The Ministry of Commerce and Industry released the latest trade figures showing that India has shown good growth in export and import in FY 2023. The country exported merchandise and service worth USD 65.15 billion in January 2023 alone, a growth of 14.58 per cent over the same month last year. Indian imports recorded a 0.94 per cent growth closing at USD 66.42 Billion in January.
The exports of non-petroleum and non-gems and jewellery (gold, silver & precious metals) were USD 259.06 Billion in the period April-January 2022-23, while the imports recorded USD 364.29 Billion.
The services export stood at USD 272 Billion in the April-January 2022-23 period. The imports in the same period were USD 150.99 Billion. The ministry also recorded a services trade surplus of USD 121.01 Billion in the same period.
The highest growth in exports between April and January 2023 was witnessed by petroleum products at 54.78 per cent reaching USD 78,576.99 million, followed by electronics at 51.96 per cent or USD 18,778.18 million, and tobacco at 38.71 per cent or USD 1,052.59 million.
