India's exports of goods and services rose marginally to $765 billion last year

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New Delhi: Despite global economic uncertainties, the country's exports of goods and services stood at $765.6 billion in the year 2023 with a marginal increase of 0.4 percent. It is known from the data of the Ministry of Commerce.

India's exports include electronics, pharmaceuticals, cotton yarn, clothing and make-ups. Ceramic products, dairy and poultry products, fruits and vegetables and information technology sectors have helped. According to the data, merchandise exports declined by 4.71 percent to $431.9 billion in the previous calendar year. At the same time, services exports are expected to grow by 7.88 percent to reach $333.8 billion.

Import of goods also decreased by seven percent last year to 667.73 billion dollars. In 2022 it was 720.2 billion dollars. Reserve Bank of India has released the data of Savas sector till November 2023.

The figure for December 2023 is the Ministry's estimate. India's major export destinations include the US, UAE, Netherlands, Bangladesh, UK and Germany. Cargo shipments have been affected by the crisis in the Red Sea trade route due to the Russia-Ukraine war, the Israel-Hamas conflict and attacks by Yemen-based Houthi rebels on cargo ships.

According to international trade experts, if these challenges continue for a long time, it will have a major impact on global trade. India's exports and imports are expected to decline by 2.6 percent to $1,609 billion in 2023 from $1,651.9 billion in 2022, the Economic Research Institute said.

During this period the difference between imports and exports i.e. trade deficit has reduced to 75.2 billion dollars. In 2022 it was 141.3 billion dollars. Data for the current financial year shows that merchandise exports declined by 5.7 percent to $317.12 billion during April-December 2023.

While imports have decreased by 7.93 percent to 505.15 billion dollars. Due to this, the trade deficit decreased to $188.02 billion, which was $212.34 billion in the corresponding period of 2022-23.


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