India surpassed the 2022-23 export target of $750 billion dollars to hit $770.18 billion, which is $94 billion higher than last year’s record exports.
Total Trade Deficit
- The goods trade deficit rose almost 40% to over $266 billion in 2022-23, compared to $190 billion in 2021-22.
- However, using estimates for Services exports during March for which final data will be available in May, the Commerce and Industry Ministry pegged the total trade deficit for the year at $122 billion, 46% higher than the $83.5 billion gap in 2021-22.
Export
- India’s uptick in outbound shipments was largely led by petroleum, up 27% to $94.5 billion, followed by electronics goods that rose 7.9% to $23.6 billion. Petroleum exports now account for 21.1% of total exports, up from 16% in 2021-22.
- Merchandise exports for the period FY 2022-23 (April-March) were USD 447.46 Billion as against USD 422.00 Billion during FY 2021-22 (April-March).
Import
- Merchandise imports for the period FY 2022-23 (April-March) were USD 714.24 Billion as against USD 613.05 Billion during FY 2021-22 (April-March).
- Fuelled by discounted oil shipments, India’s imports from Russia grew almost 370% to over $46 billion in 2022-23.
- Russia’s share in import leaped from 1.6% in 2021-22 to 6.5% last year, making it the fourth largest import source nation for India, behind China, UAE and the USA.
- India’s imports from China reach record high in 2022, trade deficit surges beyond $100 billion.
USA remained India’s top export destination
- The USA remained India’s top export destination, followed by UAE, while Netherlands emerged as the third largest goods buyer, displacing China to the fourth position in 2022-23. Netherlands’ share of Indian exports jumped from under 3% in 2021-22 to 4.7%, recording a staggering 66.6% uptick year-on-year.
Service trade
- The estimated value of services export for March 2023* is USD 27.75 Billion, as compared to USD 26.95 Billion in March 2022.
- The estimated value of services import for March 2023* is USD 14.07 Billion as compared to USD 15.35 Billion in March 2022.
The government setting a two trillion-dollar target for goods and services exports by 2030 under the new Foreign Trade policy.
