Home |Sitemap |FAQs |Contact Us
Product Country
Increase Font Size Decrease Font Size
Menu
Market News
 
Export From India: Boom in exports from India, exports increasing despite global crises.
Jan 23, 2024

Exports from India have increased last year. Despite global crises, exports of goods and services are expected to increase by 0.4 percent to $765.6 billion in the year 2023. If seen on the basis of data, the highest exports were of electronics, pharma, cotton, fabrics, ceramic, meat, dairy, poultry, fruits, vegetables and IT services.
 
Decrease in goods export
According to Commerce Ministry data, goods exports have declined by 4.71 percent last year. In the year 2023, this figure will be 431.9 billion dollars. However, services exports increased by 7.88 percent to $333.8 billion. Apart from this, merchandise import declined by 7 percent to $667.73 billion. Maximum exports from India were made to America, UAE, Netherlands, Bangladesh, Britain and Germany. Exports have been adversely affected due to the Russia-Ukraine war and the ongoing crisis in the Red Sea near Yemen. 
 
Increase in services exports
According to the Commerce Ministry, goods exports have decreased last year. But, due to increase in services exports, total exports have increased. According to the report of Economic Times, the Reserve Bank had released data for the services sector in November, 2023. The Commerce Ministry has made estimates for the data of December 2023. Goods shipment has been adversely affected due to the wars raging across the world. Israel and Hamas have been at war for months. Also, Houthi rebels in Yemen are continuously targeting cargo ships. Due to this, cargo ships have to take a longer route and pass through South Africa. 
 
War will have a negative impact on global trade
According to international business experts, if crises like war continue, it will have a very bad impact on global trade. Economic think tank Global Trade Research Initiative (GTRI) said that India's exports and imports together are expected to decline by 2.6 percent in 2023. It has come to 1609 billion dollars. This figure was 1651.9 billion dollars in 2022. The negative trade balance between exports and imports also reduced to $75.2 billion in 2023. This figure was 141.3 billion dollars in 2022. 
 
Trade deficit in three quarters was 188.02 billion dollars
According to the data of the current financial year, goods exports declined by 5.7 percent to $ 317.12 billion between April and December 2023. During the same period, imports also declined by 7.93 percent to $505.15 billion. The trade deficit in the first three quarters of the current financial year has been $188.02 billion. The trade deficit between April and December 2022 was $212.34 billion.
    
abplive.com

Archive
 

Trade Leads

Directory's

APEDA Agri Exchange

News & Analysis

Contact

  • Agricultural and Processed Food Products Export Development Authority (APEDA)
    (Ministry of Commerce & Industry, Govt. of India)

  • NCUI Building 3, Siri Institutional Area, August Kranti Marg, New Delhi - 110 016
    Phone : 91-11-41486013, 20863919, 20867008, 20867007