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The new financial year 2022-23 began with record merchandise exports of US$ 40.19 billion in April 2022, a jump of over 30% over April 2021. Continuing the record-breaking performance of 2021-22, India’s trade exhibited an impressive performance with India’s overall export (Merchandise and Services combined) of US$ 58.22 Billion in November 2022. The exports exhibited a positive growth of 10.97% over the same period last year. Merchandise exports reached US$ 31.99 billion in November 2022, compared to US$ 31.80 billion in the same period last year. Service exports, on the other hand, reached US$ 26.23 billion in November 2022, compared to US$ 20.67 billion in the same month last year. Overall import in November 2022 is estimated to be US$ 69.33 Billion, exhibiting a positive growth of 5.60% over the same period last year. Link

India continues to have among the largest foreign exchange reserves in the world.  As on 12 August 2022, India’s total foreign exchange reserves stood at US$ 572.978 billion. Link

India’s overall exports, covering merchandise and services, were reported at US$ 676.25 billion during the financial year 2021-22, a whopping increase of over 37% over the previous year. 

Highlights of India’s international trade during financial year April 2021- March 2022:

  • Merchandise exports recorded at an all time high of US$ 421.85 billion – 44.56% higher than exports during 2020-21. 
  • Monthly merchandise exports exceeded US$ 30 billion in each month, and in March 2022, exceeded US$ 40 billion for the first time.  
  • Services exports touched US$ 250 billion for the first time during the year.
  • India’s total exports (Merchandise and Services combined) rose to all time high of US$ 676.25 billion, growing by more than 35% over previous year. 
  • Merchandise imports were US$ 612.00 billion, an increase of 55.16%  over the previous year.
  • India’s total merchandise trade (exports + imports) crossed US$ 1 trillion for the first time.

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.

Foreign Trade Overview

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