India’s overall exports (Merchandise and Services combined) in April 2022 was estimated at $65.02 billion, a growth of 2% over April 2022. Overall imports in April 2023 was estimated at $66.40 billion, down 7.92% over April 2022.
India’s merchandise exports dipped by 12.7 per cent year on year to $34.66 billion in April this year. Imports too declined by about 14 per cent to $49.9 billion as against $58.06 billion recorded in the same month last year, the data showed.
Giving further break-up of export and import numbers, the commerce ministry said non-petroleum and non-gems and jewellery exports in April 2023 were $25.76 billion, compared to $28.37 billion in April 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April 2023 were $31.49 billion, compared to $36.00 billion in April 2022.
Exports of electronic goods increased by 26.49% during April 2023 at $2.11 billion as compared to $1.67 billion in April 2022. On the other hand, textiles, plastic and linoleum exports continued to decline in April 2023 because of subdued demand due to recessionary effects in major economies.
Services exports remain robust. The value of services export for April 2023 was pegged at $30.36 billion, as compared to $24.05 billion in April 2022. The estimated value of services import for April 2023 was $16.50 billion as compared to $14.06 billion in April 2022.
According to the commerce minisry, India ended overall export in 2022-2023 at $775.87 billion, up by more than 14 per cent and almost $100 billion more than last year. Merchandise exports crossed $450.43 billion and services exports rose to $325.44 billion.