NEW DELHI: The country’s exports of goods and services rose marginally by 0.4 per cent to USD 765.6 billion in 2023 despite global economic uncertainties, according to the commerce ministry data.
Sectors which helped keep India’s exports afloat include electronics, pharmaceuticals, cotton yarn, fabrics and made-ups; ceramic products, meat, dairy and poultry products, fruits and vegetables and information technology.
Goods exports in the last calendar year, however, contracted by 4.71 per cent to USD 431.9 billion while services exports are estimated to have risen by 7.88 per cent to USD 333.8 billion, the data showed.
The merchandise imports also dipped by 7 per cent to USD 667.73 billion last year as against USD 720.2 billion in 2022. The latest data for the services sector released by the RBI is for November 2023. The data for December 2023 is an estimation by the ministry.
The main export destinations for India are the US, the UAE, the Netherlands, Bangladesh, the UK and Germany. Goods shipments are impacted due to the Russia-Ukraine war, the Israel-Hamas conflict and the Red Sea trade route crisis due to attacks by Yemen-based Houthis on cargo ships.
Economic think-tank Global Trade Research Initiative said that India’s exports and imports have dipped by 2.6 per cent to USD 1609 billion in 2023 compared to USD 1651.9 billion in 2022.
With inputs from PTI.
The post India’s Goods & Services Exports Rise By .4 Per Cent first appeared on Latest India news, analysis and reports on IPA Newspack.
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