Image Source : FREEPIK Cargo shipping
India’s exports of goods and services marginally rose by 0.4 per cent, reaching USD 765.6 billion, despite global economic uncertainties, as per data from the commerce ministry.
Key contributing sectors included electronics, pharmaceuticals, cotton yarn, fabrics, ceramics, meat, dairy, poultry products, fruits, vegetables, and information technology.
Goods exports for the year contracted by 4.71 per cent to USD 431.9 billion, while services exports are estimated to have risen by 7.88 per cent to USD 333.8 billion. Merchandise imports decreased by 7 per cent to USD 667.73 billion in 2023.
The US, UAE, Netherlands, Bangladesh, UK, and Germany were the main export destinations for India. Ongoing geopolitical challenges such as the Russia-Ukraine war, the Israel-Hamas conflict, and the Red Sea trade route crisis have impacted goods shipments, potentially affecting global trade.
According to the Global Trade Research Initiative (GTRI), India’s exports and imports decreased by 2.6 per cent to USD 1,609 billion in 2023 compared to USD 1651.9 billion in 2022, leading to a reduced negative trade balance of USD 75.2 billion in 2023 from USD 141.3 billion in 2022.
Data for April-December 2023 shows a 5.7 per cent decline in goods exports to USD 317.12 billion, a 7.93 per cent contraction in imports to USD 505.15 billion, resulting in a trade deficit of USD 188.02 billion.
(With PTI inputs)
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