India’s total exports, including merchandise and services, stood at 770.18 billion U.S. dollars, in fiscal 2023, up around 13.84 percent over the previous financial year (April 2021-March 2022), said official data released on Thursday.
According to the data by the federal Ministry of Commerce and Industry, merchandise exports registered the highest figure of 447.46 billion dollars, with a 6.03 percent growth during the 2022-23 financial year (April 2022-March 2023).
Services exports led the overall export growth and are projected to set a new record annual value of 322.72 billion dollars with a growth rate of 26.79 percent during the current financial year over the previous year.
In an official statement, the ministry said that as India’s domestic demand remained steady amidst the global slump, the aggregate imports during fiscal 2023 are estimated to rise 17.38 percent over the previous financial year.
Reacting to the annual foreign trade data released by the federal government, President of the Federation of Indian Export Organisations (FIEO) A. Sakthivel said that the growth in the country’s exports amidst global headwinds showed the resilience of the export sector.