Future of exports

The trade data for March was released last week, and the headline news was that merchandise exports declined by 13.9 per cent year on year. On an annual basis, merchandise exports went up by 6 per cent to $447 billion in 2022-23. This somewhat dented the enthusiasm for growth in goods export. The total trade deficit for 2022-23, meanwhile, rose to $122 billion from $83 billion in the previous year. The Union Ministry of Commerce and Industry has said there will be healthy growth in exports, of about 14 per cent, over the year — driven in particular by good numbers for services and for electronic goods exports.