Monthly exports contracted for the fourth time in 6 months this March with a 13.9% drop amid faltering global demand; the goods trade deficit for 2022-23 rose almost 40% from previous year.
The goods trade deficit rose almost 40% to over $266 billion in 2022-23, compared to $190 billion in 2021-22.
India’s goods exports declined for the second successive month in March, falling a sharp 13.9% to $38.38 billion while imports dipped 7.9% to $58.11 billion. Total goods exports in 2022-23 rose 6.03% to $447.46 billion, while the import bill surged by a steeper 16.5% to $714 billion.
The goods trade deficit rose almost 40% to over $266 billion in 2022-23, compared to $190 billion in 2021-22. However, using estimates for Services exports during March for which final data will be available in May, the Commerce and Industry Ministry pegged the total trade deficit for the year at $122 billion, 46% higher than the $83.5 billion gap in 2021-22.
“Despite the global headwinds, we have surpassed our 2022-23 target of $750 billion dollars to hit $770.18 billion, which is $94 billion higher than last year’s record exports,” Commerce Secretary Sunil Barthwal said, using services exports estimates combined with the actual numbers for goods exports. “Services exports have grown 13.84% to an estimated $322.72 billion,” he added.