Current Context: India's total exports during FY 2022-23 are estimated to be worth USD 770.18 billion with a growth of 13.84 per cent as compared to FY 2021-22, which was 676 billion in 2021-22, while imports rose to a new high of $892 billion amid subdued demand for goods due to global headwinds.
- Apart from this, the trade deficit was $ 122 billion in the year 2023, while it was $ 83.35 billion in the year 2022 and the service surplus in the year 2023 was $ 144.76 billion.
- Major importing countries from India – USA, UAE, Netherlands, China.
- Major exporting countries to India – China, UAE, USA, Russia.
- Merchandise exports have registered a highest ever annual export of USD 447.46 billion during FY 2022-23 with a growth of 6.03%, surpassing the previous year's (FY 2021-22) record export of USD 422.00 billion.
- Imports increased by 16.5% to $714 billion, resulting in a record trade deficit. On the merchandise exports front, 17 out of 30 major sectors showed positive growth during 2022-23.
- China's share in India's merchandise imports declined from 15.43% in 2021-22 to 13.79% in 2022-23. Imports of electronic goods from China have seen a decline of about $ 2 billion in 2022-23 (April-February) as compared to the same period last year.
- Services exports lead the overall export growth and are estimated to set a new record annual value of USD 322.72 billion during FY 2022-23 with a growth rate of 26.79 per cent over FY 2021-22. Strong growth in services including IT, accounting and business processing was registered.
