New Delhi: India’s March goods exports declined 13.9% to $38.38 billion and imports declined 7.9% to $58.11 billion. In March 2022, goods exports were $ 44.57 billion and imports were $ 63 billion.
March’s trade deficit is at $19.73 billion.
The total trade deficit for 2022-23 is at $ 122 billion, according to the government. In 2021-22, it was $ 83.53 billion.
India’s overall exports, including goods and services, in March 2023 is estimated to be $ 66.14 Billion, exhibiting a negative growth of (-) 7.53% over March 2022, according to government data. Overall imports in March 2023 are estimated to be $ 72.18 billion, exhibiting a negative growth of (-) 7.98% over March 2022.
However, total goods exports in 2023 rose by 6.03% to $447.46 billion. Similarly, the import bill rose by a sharp 16.5% to $714 billion.
PTI has reported citing government data that the growth is thanks to a healthy rise in outbound shipments from sectors like petroleum, pharma and chemicals.
Service exports in 2022-23 grew by 26.8% to $ 322.72 billion – an all time high. The number was $ 254.53 billion in 2021-22.
Growth of total goods and services exports in 2022-23 was at 13.84% to $ 770.18 billion.
The Union commerce ministry has said that in spite of strong global headwinds, India’s overall exports are projected to grow at 13.84% during the financial year 2022-23, over 2021-22.
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.
Thirteen of 30 key merchandise export sectors saw positive growth in March 2023, the government said. These include oil meals, oil seeds, electronic goods, coffee, iron ore, etc.
Seventeen of the 30 key sectors exhibited positive growth during 2022-23 as compared to 2021-22.
Under merchandise imports, 14 out of 30 key sectors exhibited negative growth in March 2023. These include sulphur and unroasted iron pyrites, fertilisers, silver, electronic goods and so on.
Under merchandise imports, six of the 30 key sectors exhibited negative growth in FY 2022-23.
China’s share in India’s merchandise imports have declined to 13.79% in 2022-23 from 15.43% in 2021-22, the government said.
