NEW DELHI: Amid global slowdown, India’s overall trade deficit widened to $122 billion in FY23 from $83 billion in the previous year, according to the commerce ministry data. This was despite the overall increase in the exports to $770 billion in the current fiscal from $676 billion in FY22.
“Total exports have exceeded the FY23 target of $750 billion by $20 billion. This is despite the global headwinds that India registered an on year jump of $94 billion in annual trade,” Commerce Secretary Sunil Barthwal said on Thursday during a press briefing.
Overall imports surged by 17.38% to $892.18 billion in FY 23. In March 2023, merchandise exports fell 14% to $38 billion from $44 billion in the same month last year. Merchandise trade deficit during the month rose 6.5% to $20 billion. In FY23, merchandise exports were up 6% to $447.5 billion.
In Merchandise exports, electronic goods (with 50% growth) and petroleum products (40%) posted the sharpest gain in FY23, apart from others like rice, chemicals and drugs & pharmaceutical products. Items that saw a marginal decrease in exports on-year include engineering goods, cotton, plastic and linoleum, iron ore besides gems and jewellery.
Meanwhile, overall imports rose on account of the steep rise in imports of petroleum and crude products, textile, cotton raw and waste, coal, iron and steel etc. Items that registered a slight fall in imports include pulses, medicinal and pharmaceutical products, pearls, precious and semi-precious stones.