Goods Export Hit $447Bn In FY23;Final Data Awaited

India's merchandise exports reached $447 billion in FY23, up from $442 billion the previous year, according to commerce and industry minister Piyush Goyal, though the official data is still pending. Exports would increase by 6% on a yearly basis as a result. The commerce department compiles, polishes, and releases the statistics on the fifteenth of every month. Exports of services are predicted to more than double, from $254 billion in FY22 to over $320 billion in FY23. "The ultimate figures (goods and service exports will be around $765 billion... I wouldn't be surprised if the $772 billion amount we projected while creating the road map for $2 trillion in exports by 2030 came to pass. "Goyal added, adding that the $2 trillion aim by 2030 will also be reset if the data exceeds $772 billion. The minister was speaking at the publication of the ICRIER report titled "Express Delivery Services Supporting the Journey towards India@2047," which recommended that the government speed up reforms related to trade facilitation in order to level the playing field for express delivery and general cargo. According to the report, the express delivery service (EDS) sector offers integrated door-to-door delivery of products and documents and is crucial in tying businesses, particularly small and medium-sized enterprises (SMEs), to global value chains. Although being a tiny market, India's EDS industry is one of the fastest growing, with a 15.8% CAGR expected to reach $5.5 billion in 2020. The essential The expansion of e-commerce, the rise of the middle class, government support for digitization, the implementation of the Goods and Services Tax, the focus on the logistics industry under PM Gati Shakti, the national logistics policy, and government assistance for MSMEs' onboarding onto digital platforms are all growth drivers.