In 2022–23, service exports reached a record high of USD 322.72 billion, up 26.8% from USD 254.53 billion in 2021–22. The overall value of exports of products and services during the most recent fiscal year increased by 13.84% to USD 770.18 billion.
The nation’s imports increased from USD 613 billion in 2021–2022 to USD 714.24 billion in 2022–2023—a 16.5% increase. Compared to USD 191.05 billion in 2021–2022, the merchandise trade imbalance for the most recent fiscal year was forecast at USD 266.78 billion.
India’s Exports and Imports
The last fiscal year’s overall inbound shipments were boosted by high oil imports. In the most recent fiscal year, oil imports increased by 29.5% to USD 209.6 billion. However, the amount of gold imported fell by 24.15% to USD 35 billion.
Piyush Goyal, the minister of commerce and industry, said that the exports of products and services reached “new heights” and rose by 14% to USD 770 billion in 2022–23 from USD 676 billion in 2021–22.
- In 2022–23, service exports reached a record high of USD 322.72 billion.
- The nation’s imports increased to USD 714.24 billion in 2022–2023—a 16.5% increase.
- At USD 2.86 billion in March 2023, exports of electronic products surged by 57.36%.
17 of the 30 crucial categories for merchandise exports saw an increase between 2022 and 2023. 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 (8.57%), Marine Products (3.93%), Pharmaceuticals (3.25%), and Chemicals (3.23%) are among the sectors.
At USD 2.86 billion in March 2023, exports of electronic products surged by 57.36%. These exports increased to USD 23.57 billion in 2022–2023, an increase of more than 50%. In the most recent fiscal year, India‘s imports from Russia increased by 369.44 percent to USD 46.33 billion.
According to Goyal, as the globe transitions to global value chains, India will consider enlarging its import and export footprint.
The trade data also indicates that given “our” remittances having crossed USD 100 billion and a healthy inflow of investments, the CAD (Current Account Deficit) will be kept under control, he continued.
Regarding setting export goals for 2023–24, he stated that the ministry would create sector- and country-specific plans, along with missions, and would then develop goals and expectations for the present year.
