Economy

India’s exports in March experienced a decline.

India’s exports in March experienced a decline of 7.53% as the country struggled with a sharp dip of 13.9% in goods exports.

According to government data, India witnessed a decline of 13.9% in its goods exports to $38.38 billion and a decrease of 7.9% in imports to $58.11 billion in March. In March 2022, goods exports were $44.57 billion, and imports were $63 billion, leading to a trade deficit of $19.73 billion. The total trade deficit for 2022-23 stands at $122 billion, compared to $83.53 billion in 2021-22.

In March 2023, India’s overall exports, including goods and services, are estimated to be $66.14 billion, reflecting a negative growth rate of -7.53% over March 2022. Similarly, overall imports in March 2023 are expected to be $72.18 billion, with a negative growth rate of -7.98% over March 2022.

However, total goods exports in 2022-23 saw a rise of 6.03% to $447.46 billion, while the import bill increased sharply by 16.5% to $714 billion, thanks to healthy outbound shipments from sectors such as petroleum, pharma, and chemicals.

Service exports in 2022-23 reached an all-time high of $322.72 billion, exhibiting a growth rate of 26.8% compared to $254.53 billion in 2021-22. The growth rate of total goods and services exports in 2022-23 was 13.84%, amounting to $770.18 billion.

Despite strong global headwinds, the Union Commerce Ministry expects India’s overall exports to grow by 13.84% during the financial year 2022-23 over 2021-22.

Merchandise exports in March 2023 were $38.38 billion, compared to $44.57 billion in March 2022, while merchandise imports were $58.11 billion, compared to $63.09 billion in March 2022.

Thirteen out of 30 key merchandise export sectors witnessed positive growth in March 2023, including oil meals, oil seeds, electronic goods, coffee, and iron ore. Seventeen of the 30 key sectors exhibited positive growth during 2022-23 over 2021-22.

Under merchandise imports, 14 out of 30 key sectors exhibited negative growth in March 2023, including sulphur and unroasted iron pyrites, fertilisers, silver, and electronic goods. Six of the 30 key sectors exhibited negative growth in FY 2022-23.

Lastly, China’s share in India’s merchandise imports has declined to 13.79% in 2022-23 from 15.43% in 2021-22, according to the government.

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