India’s overall exports (Merchandise and Services combined) in March 2023 is estimated to be USD 66.14 Billion, exhibiting a negative growth of (-) 7.53 per cent over March 2022. Overall imports in March 2023 is estimated to be USD 72.18 Billion, exhibiting a negative growth of (-) 7.98 per cent over March 2022.
India’s overall exports (Merchandise and Services combined) in FY 2022-23 (April-March) is estimated to exhibit a positive growth of 13.84 per cent over FY 2021-22 (April-March). As India’s domestic demand has remained steady amidst the global slump, overall imports in FY 2022-23 (April-March) is estimated to exhibit a growth of 17.38 per cent over FY 2021-22 (April-March).
Merchandise exports in March 2023 were USD 38.38 Billion, as compared to USD 44.57 Billion in March 2022. Merchandise imports in March 2023 were USD 58.11 Billion, as compared to USD 63.09 Billion in March 2022.
Merchandise exports for the period FY 2022-23 (April-March) were USD 447.46 Billion as against USD 422.00 Billion during FY 2021-22 (April-March). Merchandise imports for the period FY 2022-23 (April-March) were USD 714.24 Billion as against USD 613.05 Billion during FY 2021-22 (April-March).
The merchandise trade deficit for FY 2022-23 (April-March) was estimated at USD 266.78 Billion as against USD 191.05 Billion during FY 2021-22 (April-March). Non-petroleum and non-gems & jewellery exports in March 2023 were USD 30.20 Billion, compared to USD 30.99 Billion in March 2022.
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in March 2023 were USD 35.60 Billion, compared to USD 37.35 Billion in March 2022.
In spite of strong global headwinds, India’s overall exports is projected to grow at 13.84 percent during FY 2022-23 (April-March) over FY 2021-22 (April-March).
Under merchandise exports, 13 of the 30 key sectors exhibited positive growth in March 2023 as compared to same period last year (March 2022).
Effect of duty withdrawal on Iron Ore is visible on India’s exports of the item which have exhibited positive growth of 6.85 percent during March 2023 over the same month in 2022. Textiles, Plastic & Linoleum exports continued to decline in March 2023 because of subdued demand due to recessionary effects in major economies.
Under merchandise imports, 14 out of 30 key sectors exhibited negative growth in March 2023. These include Silver (-43.64%), Pearls, Precious & Semi-Precious Stones (-11.92%).
Under merchandise imports, 6 of the 30 key sectors exhibited negative growth in FY 2022-23 (April-March) as compared to FY 2021-22 (April-March). These include Gold (-24.15%), Pearls, Precious & Semi-Precious Stones (-0.99%), Silver imports slumped by 43.64 percent from USD 0.12 Billion in March 2022 to USD 0.07 Billion in March 2023.
China’s share in India’s merchandise imports have declined to 13.79% in 2022-23 from 15.43% in 2021-22. Imports of electronic goods from China has seen a decline of around $2 billion in 2022-23 (Apr-Feb) compared to same period last year.
Import share from China in electronic goods has also declined from 48.1% in 2021-22 (Apr-Feb) to 41.9% in 2022-23 (Apr-Feb). A significant fall in share from China seen in imports of fertilizers from 21.9% in 2021-22 (Apr-Feb) to 13.9% in 2022-23 (Apr-Feb) and this accounts for around half a billion fall in imports from China.
Services exports remain strong and projected to grow at 26.79 percent during FY 2022-23 (April-March) over FY 2021-22 (April-March).
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