According to government statistics, India’s merchandise trade deficit in March 2023 was $19.73 billion, up from $17.43 billion in the preceding month. India’s exports increased by 6% to $447 billion in 2022–23 from $422 billion in 2021–22, thanks to robust development in the outbound shipments of industries including petroleum, pharmaceuticals, chemicals, and marine products.
India's total exports of goods and services reached $770 billion in 2022–23, up 14% from the prior fiscal year and exceeding the government’s yearly objective.
The exports in 2021–22 totalled $676 billion.
The trade objective for 2022–23 was $750 billion, which has been exceeded by about $20 billion, according to Commerce Secretary Sunil Barthwal, who shared the trade statistics on Thursday.
India’s yearly trade increased by $94 billion year over year despite the recession and headwinds, the commerce secretary added.