Country’s Overall Exports Register Growth of 13.84 % in FY 2022-23

New Delhi: The country’s overall exports are projected to scale new heights in the financial year 2022-23 registering a growth of 13.84 percent over the financial year 2021-22.

It is estimated to achieve 770.18 US billion dollars worth of exports in the last financial year despite the global headwinds and steady domestic demand. India’s overall export was over 676 US billion dollars in the fiscal year 2021-22.

According to the Ministry of Commerce and Industry, merchandise exports have registered the highest ever annual exports of over 447 US billion dollars with over six percent growth during the financial year 2022-23.

The Ministry said, services exports lead the overall export growth and are projected to set a new record worth of 322.72 billion US dollars with a growth rate of 26.79 percent during the last financial year.

The Ministry has informed that China’s share in the country’s merchandise imports has declined to 13.79 percent in the financial year 2022-23 from 15.43 percent in 2021-22.

Imports of electronic goods from China have also seen a declining trend of around two billion US dollars in 2022-23 compared to the financial year 2021-22. Import from China in terms of electronic goods has also declined from 48.1 percent in 2021-22 to 41.9 percent in 2022-23.export