India’s Goods And Services Exports Up By 0.4% In 2023

However, goods exports in the last calendar year came down by 4.71 per cent to $ 431.9 billion, while services exports are estimated to rise 7.88 per cent to $ 333.8 billion, the data showed

As per the international trade experts, if these challenges continue, they will have significant implications on global trade ( Image Source :Getty )

Indian Ministry of Commerce has said that the country’s exports of goods and services increased marginally by 0.4 per cent to $ 765.6 billion in 2023 despite global economic uncertainties

Electronics, pharmaceuticals, cotton yarn, fabrics and made-up ceramic products, meat, dairy and poultry products, fruits and vegetables, and information technology are some of the industries that have helped India's exports stay alive.

However, goods exports in the last calendar year came down by 4.71 per cent to $ 431.9 billion, while services exports are estimated to rise 7.88 per cent to $ 333.8 billion, the data showed. The merchandise imports dropped by 7 per cent to $ 667.73 billion last year as against $ 720.2 billion in 2022.

The US, the UAE, the Netherlands, Bangladesh, the UK and Germany are among the main export destinations for India. Goods shipments have also been impacted by the Russia-Ukraine war, the Israel-Hamas conflict and the Red Sea trade route crisis due to attacks by Yemen-based Houthis on cargo ships.

As per the international trade experts, if these challenges continue, they will have significant implications on global trade.

Economic think-tank Global Trade Research Initiative (GTRI) said that India’s exports and imports have dropped by 2.6 per cent to $ 1609 billion in 2023 compared to $ 1651.9 billion in the year 2022.

The negative trade balance (the difference between exports and imports) went down from $ 141.3 billion in 2022 to $ 75.2 billion in 2023.

According to data for the current fiscal year, the value of products exported from April to December 2023 decreased by 5.7 per cent to $ 317.12 billion. The trade deficit in the first three quarters was $ 188.02 billion, compared to $ 212.34 billion from April to December 2022, as a result of a 7.93 per cent decline in imports to $ 505.15 billion.