Goods exports reach US$ 447 bn in FY23: Piyush Goyal

Despite global challenges, such as increased raw material prices and export restrictions, the country's exports have continued to grow

April 5, 2023

In FY22, goods exports stood at US$ 422 billion

The final numbers for goods and services exports will be closer to US$ 765 billion

If exports reach US$ 772 billion, the government might consider resetting the US$ 2 trillion export target by 2030

Services exports are expected to surpass US$ 320 billion for the current fiscal year

India’s goods exports for the 2022-23 fiscal year have reached US$ 447 billion, up from US$ 422 billion in the previous year, according to Commerce and Industry Minister Piyush Goyal. 

The final export and import data will be released in mid-April, as the ministry is still compiling the data. Goyal expects services exports to surpass US$ 320 billion for the current fiscal year. He further mentioned that growth in merchandise goods would be around 6% for the last fiscal.

Despite global challenges, such as increased raw material prices and export restrictions, the country’s exports have continued to grow. 

Goyal anticipates that the final numbers for goods and services exports will be closer to US$ 765 billion, and if it reaches US$ 772 billion, the government might consider resetting the US$ 2 trillion export target by 2030.

Goyal noted that India’s express delivery services sector has significant potential for growth, and emphasized the importance of scaling, efficiency, and technology to bridge the logistics costs. He also expressed optimism for the Indian economy, projecting that it may reach US$ 35-40 trillion by 2047 due to the government’s focus on modern infrastructure development, international trade, free trade agreements, and export growth.

Source: Economic Times

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