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According to data released by the Ministry of Commerce, India’s overall exports (merchandise and services combined) in April 2023 is estimated to be USD 65.02 billion, exhibiting a positive growth of 2.00 per cent over April 2022. Overall imports in April 2023 is estimated to be USD 66.40 billion, a negative growth of (-) 7.92 per cent over April 2022.
MERCHANDISE TRADE
- Merchandise exports in April 2023 were USD 34.66 billion, as compared to USD 39.70 billion in April 2022.
- Merchandise imports in April 2023 were USD 49.90 billion, as compared to USD 58.06 billion in April 2022.
- Non-petroleum and non-gems & jewellery exports in April 2023 were USD 25.76 billion, compared to USD 28.37 billion in April 2022.
- Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April 2023 were USD 31.49 billion, compared to USD 36.00 billion in April 2022.
SERVICES TRADE
- The estimated value of services export for April 2023 is USD 30.36 billion, as compared to USD 24.05 billion in April 2022.
- The estimated value of services import for April 2023 is USD 16.50 billion as compared to USD 14.06 billion in April 2022
- Riding on the high exports base of April 2022 India’s overall exports is projected to grow at 2 percent during April 2023.
- Under merchandise exports, 11 of the 30 key sectors exhibited positive growth in April 2023 as compared to the same period last year (April 2022). These include Oil Meals (95.14%), Electronic Goods (26.49%), Rice (24.01%), Oil Seeds (18.01%), Ceramic Products & Glassware (17.21%), Spices (14.44%), Drugs & Pharmaceuticals (10.45%), Fruits & Vegetables (9.96%), Tobacco (6.28%), Coffee (4.17%) and Cereal Preparations & Miscellaneous Processed Items (2.03%).
- Exports of Electronic goods increased by 26.49 percent during April 2023 at USD 2.11 billion as compared to USD 1.67 billion in April 2022.
- Textiles, Plastic & Linoleum exports continued to decline in April 2023 because of subdued demand due to recessionary effects in major economies.
- Under merchandise imports, 23 out of 30 key sectors exhibited negative growth in April 2023.
- Services exports remain robust and projected to grow at 26.24 percent during April 2023 over April 2022.
