India’s merchandise exports may range between $470-480 bn in the current financial year FY23 compared to $420 bn in the previous fiscal. Commerce Secretary BVR Subrahmanyam expects the trade deficit which has crossed $100 bn between April to July of the current fiscal, to moderate in the coming months. He believes the country’s trade deficit will not cross the discomfort level.
Talking to reporters, Subrahmanyam said, the trade deficit is likely to moderate in the coming months due to softening of prices of oil and other commodities in the global market. On trade deficit, he further said, “I think in totality we are not going to cross a discomfort level…We are looking at it very closely,” reported PTI.
Further, he said the merchandise export will be $470-480 bn and the services sector is likely to contribute another 280 bn during fiscal 2022-23.
In July, India’s merchandise export stood at $35.24 bn slightly lower from 35.51 bn in the same month last year, while merchandise imports increased by 43.59 percent yoy to $66.26 bn. Following this, India’s trade deficit in July 2022 was $31.02 bn.
In the first four months of FY23 (April – July), the merchandise export $156.41 bn up by 19.35 percent, and merchandise imports stood at $256.43 rising by 48.12 year-on-year. This led trade deficit of $100.01 bn from April -July 2022-23.
Recently, Union Minister of Commerce and Industry, Consumer Affairs, Food, and Public Distribution, and Textiles Piyush Goyal released the ‘Department of Commerce Restructuring Dossier’ at Vanijya Bhawan, New Delhi.
Goyal said the focus on exports has been one of the most defining features of the government’s efforts to make India a developed country by 2047. He said, “We aspire to achieve 2 trillion dollars worth of exports by 2030.”
