This page is for information purpose only. Interested exporters may contact APEDA – Agricultural & Processed Food Products Export Development Authority at apeda.gov.in
The year 2023 began is expected to begin with overall exports (merchandise and trade combined) of US$ 65.15 billion in January, exhibiting a positive growth of 14.58% over the same period last year. India’s trade exhibited an impressive performance with India’s overall export (Merchandise and Services combined) of US$ 641.24 Billion in April-January 2022-23, compared to US$ 546.55 in April-January 2021-22. Merchandise exports reached US$ 369.25 billion in April-January 2022-23, compared to US$ 340.28 billion in the same period in the previous year. Service exports, on the other hand, reached US$ 272.00 billion in April-January 2022-23, compared to US$ 206.28 billion in the same period in the previous year. Link
India continues to have among the largest foreign exchange reserves in the world. As on 17 February 2023, India’s total foreign exchange reserves stood at US$ 561.26 billion. Link
Highlights of India’s international trade during financial year April 2021- March 2022:
- Merchandise exports in March 2023 were USD 38.38 Billion, as compared to USD 44.57 Billion in March 2022.
- Merchandise imports in March 2023 were USD 58.11 Billion, as compared to USD 63.09 Billion in March 2022.
- The estimated value of services export for March 2023 is USD 27.75 Billion, as compared to USD 26.95 Billion in March 2022.
- The estimated value of services import for March 2023 is USD 14.07 Billion as compared to USD 15.35 Billion in March 2022.
- India’s overall exports (Merchandise and Services combined) in March 2023* is estimated to be USD 66.14 Billion
On the back of India’s growing capabilities in manufacturing, technology, manpower and R&D and services capabilities, which helped tackle international trade uncertainties and cyclical economic downturn in the past, India has been one of the first countries to bounce back. With constant expansion in capacity and skills, India’s export market – merchandise as well as services – has been expanding into new geographies, by pursuing geography-specific and product-specific strategies to increase market share.
The Indian economy showed significant resilience amidst the global pandemic and trade shock that began to impact the global economy towards the end of 2019-20 and acquired catastrophic proportions in 2020-21. In this context, the stellar trade performance in 2021-22 reflects a remarkable turnaround, after having registered a decline of 6.66% in exports and 16.53% in imports in 2020-21.
In May 2020, at the height of Covid-induced global economic downturn the Prime Minister of India called for turning the pandemic crisis into an opportunity to build a self-reliant India (Atmanirbhar Bharat Abhiyan). The Government announced a stimulus package of Rs.21 trillion (US$280 billion), amounting to about 10 per cent of India’s GDP, to revive and strengthen the economy. This was followed by second and third stimulus packages announced in October and November 2020 respectively, taking the total value of stimulus measures to Rs. 29.87 trillion.
The implementation of Atmanirbhar Bharat package and calibrated unlocking of the economy have ensured that economic recovery in India has regained momentum and the adverse impact on foreign trade has been mitigated.