While India's overall exports of goods and services rose to $770 billion in 2022-23, showing a growth of 14 per cent, March goods exports declined 13.9% to $38.38 billion and imports declined 7.9% to $58.11 billion.
In March 2022, goods exports were $ 44.57 billion and imports were $ 63 billion.
According to reports, the pace of contraction sharpened for exports in March due to the global demand slump and trade headwinds have started to take a toll on India’s foreign trade.
Commerce and industry minister Piyush Goyal, who was on a visit to France and Italy from April 11-13, told reporters in Rome on Thursday that India’s exports of goods and services together had scaled “new heights” and increased by 14% to $770 billion in 2022-23 as against $676 billion in 2021-22. The overall imports of goods and services touched $892 billion in the last fiscal, the minister said, adding that it reflects that the country’s economic activities are growing and that has supported the exports.