Battling adverse global economic conditions, India’s merchandise exports for the financial year 2022-23 (April-March) of USD 447.46 billion registered the highest-ever growth of 6.03% growth, surpassing the previous fiscal record exports of USD 422.00 billion led by positive growth in outbound shipments of sectors such as electronic goods, petroleum products and pharmaceuticals.
Electronic goods exports were recorded at USD 23.57 billion during FY 2022-23 as compared to USD 15.66 billion during the previous fiscal, registering a growth of 50.52%, Commerce Ministry said on Thursday.
Merchandise imports for the same period also went up to USD 714.24 billion as against USD 613.05 billion in FY2021-22, taking the merchandise trade deficit to USD 266.78 billion as against a deficit of USD 191.05 billion during FY 2021-22.
India’s overall exports, combining merchandise and services, for FY2022-23 at USD 770.18 billion was a robust y-o-y growth of 13.84% over FY 2021-22. Services exports led the overall exports growth with a 26.79% jump in FY 2022-23 with an annual value of USD 322.72 billion.