Quick edit: Export March
1 min read . Updated: 13 Apr 2023, 11:35 PM IST
PremiumTaken together, our exports reached roughly $770 billion, as declared by the government, up from $676 billion in 2021-22
India’s latest exports figures are a relief, given the state of world demand. Goods exports in 2022-23 rose 6% to set a new record of almost $447.5 billion, while services exports grew 27% to $323 billion. Although merchandise shipments lagged, that we recorded a rise at all amid global headwinds can be considered an accomplishment. Taken together, our exports reached roughly $770 billion, as declared by the government, up from $676 billion in 2021-22. The numbers follow the recent release of a new foreign trade policy, which has no end date so that it can be adapted to shifting realities and features multiple measures to ease and promote exports without falling foul of World Trade Organization rules. It aims for $2 trillion in total exports by 2030, split equally between services and goods. A big question that’s left unanswered is how shifting currents of world trade, with storm clouds of de-globalization in the air, could get in the way of our ambitions. Another is whether India’s Atmanirbhar thrust will keep tariffs too high to foster wide enough competitiveness. Our trade alliances have been slow and defensive, but let’s hope we make up for lost time as we look west instead of east.