Indian Economy News

India’s overall exports is projected to grow at 16.18% during April-February 2022-23 over the same period last year (April-February 2021-22), with one month remaining in the current financial year

India's total exports (including both goods and services) are anticipated to reach US$ 63.02 billion in February 2023, representing a gain of 7.81% over the same period last year. The estimated value of all imports in February 2023 is US$ 65.85 billion, representing a contraction of (-) 4.38% from the same time the previous year.

Merchandise exports were US$ 405.94 billion in April-February 2022-23, up from US$ 377.43 billion in April-February 2021-22. The expected value of services exported in February 2023* is US$ 29.15 billion, up from US$ 21.30 billion in February 2022. The expected value of services exported in April-February 2022-23 is US$ 296.94 billion, up from US$ 227.58 billion in April-February 2021-22.

Exports of electronic items increased by 29.85% in February 2023 to US$ 1.93 billion from US$ 1.48 billion in February 2022. Electronic goods exports totalled US$ 20.70 billion from April to February 2022-23, up from US$ 13.84 billion during the same period last year, representing a 49.54% increase. Non-petroleum and non-gems and jewellery exports totalled US$ 284.52 billion in April-February 2022-23, up from US$ 284.45 billion in April-February 2021-22. The impact of duty-free iron ore is evident in India's exports as there is an increase of 51.37% in February 2023 as compared to the same month in 2022.

Merchandise export growth for April-February 2022-23 remains excellent at 7.55% compared to the same period last fiscal year (April-February 2021-22).

Services exports continue strong and are expected to increase by 30.48% from April to February 2022-23 compared to the same period last year (April-February 2021-22).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.