India surpassed the export target of $750 billion and clocked in exports worth $778 billion in the financial year 2022-2023 while overall import is estimated to have exhibited a growth of 17.38 percent to $892.18 billion, the Commerce Ministry announced on April 13.
The Commerce Secretary highlighted that despite global headwinds, merchandise exports stood at $447 billion, a six percent or $25.46 billion jump from the previous year. He added that a $68 billion y-o-y increase was recorded in services exports in FY23.
Petroleum exports rose by $27 billion y-o-y while the export of engineering goods witnessed a Y-o-Y fall of $5.12 billion in last FY.
The overall export growth for the fiscal under review was 13.84 percent Y-o-y. Also, as many as 45 principal commodities showed positive growth in exports in value and volume in the last financial year.
Merchandise imports, on the other hand, during the fiscal saw an annual rise of $111 billion. Gold imports dropped by 11.15 percent during the year while there was a 47 jump in petroleum imports.
India's trade deficit increased by 46.05 percent y-o-y in last FY, the ministry said.
US continued be the top export destination with 17.50 percent share, followed by UAE accounting for seven percent share and Netherlands for 4.47 percent. Exports to China dipped almost 28 percent Y-O-Y and that to Bangladesh by 27.76 percent.
However, China remained the top import destination with 13.79 percent share, followed by 7.45 percent from UAE and 7.03 percent from the US.
Also, it must be noted that there was a 369.44 percent growth in imports from Russia and 62.8 percent from Indonesia.
The Commerce Ministry pointed out that fertilisers that used to be imported from China are now coming from Russia.
The ministry also shared status of India's trade negotiations with other countries.
It said that the seventh round of India-Canada CEPA negotiations took place in Ottawa from April 3 to 6 and another round of discussions is likely. Indian delegation also participated in the second round of IPEF negotiations in Bali from March 13 to 19, it added.
The ministry noted that four rounds of negotiations have been completed in 21 policy areas for India EU FTA and the fifth round of talks is likely to be held in June in Delhi, followed by meetings in August.
Meanwhile, India UK FTA's round nine of negotiations is scheduled from April 24 to 28.
