Goods and services exports may cross US$ 750 bn-mark this fiscal: Mr. Piyush Goyal
- IBEF
- March 6, 2023
The nation's exports of products and services reached all-time highs in 2021–22, totalling US$ 676 billion with US$ 422 billion in goods exports and US$ 254 billion in services exports, respectively. A record US$ 650 billion in goods and services were sold last year (exports). Commerce and Industry Minister Mr. Piyush Goyal stated that “We have crossed last year's figure already we will hopefully cross USD 750 billion (this year)”. Due to a downturn in global demand, India's exports fell 6.6% to US$ 32.91 billion in January for the second consecutive month. The export of products increased by 8.5% to US$ 369.25 billion from April to January of 2023, while the export of services was anticipated to be US$ 272 billion during that time. Manufactured goods, agricultural products, labour-intensive commodities, and high-quality goods were the industries that boosted exports.
He expressed confidence that India's exports of goods and services would reach US$ 2 trillion by 2030. Up until 2000–2001, commerce between India and China was estimated to be worth US$ 1 billion. Even up until 2004, trade was likely worth US$ 4-6 billion, with a US$ 1 billion trade deficit. India's exports to China between April and December 2022–2023 totalled US$ 11 billion, while its combined imports totalled US$ 74.9 billion.
Regarding the semiconductor market, he claimed that a significant announcement had already been made regarding the construction of a semiconductor facility in Gujarat and that numerous other semiconductor firms from around the globe are in contact with the ministry of electronics and information technology. He stated that negotiations for free trade deals with nations like the UK and Canada are proceeding extremely well.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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