According to data released by the Ministry of Commerce and Industry on Thursday. Overall exports (including goods and services) have increased by a record 13.84 percent to $770.18 billion in Fiscal Year 2022–23. Also, overall imports are predicted to have increased by a record 17.38 percent to $892.18 billion.
The impact of a worldwide economic downturn was clearly felt in the case of product trade. Solid trade performance on the services front contributed to improving the overall export statistics in 2022–2023. During the fiscal year, it is expected that exports of services increased by 26.79%. Whereas, exports of goods only increased by slightly more than 6%.
India surpasses its goal for Fiscal Year 2022-23:
The product trade deficit increased to a three-month high of $19.7 billion in March. Even as trade performance on the services front stayed strong with a trade surplus of $13.7 billion. The Reserve Bank of India (RBI) has not yet made the March services trade data available. Hence the figures incorporate projections for the final month of the prior fiscal year.
According to predictions for exports of services and actual figures for exports of products, we have surpassed our goal of $750 billion and reached $770.18 billion. Despite global headwinds, we have not only fulfilled the target, but even exceeded it, Commerce Secretary Sunil Barthwal said at a conference. “Growth is significant as there were recessionary conditions elsewhere,” he said.
Although the majority of services exports come from the IT and ITES industries, the government is working to diversify the list to include non-IT services. “Financial services will be our main focus; the fintech industry is growing. Additionally, the focus will be on transportation services, and we’ll examine how to increase market share. We would be looking at a wide variety of non-IT/ITES services. We also hope that tourism will continue to grow, according to an official.
According to the most recent RBI data, of the $104.2 billion trade surplus in services from April to December, $97 billion came from computer services. Professional and management consulting services were in second place with $29.2 billion from April to December.
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