Rome: The country's exports rose by about 6 percent to a "record" USD 447 billion during 2022-23 on account of healthy growth in the outbound shipments of sectors such as petroleum, pharma, and chemicals and marine, Commerce and Industry Minister Piyush Goyal said on Thursday.
The country's imports also grew by 16.5 percent to USD 714 billion in 2022-23 as against USD 613 billion in 2021-22.
He said that the exports of goods and services together scaled new heights and has increased by 14 percent to USD 770 billion in 2022-23 as against 676 billion in 2021-22. "I am delighted to share with you the outstanding export performance for 2022-23, with India's overall exports scaling new heights at USD 770 billion, registering 14 percent growth over the previous year and all-time high record growing from USD 500 billion in 2020-21 to USD 676 billion in 2021-22," said the minister
Goyal is on a three-day visit to France and Italy from April 11-13 to hold a series of meetings with leaders and top CEOs in these two countries to further boost trade and investment ties. India's services exports too have increased by 27.16 percent to USD 323 billion in 2022-23 as compared to USD 254 billion in 2021-22. "This is truly a sign of India's expanding our international footprints," he added.
The overall imports of goods and services have touched USD 892 billion and it reflects that the country's economic activities are growing and that has supported the exports. Goyal said that the growth in exports would help in containing the current account deficit. In the services sector, there is a healthy growth in areas including IT, accounting and business processing.
In the goods segment, sectors which recorded growth include oil meals, electronic goods, tobacco, oil seeds, rice, coffee, fruits and vegetables, leather goods, ceramic, pharma, marine products, chemicals, and ready-made garments of textiles. Services imports are estimated at USD 178 billion in 2022-23 as against USD 147 billion a year ago.
Goyal said that the exports of goods and services has increased by about USD 100 billion to cross USD 770 billion in such challenging times, when the world is seeing softening and slowing of international trade, recessionary conditions in the developed world, and unprecedented high inflation in many developed countries.
There were concerns because of the conflict in Russia, Ukraine. There were also concerns that piled up inventories in the developed world may not help us achieve such a "stupendous" performance, Goyal added. "It is indeed a matter of satisfaction that we have grown both in goods and services," Goyal said, adding, "India is looking forward to engaging even more deeply with countries around the world with the developed world, and developing countries and contributing to the world's progress and prosperity as we grow jobs and economic opportunities in India."
"When we look at the overall economic scenario, where GST collections are high, where exports are at a record high, where inflation has come down strong foreign exchange reserves exceeding USD 600 billion clearly reflects the mood of the nation," he added.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)