Last update: Apr 14, 2023, 05:58am IST
The country’s imports also grew by 16.5% to $714 billion in 2022-23 from $613 billion in 2021-22. (Representative image)
Total exports of goods and services during the last fiscal year grew by 13.84 percent to USD 770.18 billion.
The country posting an all-time record for goods and services exports of USD 770 billion despite global economic uncertainties has reflected the resilience of the Indian export sector, according to exporters.
Federation of Indian Export Organizations (FIEO) Chairman A Sakthivel said US$447.47 billion worth of merchandise exports have been mainly due to phenomenal growth in exports of electronics, oil products, oil, along with growth in processed and agricultural foods, marine products, leather goods, clothing, and pharmaceuticals.
He added that approximately 40 percent of incremental GDP in 2022-23 was contributed by exports. The Garment Export Promotion Council (AEPC) said exports hit a new high despite global headwinds and recessionary trends in major markets.
AEPC Chairman Naren Goenka said: “The spectacular performance of exports of goods and services is testament to India’s growing dominance in the emerging global economic order.”
Sanjay Budhia, Chairman of the CII National Committee on EXIM and MD Patton Group, said that India has truly become a trusted partner to the world due to the many transformative reforms undertaken by the government. “The industry is confident that India will scale greater heights and achieve more milestones in the future to become the world’s export hub,” he said.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
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