<p>India’s merchandise trade deficit widened to $266.78 billion in the financial year ended March 2023 as against $191.05 billion in the previous year as import bills surged due to elevated prices of petroleum products while exports remained sluggish amid global headwinds.</p>.<p>Merchandise exports increased to $447.46 billion in 2022-23 as against $422 billion recorded in the previous year, registering a growth of 6.03 per cent, as per data released by the Ministry of Commerce and Industry.</p>.<p>Imports rose at a sharper pace due to elevated prices of petroleum products, coal, and transport equipments. The value of merchandise imports surged to $714.24 billion in 2022-23 as against $613.05 billion in the previous year, registering a growth of 17.38 per cent.</p>.<p><strong>Read | <a data-ved="2ahUKEwiY7fr_maf-AhU14DgGHa7iB3oQFnoECAwQAQ" href="https://www.deccanherald.com/business/economy-business/march-retail-inflation-eases-below-rbis-upper-tolerance-level-1208913.html">March retail inflation eases below RBI's upper tolerance level</a></strong></p>.<p>The sharp jump in imports led to a 39.63 per cent increase in trade deficit when compared with the previous year.</p>.<p>In March, India’s exports slumped by 13.9 per cent year-on-year to $38.38 billion as compared to $44.57 billion recorded in the same month last year, while imports declined by 7.9 per cent year-on-year to $58.11 billion.</p>.<p>“The impact of economic slowdown in major advanced economies has been visible in global trade,” said EEPC India chairman Arun Kumar Garodia.<br />“However, India has still managed to minimise the impact by taking several policy measures such as expanding the rupee trade, roll-back of export duty on specified steel products, and easing procedures,” he said.</p>.<p>India’s overall exports (merchandise and services combined) rose by 13.84 per cent year-on-year to $770.18 billion in 2022-23. Overall imports rose at a sharper pace of 17.38 per cent to $892.18 billion. India’s overall trade deficit widened to $122 billion in 2022-23 as against $83.53 billion in the previous year.</p>.<p>The overall exports during the year is higher than the government’s target of $750 billion. “Despite global headwinds, we have not only achieved the target but also surpassed it,” said Commerce Secretary Sunil Barthwal.</p>.<p>Imports from Russia surged by 396.44 per cent in 2022-23 as India aggressively bought Russian oil available at a discount after the US and other western countries imposed sanctions on Moscow.</p>.<p>China's share in overall India's merchandise imports declined to 13.79 per cent in 2022-23 from 15.43 per cent in 2021-22. Imports of electronic goods from China declined by around $2 billion in 2022-23 when compared with the previous year.</p>.<p>In services trade, India enjoys surplus. Services trade surplus rose to $144.78 billion in 2022-23 from $107.52 billion in 2021-22.</p>
<p>India’s merchandise trade deficit widened to $266.78 billion in the financial year ended March 2023 as against $191.05 billion in the previous year as import bills surged due to elevated prices of petroleum products while exports remained sluggish amid global headwinds.</p>.<p>Merchandise exports increased to $447.46 billion in 2022-23 as against $422 billion recorded in the previous year, registering a growth of 6.03 per cent, as per data released by the Ministry of Commerce and Industry.</p>.<p>Imports rose at a sharper pace due to elevated prices of petroleum products, coal, and transport equipments. The value of merchandise imports surged to $714.24 billion in 2022-23 as against $613.05 billion in the previous year, registering a growth of 17.38 per cent.</p>.<p><strong>Read | <a data-ved="2ahUKEwiY7fr_maf-AhU14DgGHa7iB3oQFnoECAwQAQ" href="https://www.deccanherald.com/business/economy-business/march-retail-inflation-eases-below-rbis-upper-tolerance-level-1208913.html">March retail inflation eases below RBI's upper tolerance level</a></strong></p>.<p>The sharp jump in imports led to a 39.63 per cent increase in trade deficit when compared with the previous year.</p>.<p>In March, India’s exports slumped by 13.9 per cent year-on-year to $38.38 billion as compared to $44.57 billion recorded in the same month last year, while imports declined by 7.9 per cent year-on-year to $58.11 billion.</p>.<p>“The impact of economic slowdown in major advanced economies has been visible in global trade,” said EEPC India chairman Arun Kumar Garodia.<br />“However, India has still managed to minimise the impact by taking several policy measures such as expanding the rupee trade, roll-back of export duty on specified steel products, and easing procedures,” he said.</p>.<p>India’s overall exports (merchandise and services combined) rose by 13.84 per cent year-on-year to $770.18 billion in 2022-23. Overall imports rose at a sharper pace of 17.38 per cent to $892.18 billion. India’s overall trade deficit widened to $122 billion in 2022-23 as against $83.53 billion in the previous year.</p>.<p>The overall exports during the year is higher than the government’s target of $750 billion. “Despite global headwinds, we have not only achieved the target but also surpassed it,” said Commerce Secretary Sunil Barthwal.</p>.<p>Imports from Russia surged by 396.44 per cent in 2022-23 as India aggressively bought Russian oil available at a discount after the US and other western countries imposed sanctions on Moscow.</p>.<p>China's share in overall India's merchandise imports declined to 13.79 per cent in 2022-23 from 15.43 per cent in 2021-22. Imports of electronic goods from China declined by around $2 billion in 2022-23 when compared with the previous year.</p>.<p>In services trade, India enjoys surplus. Services trade surplus rose to $144.78 billion in 2022-23 from $107.52 billion in 2021-22.</p>
