According to figures from the Commerce Ministry, India’s goods exports for 2022–2023 increased dramatically from initial projections to roughly $451 billion, representing a 6.9% year–on–year gain. Exports for March also increased significantly to a nine-month high of $41.9 billion.

Exports were first estimated to have decreased by a whopping 13.9% in March to $38.38 billion, but revised data only show a 6% reduction. Following June’s $42.3 billion in exports, March 2022–2023 was just the second month to surpass the $40 billion threshold.

However, despite a 16.5% increase from 2021–22, the total import bill for 2022–23 stayed essentially similar at $714.04 billion, down from the previous estimate of $714.24 billion. March’s import growth was essentially offset by a $1.7 billion decline in exports. Correction to the import total for November 2022, which was originally estimated at $58.2 billion but was then reduced to $56.95 billion after an upward revision of $500 million.