Goods exports in India rose by about 6.03 percent to reach USD 447 billion during the last financial year, while imports jumped to a record USD 714.24 billion, registering a 16.5 percent growth.
On India's foreign trade in 2022–2023, Commerce Secretary Sunil Barthwal said: "Based on services export estimates and actual quantities of goods exports, we have exceeded our objective of USD 750 billion to attain USD 770.18 billion. We exported the most money ever in 2017 (USD 676 billion), an increase of USD 94 billion.
"Despite significant global headwinds, we not only met but significantly exceeded the goal. "Goods exports reached USD 447.46 billion in 2022–2023, up 6.03% from USD 422 billion in 2021–2022," the official stated.
"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% 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 Commerce and Industry Minister Piyush Goyal on April 13.
In comparison to 2021–2022, he claimed that the combined exports of products and services reached "new heights" and climbed by 14% to USD 770 billion in 2022–2023 (from USD 676 billion).
In contrast to the 6% growth in exports, India's import expenditure for products increased sharply by 16.5% in 2022–2023, rising from USD 613.05 billion to USD 714.24 billion.
India's imports from Russia increased by approximately 370% to over USD 46 billion in 2022–2023 while China's proportion of global imports fell to 13.79% from 15.43 percent in the previous year.
Mobile phone exporting from India crosses USD 11 billion