India's overall exports in 2022-23 rose 14.7 pc to record USD 775.87 bln

New Delhi [India], May 15 : India's overall exports in the just concluded financial year 2022-2023 were worth USD 775.87 billion, a growth of over 14 per cent and almost USD 100 billion more than last year's figures, official data released by commerce ministry showed on Monday. In 2021-22, the overall exports were at USD 676.53 billion.

In 2022-23, India's merchandise and services exports rose 6.74 per cent and 27.86 per cent to USD 450.43 billion and USD 325.44 billion, respectively.

Among various steps the government took was to launch a Production Linked Incentive (PLI) scheme in varied sectors, including electronic goods, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports. These seemed to have reaped dividends.

Coming to April 2023-24, overall exports were a little higher year-on-year at USD 65.02 billion, up from USD 63.75 billion in the same month last year.

India's merchandise imports in April declined by 14 per cent to USD 49.90 billion as against USD 58.06 billion. April's merchandise imports were the lowest in the last 21 months.

India's imports from China in April were 5.56 per cent lower at USD 7.5 billion.

Similarly, imports declined from UAE, USA, and Saudi Arabia. The decline from these Middle east countries is mainly on account of cooling crude oil prices.

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