SME Times is powered by   
Search News
Just in:   • Indo-Nepal trade: Let's Wait for the Dust to Settle   • India-US tariff stalemate likely to be resolved in 8-10 weeks: Chief Economic Advisor  • PM Modi-Trump phone call 'moment of bonhomie', says former senior Indian official  • India ready to take relationship with EU to next level: PM Modi to Ursula von der Leyen  • India's efforts to shape sustainable future across region lauded at East Asia Summit event 
Last updated: 28 Feb, 2023  

Exports.9.Thmb.jpg Goods and services exports

exports-new012010.jpg
   Top Stories
» India's contribution to global GDP growth to reach 9 pc by 2035: Govt official
» Centre to help ITIs become AI-driven training centres: FM Sitharaman
» Sensex, Nifty make strong gains amid positive cues after US Fed rate cut
» US Fed decision paves the way for RBI to go for more rate cuts: Analysts
» Piyush Goyal to embark on 2-day UAE visit today
Staff Reporter | 28 Feb, 2023

Merchandise exports fell by 6.58 percent to $32.91 billion in January. This is for the second month in a row that the sector has witnessed decline, with goods exports falling by 12.2 percent Y-o-Y in December, 2022 to $34.5 billion. No doubt, deepening global slowdown is playing spoilsport, but if we look at the figures for the overall fiscal as well as the performance of the goods and services export sectors together, the situation is not that discouraging.

During the April (2022)–January (2023) period, merchandise exports increased by 8.51 percent to $369.25 billion and it is expected that overall goods exports for the current fiscal may reach $440-450 billion. At a time when most of our competing countries are witnessing sharp decline in their exports, these figures seem healthy. Merchandise trade deficit is, however, a concern, with imports increasing 21.89 percent to $602.20 billion during the April-January period.

But our healthy services trade, which registered robust growth of 30 percent till December 2022, is helping us to balance the trade deficit. It is also remarkable that merchandise trade deficit itself is gradually shrinking and fell to a 12-month low of $17.75 billion in January. According to official data, services export in April-January 2022-23 may reach $272 billion as compared to $206.28 billion in the previous year, which is encouraging.

Meanwhile, the Union Commerce Minister last week said that India’s goods and services exports are estimated to reach $1 trillion each by 2030. The merchandise exports sector needs to grow at 8-9.5 percent while the services sector at 16-17 percent to reach that goal, which seems difficult but not impossible. Adequate support from the Centre must always be there, however, to reach the ambitious target.

I invite your opinions.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
₹84.00
₹82.25
UK Pound
₹104.65
₹108.10
Euro
₹92.50
₹89.35
Japanese Yen ₹56.10 ₹54.40
As on 25 Jul, 2025
  Daily Poll
Who do you think will benefit more from the India - UK FTA in the long run?
 Indian businesses & consumers.
 UK businesses & consumers.
 Both will gain equally.
 The impact will be negligible for both.
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter