The country's overall exports trade in fiscal year 2022-23 surged to $770.18 billion compared to the FY 2021-22 annual target set by the government which was $750 billion, said Commerce Secretary Sunil Barthwal said on 13 April.
According to the Commerce Ministry, in FY22, the annual overall exports trade had stood at $676.53 billion.
While, the overall imports trade for FY 2022-23 too surged to $892.18 billion, compared to $760.06 billion in FY 2021-22. With this, the overall trade deficit reached to $122 billion in FY 2022-23 compared to $82 billion in FY 2021-22.
Apart from this, the Barthwal said that the country recorded an on-year jump of $94 billion in annual trade despite recessions and other issues.
Among other things, the government said that that compared to the previous year, the overall merchandise exports trade during the fiscal came in at $447.46 billion, which is 6 percent higher against $422.00 billion during FY 2021-22. While the merchandise imports for FY 2022-23 were $714.24 billion as against $613.05 billion during FY 2021-22. The merchandise trade deficit for FY 2022-23 was estimated at $266.78 Billion as against $191.05 Billion during FY 2021-22.
According to the data shared by the commerce ministry, India's imports in overall trade grew by 17.38 percent in overall trade in FY23.
Citing the rise in imports data, the government said that larger inflow of crude products, including petroleum, and jump in imports of coal, coke, briquettes and transport equipment led to an imports in overall trade.
Surge in petroleum imports has grown highest on-year at a rate of 396.44 per cent due to hike in petroleum imports.
Other section like in services the estimated value of services export for FY 2022-23 is $322.72 billion as compared to $254.53 billion in FY 2021-22. While the estimated value of services imports for FY 2022-23 is $177.94 Billion as compared to $147.01 billion in FY 2021-22. The services trade surplus for FY 2022-23 is estimated at $144.78 billion as against $107.52 billion in FY 2021-22.
