in these two countries to further boost trade and investment ties.

India’s services exports too have increased by 27.16% to $323 billion in 2022-23 as compared to $254 billion in 2021-22.

In March, however, goods exports declined 13.9% to $38.38 billion while imports fell 7.9% to $58.11 billion.

India’s imports rises by 16.5%

India’s goods import bill for 2022-23 grew at a sharper 16.5% relative to the 6% growth in exports, to hit $714.24 billion from $613.05 billion a year ago.

India’s imports from Russia grew almost 370% to over $46 billion in 2022-23, while China’s share of goods imports has dipped to 13.79% in the year gone by from 15.43% in 2021-22.

The overall imports of goods and services have touched $892 billion. Services imports are estimated at $178 billion in 2022-23 as against $147 billion a year ago.

India’s merchandise trade deficit went up 39.6% in 2022-23 to hit $266.78 billion, compared to $191 billion in 2021-22.

(With inputs from PTI)

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