India’s overall exports cross $750 billion in current fiscal, says Commerce Min Piyush Goyal: A look at India’s exports in FY2022-23

By: Yash Gupte

India’s overall exports from April- February 2022-23 stood at $702.88 billion as compared to $605.01 billion in April- February 2021-22.

India's overall exports have crossed an all-time high of $750 billion, Union Minister of Commerce and Industry Piyush Goyal said on Tuesday, March 28, 2023. Before making this statement at the ASSOCHAM Annual Session 2023, Piyush Goyal marked that the country's goods and services exports are marching ahead to cross $750 billion in the current financial year and talks for expanding rupee trade with certain countries are at an advanced stage. Goyal said that exports last year hit a record high of $676 billion. He said that we are advancing and getting closer to exporting $750 billion worth of goods and services in 2022–2023.

India's merchandise exports during April-February this fiscal have increased to $405.94 billion as against $377.43 billion in the same period last year. Services exports during the 10-month period are estimated at $296.94 billion. India’s overall exports from April- February 2022-23 stood at $702.88 billion as compared to $605.01 billion in April- February 2021-22. Along with exports, the imports also registered an increase from $681.62 billion from April- February 2021-22 to $817.46 billion from April- February 2022-23, taking the trade deficit to $114.58 billion.

According to him, this is a record-breaking accomplishment that comes as the nation celebrates Azadi Ka Amrit Mahotsav as the nation marks its 75th year of independence. Yesterday, Mr. Goyal mentioned that there has been robust growth in both the merchandise and service sectors while speaking at the ASSOCHAM Annual Session 2023 in New Delhi. He added that the G20 presidency has provided India a special opportunity to position itself globally and that businesspersons and the industry must make use of this to promote India's products around the globe.

Though Mr. Piyush Goyal’s optimistic statements about India’s exports crossing the mark of $750 billion in the current fiscal bring hope for a decrease in India’s trade deficit, the trade statistics of February 2023 needs to be looked at. According to the data released by the Ministry of Commerce and Industry, India’s merchandise exports in the month of February 2023 have declined to $33.88 billion from $37.15 billion in February 2022. On the other hand, imports dipped to $65.85 billion in February 2023, down from $68.87 billion in the year-ago period. As a result, the nation's trade deficit for February stood at $2 billion. Talking about January 2023, India’s exports in the month of January 2023 have declined by 6.58 percent from $35.23 billion in the same period last year to $32.91 billion in January 2023. On the other hand, imports dipped by 3.63 percent to $50.66 billion in January 2023, down from 52.57 billion in the year-ago period.

Considering the statements made by Piyush Goyal about India’s exports crossing the mark of $750 billion in the current fiscal, India Tracker takes a look the exports made by the nation in current fiscal year.

Source: Ministry of Commerce and Industry

One thing which needs to be and can be clearly understood from the above chart is that India’s exports per month in the current fiscal year stands at an average of $60 billion. The month of December registered the highest exports of goods and services. December 2022 recorded exports worth $69.32 billion, highest in current financial year followed by June 2022 when the exports were recorded at $69.21 billion. On the other hand, the lowest exports worth $56.97 billion were recorded in the month of October. If we consider the average of exports per month i.e. around $60 billion and if the statement made by the Commerce Minister is to be assessed then India’s total exports in the financial year 2022-23 can definitely cross the mark of $750 billion and the claims made by Mr. Piyush Goyal can be believed.

Making the mathematics crystal here, India’s exports from April- February 2022-23 stands at $702.88 billion. If we take the average of exports worth $60 billion in March, then the country’s total exports would easily cross the mark of $750 billion in the current fiscal year [(Exports from April- February 2022-23 = $702.88 billion) + (average exports worth $60 Billion in March) = total exports from April 2022- March 2023 -$762.88 billion)]. According to a simple calculation made here by taking the average of exports per month in the current financial year, India’s exports in FY 2022-23 may even cross the mark of $760 billion. And taking the worst case into consideration, even if India’s exports in March 2023 dip to $50 billion (below the monthly average of $60 billion), even then the total exports from India in the FY2022-23 can cross the mark of $750 billion.

Taking a look at the figures from the past, it can be said that the exports in March may cross the mark of $60 billion easily as March 2022 had recorded exports worth $71.52 billion. Therefore, it can be concretely said that the statements made by Mr. Piyush Goyal on different occasions about India’s exports are entirely true and India’s exports can definitely cross the mark of $750 billion in the FY 2022-23.