Import/Export | News & Insights

Exports Expected to Reach Last Year’s Levels Despite Contraction

Published: January 6, 2024

India’s Commerce and Industry Minister, Piyush Goyal, announced that the country’s merchandise exports for this financial year are projected to touch the previous year’s levels despite a year-on-year contraction of 6.5% in the first eight months and a slowdown in global trade. 

Goyal expressed confidence in India’s ability to maintain its export figures and strengthen its domestic capacities to achieve faster growth in the future.

In 2022-23, India’s exports of goods and services increased to $776 billion from $500 billion two years ago. However, merchandise exports for FY 23 stood at $451 billion, and in the first eight months of this fiscal year, they have contracted by 6.51%, standing at $278.8 billion. On the other hand, services exports during this period reached $220.66 billion, marking a 5.93% increase.

Speaking at the One District One Product (ODOP) awards and Aatmanirbhar Utsav, Goyal emphasised the collaborative efforts of the foreign affairs and commerce ministries in boosting exports. The awards were presented by External Affairs Minister S Jaishankar, who emphasised the interconnectedness of foreign policy, foreign economic policy, and foreign commerce policy. He acknowledged the close cooperation between the commerce and external affairs ministries, which has positively impacted India’s export performance over the past two years.

Goyal also clarified that India’s focus on self-reliance, known as “Aatmanirbhar Bharat,” does not imply a complete halt in imports. He stated that importing goods is permitted when necessary. Furthermore, Goyal expressed optimism that the country’s economy would reach $4 trillion before the upcoming general elections.

Jaishankar highlighted the potential of the ODOP initiative in driving tourism sector growth and employment generation. The initiative aims to select, brand, and promote one product from each Indian district to create sustainable district-level employment and foster socio-economic development

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