The country’s services exports are doing “extremely well” and going by the current trend these outbound shipments would register about 20 per cent growth in this fiscal and cross the USD 300 billion target despite global economic uncertainties, Commerce and Industry Minister Piyush Goyal has said.
Healthy Growth In Exports:
Minister Piyush Goyal further said that on the merchandise front also, exports are so far registering healthy growth despite the world being under recession, huge inflationary pressure, and overstocking of various commodities. With all these stress, where every global leader is talking of “very” tough times, India’s exports rose 9 per cent year-on-year during April-December 2022-23.
During April-December 2022-23, overall exports rose 9 per cent to USD 332.76 billion while imports increased 24.96 per cent to USD 551.7 billion.
Widening Trade Deficit:
Trade deficit during the nine-month period widened to USD 218.94 billion as against USD 136.45 billion in April-December 2021-22. In last fiscal year, the country’s merchandise shipments touched an all-time high of USD 422 billion.
India’s exports contracted 12.2 per cent to USD 34.48 billion in December 2022, mainly due to global headwinds, and the trade deficit widened to USD 23.76 billion during the same period. The minister said individual months have seen some ups and downs, but overall the exports sector is doing well so far despite global economic uncertainties.
All time high Services Exports:
According to the data of the commerce ministry, the estimated value of services export in April-December 2022 is USD 235.81 billion as compared to USD 184.65 billion in the year-ago period. In 2021-22, these exports touched an all-time high of USD 254 billion.
IT and ITeS accounts for 40-45 per cent share in the exports. It is followed by travel and tourism, education, and financial services like banking, and accountancy.
Developed countries are contributing maximum share in these exports, he said adding Commonwealth of Independent States (CIS) countries holds huge potential to increase the exports.