Exports up by 6% to US$ 447 billion in FY23: Commerce Minister

On the other hand, imports increased by 16.5% to reach US$ 714 billion in FY23

April 17, 2023

India's overall exports of goods and services have reached a new high of US$ 770 billion in 2022-23

India's services exports increased by 27.16% to US$ 323 billion in 2022-23

India has released a new Foreign Trade Policy (FTP) aimed at increasing outward shipments to US$ 2 trillion by 2030

The FTP will promote rupee trade and e-commerce exports, among other things

India’s exports rose by 6% to US$ 447 billion in FY23 from US$ 442 billion in the previous year, according to commerce minister Piyush Goyal.

On the other hand, imports increased by 16.5% to US$ 714 billion in FY23 compared to US$ 613 billion in the previous year, while exports rose by 6% to US$ 447 billion from US$ 442 billion in the previous year. 

Goyal also reported that India’s overall exports of goods and services have reached a new high of US$ 770 billion in 2022-23, a 14% increase from the previous year’s US$ 676 billion.

Furthermore, India’s services exports increased by 27.16% to US$ 323 billion in 2022-23, up from US$ 254 billion in 2021-22, which Goyal cited as evidence of India’s expanding international presence. Goyal also revealed that India has introduced a new Foreign Trade Policy aimed at increasing outward shipments to US$ 2 trillion by 2030 and promoting rupee trade e-commerce exports, among other goals.

This new Foreign Trade Policy (FTP) 2023 differs from previous 5-year FTPs in that it has no set end date and will be updated in response to changing global circumstances. Goods exports have shown significant growth given the current global situation, while services exports are expected to experience a substantial increase in the current fiscal year.

Source: Economic Times

Recent Articles

IMF raises India’s FY25 growth projection to 7%

July 17, 2024

The International Monetary Fund (IMF) has raised India’s growth projection …

Read More

FM Sitharaman gears up for historic budget presentation

July 17, 2024

As the Budget presentation date inches closer, the final stage …

Read More

Government to launch AgriSURE to boost agricultural start-ups

July 15, 2024

The Government, in a strong commitment to the agricultural sector, …

Read More