New Delhi: A report published by economic think tank, the Global Trade Research Initiative (GTRI) revealed that s foreign trade of India is expected to cross the $1.6 trillion mark this fiscal . This will be 48% of India’s nominal GDP of $3.4 trillion for the fiscal year ending March 2023.
Government data revealed that overall exports of goods and services from the country during April-March 2023 are estimated to reach $755 billion. It witnessed a positive growth of 11.6% over the same period last year (April-March 2022). India’s merchandise exports during the fiscal are likely to increase by about 5% to $442 billion. Similarly, services exports are estimated to grow by 22.6% to $311.9 billion in 2022-23.
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In 2021-22, India’s foreign trade stood at USD 1.43 trillion.
Key sectors which are expected to register healthy growth include basic and processed agriculture products; fish, meat, dairy; petroleum items, chemicals, diamonds, machinery and automobiles. The top export destinations include the US, UAE, the Netherlands, China, Bangladesh, Singapore, the UK, and Germany.
The estimated value of exports of petroleum products and coal this fiscal year would be around $98.2 billion. It will witness an increase of over 41%. The exports of electronics and electrical machinery are expected to grow by about 36% to $27.4 billion.
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