Indian goods and services exports have surpassed USD 750 billion for the first time, according to Union Commerce & Industry Minister Piyush Goyal, who spoke at an event on Tuesday.
The country's products and services exports hit an all-time high of USD 422 billion and USD 254 billion, respectively, in 2021-22, bringing total shipments to USD 676 billion.
"Obviously, services are growing considerably quicker, but growth in both (merchandise and services exports) is positive... "We will probably end the year with around USD 760 billion in exports, if not more," Goyal told reporters.
Exports decreased 8.82 percent year on year in February, while imports plummeted 8.21 percent – the largest reduction in more than two years, according to
import export data. Analysts have highlighted concerns in recent months about declining exports as a result of recessionary fears and sluggish global demand.
Exports fell 8.8 percent to USD 33.88 billion in February 2023, compared to USD 37.15 billion in the same month the previous year. Imports fell for the third month in a row in February, totaling USD 51.31 billion, an 8.21% decrease from USD 55.9 billion the previous year.
Slowing core exports and imports point to a weakening of global and domestic demand," said Madhavi Arora, an analyst with Emkay Global Financial Services Ltd. Arora, on the other hand, reduced her current account deficit prediction for the fiscal year ending March to 2.5% of GDP from 2.6% previously, citing strong service exports in recent months.
Source- Economic Times
