India's Goods and Services Exports for CY 2023 comes at $765.6 Bn

 

According to Commerce Ministry data, India's Goods and Services Exports for CY 2023 comes at $765.6 Bn, 0.4% higher as compared to previous CY 2022.

The Goods exports in CY 2023 declined by 4.71% to $431.9 Bn whereas Goods imports declined by 7% to $667.73 Bn.

For CY 2022, Goods imports were at $720.2 Bn.

The Services exports in CY 2023 are estimated (because latest print for services data from RBI is upto November 2023) to have risen by 7.88% to $333.8 Bn.

The major Export destinations for India includes the US, the UAE, the Netherlands, Bangladesh, the UK and Germany.

According to research group Global Trade Research Initiative(GTRI), the sum of India's Exports and Imports for CY 2023 is $1609 Bn., a decline of 2.6% compared to $1651.9 Bn. USD in CY 2022.

Further, trade deficit for CY 2023 comes at $75.2 Bn., a decline from $141.3 Bn in CY 2022.

Analysing the above data, it can be inferred that, the decline in trade deficit resulted from higher quantum of decline in imports as compared to decline in exports rather than increase in exports.

Although, India has set a target to reach $2 Trillion exports by 2030.