Goods exports hit US$ 447 billion in FY23; final data awaited: Mr. Piyush Goyal
- IBEF
- April 5, 2023
The Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Mr. Piyush Goyal stated that India's merchandise exports reached US$ 447 billion in FY23, up from US$ 442 billion in FY22, resulting in an increase of 6% y-o-y in exports. Services exports are predicted to skyrocket, surpassing US$ 320 billion in FY23, up from US$ 254 billion in FY22.
On the 15th of each month, the commerce department compiles, finalises, and releases the statistics. The minister was addressing the launch of an Indian Council for Research on International Economic Relations (ICRIER) report titled "Express Delivery Services Supporting the Journey towards India@2047" that recommended the government should speed up the trade facilitation-related reforms, to give express delivery a level-playing field with general cargo.
According to the report, the express delivery service (EDS) sector offers integrated door-to-door delivery of products and documents and is crucial in connecting businesses, particularly small and medium-sized enterprises (SMEs), to global value chains.
Despite being a tiny market, India's EDS industry is one of the fastest growing, with a 15.8% CAGR at US$ 5.5 billion in 2020. The expanding middle class, government assistance for digitisation, GST rollout, the focus on the logistics sector under PM Gati Shakti, national logistics policy, and government support for onboarding MSMEs to digital platforms are among the primary growth factors.
Mr. Piyush Goyal said that "The final numbers (exports of goods and services will be closer to US$ 765 billion, I wouldn't be surprised if we actually go up to US$ 772 billion which we figured while drawing the road map for US$2 trillion of exports by 2030,” adding that the target of US$ 2 trillion exports by 2030 would also be reset if the data exceeds US$ 772 billion.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
