India's Growth Story: Overall exports up by 14%, at $775.87 billion in 2022-2023

India’s overall export in 2022-23 rose by 14 per cent standing at $775.87 billion and almost $100 billion more than last year, according to the latest data by the Commerce Ministry.

Meanwhile, exports have crossed by $450.43 billion and services exports have gone up to $325.44 billion.

According to the ministry, India’s overall exports in April 2023 are estimated to be at $65.02 Billion, exhibiting a positive growth of 2.00 per cent over April 2022.

“Overall imports in April 2023 are estimated to be USD 66.40 Billion, exhibiting a negative growth of (-) 7.92 per cent over April 2022,” the statement added.

In terms of merchandise trade, India’s exports in April 2023 were $34.66 Billion, as compared to $39.70 Billion in April 2022.

India ended overall export in 2022-2023 at $775.87 billion, up by more than 14 per cent and almost $100 billion more than last year. Merchandise exports have crossed $450.43 billion and services exports have gone to $325.44 billion. India’s overall exports in April 2023 grew to…

— ANI (@ANI) May 15, 2023

Merchandise imports, on the other hand, in April 2023 were $49.90 Billion, as compared to $58.06 Billion in April 2022.

Exports of Non-petroleum and non-gems & jewellery witnessed a drop in April. From $28.37 Billion in April 2022 to USD 25.76 Billion in April 2023.

Services trade saw massive growth this year, from USD 24.05 Billion in April 2022 to $30.36 Billion this year.

“Riding on the high exports base of April 2022 India’s overall exports are projected to grow at 2 percent during April 2023,” said the statement.

With inputs from agencies

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