According to Commerce and Industry Minister Piyush Goyal, the country’s service exports are performing “very well.” Based on the present trajectory, these outbound shipments would expand by roughly 20% this fiscal year and surpass the USD 300 billion mark.
Minister Piyush Goyal said that despite the global crisis, extreme inflationary pressure, and oversupply of several goods, exports are now showing robust growth. India’s exports increased 9% year over year between April and December 2022–23 despite all the pressure and the fact that every world leader is referring to “extremely” difficult circumstances.
Overall exports gained 9% to USD 332.76 billion between April and December 2022–2023, while imports jumped 24.96% to USD 551.7 billion. In comparison to the nine-month period from April to December 2021–2022, the trade deficit increased to USD 218.94 billion. The nation’s exports of goods reached an all-time high of USD 422 billion during the previous fiscal year.
Due mostly to global headwinds, India’s exports decreased 12.2% to USD 34.48 billion in December 2022, while the trade deficit increased to USD 23.76 billion over the same time.
Although there have been some ups and downs in specific months, according to the minister, the exports industry has been performing well so far despite general economic uncertainty.
According to commerce ministry statistics, the expected value of services export in April-December 2022 is USD 235.81 billion, up from USD 184.65 billion in the previous year. Their exports will reach an all-time high of USD 254 billion in 2021-22.
IT and ITeS contribute for 40-45 percent of exports. Travel and tourism are followed by education and financial services such as banking and accounting.
He stated that developed nations contribute the majority of these exports, but Commonwealth of Independent States (CIS) countries have enormous potential to grow exports.