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India’s export rises 14% to record 770 billion in FY23 – Times of India


ROME: Buoyed by the services sector, India’s exports rose 14% to a record $770 billion during the last financial year, while imports jumped to a new high of $892 billion, amid a slowdown in goods demand due to the global headwinds.
Latest data showed that goods exports went up just under 6% to $447 billion, which is a new high but lower than what was expected at the start of the last financial year. Goods imports rose 16.5% to $714 billion, resulting in a record trade deficit.

In March, however, exports fell 6% to $38.4 billion, the second straight month of decline, while imports were almost 8% lower at $58.1 billion, marking the fourth continuous month of fall. Trade deficit was estimated at $19.7 billion, the first increase in four months.
Commerce and industry minister Piyush Goyal said that imports fell due to a fall in oil prices, and added that the tough global conditions were putting pressure on goods exports. He, however, drew comfort from the numbers saying that they were in line with the 2022-23 projection of $772 billion with the full services numbers awaited.
“GST collections are at a high, exports are at a record high, inflation has come within RBI’s comfort band, foreign exchange reserves are strong, and India is the fastest growing large economy. It reflects the mood of the nation,” he said, adding that record remittances of $100 billion and investment flows will keep the current account deficit under check.
Overall, 17 of the 30 major sectors grew during the last financial year and exporters remain upbeat on a good performance during the current financial year as well. Electronics goods, including mobile phones were a highlight, rising over 50% to $23.6 billion.
Among services, there is a healthy growth in areas including IT, accounting and business processing, Goyal added.
On the imports front, the commerce ministry said that China’s share in India’s import basket has declined to 13.% in 2022-23, from 15.4% a year ago, with inbound shipments of major items like fertilisers and electronic goods coming from alternative markets.
In absolute terms, however, imports from China increased to $98.5 billion during the last financial year, as against $94.6 billion in the previous year, an increase of 4%.





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