Commerce Secretary Sunil Barthwal. file | Photo Credit: Special Arrangement
India’s merchandise exports grew by about 6.03% to reach $447 billion during the last financial yearWhile imports reached a record $714.24 billion, registering a growth of 16.5%.
On India’s foreign trade in 2022-23, Commerce Secretary Sunil Barthwal said, “Based on the service export projections and the actual number of goods exports, we have crossed our target of $750 billion to reach $770.18 billion. Last year also we achieved the highest export of $676 billion and this is $94 billion more.
“In-spite of this global adversities, we have not only achieved the target but also exceeded it. Merchandise exports are set to reach $447.46 billion in 2022-23, showing a growth of 6.03% over $422 billion in 2021-22.
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“I am happy to share with you the excellent export performance for 2022-23, with India’s total exports touching new heights of $770 billion, registering a growth of 14% over the previous year and 2020- Growing to an all-time high of $500 billion in 21. to $676 billion in 2021-22,” Commerce and Industry Minister Piyush Goyal said on April 13.
He said exports of goods and services together have touched “new heights” and are expected to grow by 14% to $770 billion in 2022-23, as against $676 billion in 2021-22.
Shri 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 of both these countries to further boost trade and investment ties.
India’s service exports are also set to increase by 27.16% to $323 billion in 2022-23 as compared to $254 billion in 2021-22.
In March, however, merchandise exports fell 13.9% to $38.38 billion, while imports fell 7.9% to $58.11 billion.
India’s import increased by 16.5%
India’s merchandise import bill for 2022-23 rose to $714.24 billion from $613.05 billion a year ago, a sharp increase of 16.5% against a 6% growth in exports.
India’s imports from Russia to grow by nearly 370% to over $46 billion in 2022-23, while China’s share in goods imports to fall from 15.43% to 13.79% in 2021-22.
The total import of goods and services has reached $892 billion. Services imports are estimated to be $178 billion in 2022-23, as against $147 billion a year ago.
India’s merchandise trade deficit to widen by 39.6% to $266.78 billion in 2022-23 as compared to $191 billion in 2021-22.
(With inputs from PTI)