Apr 15: Merchandise exports have registered the highest-ever annual exports of USD 447.46 billion with 6.03% growth during FY 2022-23 surpassing the previous year’s (FY 2021-22) record exports of USD 422.00 billion. Services export leads the overall export growth and is projected to set a new record annual value of USD 322.72 billion with a growth rate of 26.79% during FY 2022-23 over FY 2021-22.
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) are estimated to exhibit a growth of 17.38 per cent over FY 2021-22 (April-March).
| Merchandise+Services | Export & Import | 2022-23 (USD in Billion) | 2021-22 (USD in Billion) |
| Merchandise | Exports | 447.46 | 422.00 |
| Imports | 714.24 | 613.05 | |
| Services* | Exports | 322.72 | 254.53 |
| Imports | 177.94 | 147.01 | |
| OverallTrade | Exports | 770.18 | 676.53 |
| Imports | 892.18 | 760.06 | |
| Trade Balance | -122.00 | -83.53 |
