It was beyond the government's target of $750 billion. This figure is higher by $94 billion as compared to FY 22. This has been a praiseworthy success achieved by India at a time when most of the countries have been facing a slowdown in their growth performances. The main success of this record performance can be mainly attributed to the export of services. Sunil Barthwal, Commerce Secretary, Government of India, told the press, "Despite the global headwinds, we have surpassed our 2022-23 target of $750 billion to hit $770.18 billion, which is $94 billion higher than last year's record exports."
Total foreign trade sector in FY23
India's foreign trade is expected to cross the $1.6 trillion mark in FY 23. The thinktank Global Trade Research Initiatives (GTRI) reportedly said that India's foreign trade, that was all kinds of exports and imports combined, would touch 48% of India's nominal GDP of $3.4 trillion for FY23. According to Ajay Srivastav, co-founder, GTRI. "The higher foreign trade is also due to higher trade openness that India had been undertaking as policy."
The merchandise export has been a concern
This story is from the May 1 - 31, 2023 edition of BUSINESS ECONOMICS.
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This story is from the May 1 - 31, 2023 edition of BUSINESS ECONOMICS.
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