Despite global headwinds, India’s exports of goods are still increasing, and its exports of services have already exceeded record levels from the previous year. In the first 11 months of this fiscal year, India’s exports have already surpassed $672 billion and reached $702.88 billion, according to the most recent trade statistics.Sunil Barthwal, the secretary of commerce, predicted that they would export more goods and services total than their FY23 goal of $750 billion. While the last three months have seen a decline in merchandise exports as a result of declining global demand, services have done well and helped fuel growth.In the first 11 months of the current fiscal year, India’s total goods shipments increased by 7.55% to $406 billion. With one month left in the current fiscal year, Barthwal voiced confidence that the figure would surpass the record $421.8 billion in exports of goods in 2021–22.
The World Trade Organization had reduced its global trade forecast to just 1%, so the positive merchandise exports growth of 7.55% in 2022–2023 was no minor accomplishment, he continued. However, India’s shipments of goods fell by 8.8% (year over year) to $33.88 billion in February, marking the third consecutive month that they have shrunk. In addition, imports decreased by 8.21% to $51.31 billion, resulting in a $17.43 billion trade imbalance, which is the lowest in a year. Additionally, in December 2022 as well as January, the nation’s shipments of goods decreased. According to Barthwal, the conflict in the Ukraine and a slowdown in western economies have hurt international commerce. The World Trade Organization had predicted a 3.5% decline in global trade in 2022 and a 1% decline in 2023, citing a number of factors that were causing a decline in demand in various nations. Nevertheless, India’s exports of services have increased in recent years, adding to the expansion of exports as a whole.
In conclusion, services have been a major contributor to the growth of total goods and services exports in India, which have already surpassed record levels from the previous year. Despite the fact that there are still one month left in the current fiscal year, Barthwal voiced confidence that merchandise exports would top last year’s record of $421.8 billion. India’s positive product exports growth of 7.55% in 2022–23 is a noteworthy accomplishment, despite the obstacles presented by declining global demand and the conflict in Ukraine.
