Merchandise exports fell 13.88 percent in March, total annual exports crossed $ 770 billion
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New Delhi (Best Hindu News): Merchandise exports from India declined by 13.88 per cent year-on-year to $38.38 billion in March 2023 amid uncertainties in the global market. Whereas in the same month last year, there was an export of $ 44.57 billion.
India’s total exports (goods and services) grew by 13.84 per cent year-on-year to $770.18 billion in the last financial year ending March 2023 from $676.53 billion in the financial year 2021-22.
This decline in exports in the month of March reflects the slowdown environment and weakness of demand in the economies of major developed countries.
According to the data released today by the Ministry of Commerce, total merchandise imports in March 2023 stood at $58.11 billion. In this way, in the month of March, the trade deficit ie the surplus of imports compared to exports remained equal to 19.73 billion dollars.
According to the latest data released by the Department of Commerce, the country’s goods exports in the financial year 2022-23 increased by 6.03 percent to $ 447.46 billion, while in the year 2021-22 exports were $ 422 billion.
Services exports are also set to grow by 27.16 per cent to $323 billion in FY 2022-23, as against $254 in FY 2221-22.
Commerce Secretary Sunil Barthwal said on April 13 that total exports have increased to $770 billion in the financial year 2022-23, surpassing the annual target set by the government.
Mr. Barthwal told reporters here that the total export target for the financial year 2022-23 was $750 billion. Thus the achievement was higher by about $20 billion.
In the previous financial year, India had exported a total of $ 676 billion worth of goods and services.
The commerce secretary said that despite the bearish conditions in the global market and headwinds, India registered a year-on-year jump of $94 billion in total exports during the last financial year.
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