According to a report from the Union Commerce Ministry, India’s overall exports increased 14.57 percent year on year in January 2023 to USD 65.15 billion, up from USD 56.86 billion in January 2022.
Overall exports include both merchandise and services. Furthermore, according to a statement from the Ministry of Commerce and Industry, total imports increased by 0.94 percent in January 2023 to USD 66.42 billion, up from USD 65.80 billion in January 2022.
Merchandise export went down 6.58 per cent to USD 32.91 billion in January 2023, against USD 35.23 billion in January 2022. Merchandise import decreased to USD 50.66 billion as against USD 52.57 billion, according to the statement.
The country’s merchandise trade deficit in January 2023 was USD 17.76 billion, against USD 17.34 billion in January 2022.
During April-January 2022-23, overall export grew 17.33 per cent to USD 641.24, against USD 546.55 billion in April-Jan 2021-22.
Further, according to the statement, during April-January 2022-23, overall imports grew 22.92 per cent to USD 753.19, against USD 612.75 billion in April-Jan 2021-22.
The merchandise export grew 8.51 per cent to USD 369.25 during April-Jan 2022-23, against USD 340.28 billion in April-Jan 2021-22.
During April-January 2022-23, merchandise imports grew 21.89 per cent to USD 602.20 billion as against USD 494.06 billion in April-Jan 2021-22.
