India’s exports up 6 pc to USD 447 billion in 2022-23

India's exports rose by about 6 per cent to a “record” USD 447 billion during 2022-23 on account of healthy growth in the outbound shipments of sectors such as petroleum, pharma and chemicals and marine, Commerce and Industry Minister Piyush Goyal said on Thursday. The country’s imports also grew by 16.5 per cent to USD 714 billion in 2022-23 as against USD 613 billion in 2021-22. He said that the exports of goods and services together scaled “new heights” and has increased by 14 per cent to USD 770 billion in 2022-23 as against 676 billion in 2021-22. The minister told reporters in Rome that India’s services exports too have increased by 27.16 per cent to USD 323 billion in 2022-23 as compared to USD 254 billion in 2021-22. “This is truly a sign of India’s expanding our international footprints,” he added.

#NewExportRecord of $770 Billion in 2022-23 is a tribute to India's economic resilience pic.twitter.com/Wnswww5WR5

— Piyush Goyal (@PiyushGoyal) April 13, 2023

Goyal met the Deputy Prime Minister of Italy, Antonio Tajani and both leaders reviewed the entire gamut of bilateral trade and economic relations. In a statement, the Ministry of Commerce & Industry said, both the ministers exchanged views on how the India-Italy trade & economic partnership can be leveraged for growth across diverse sectors.  Both Ministers further expressed satisfaction at the high growth in bilateral trade between India and Italy, which has reached around US 16 Billion dollars in 2022, and resolved to expand it further.. Goyal informed Tajani about India’s G-20 priorities and invited him to the G20 Trade Ministers meeting in India in August 2023