Merchandise exports touch $447 billion, up 6% YoY, says Piyush Goyal

Commerce and industry minister Piyush Goyal said on Tuesday that India’s merchandise exports touched $447 billion in FY23, as compared to $442 billion a year ago, though the final data is awaited.

This would translate into a 6 per cent year-on-year jump in exports. The data is collated, finalised and released by the commerce department on the 15th of each month.

Services exports are expected to surge much higher and are estimated to cross $320 billion in FY23 from $254 billion a year ago.

“The final numbers (exports of goods and services will be closer to $765 billion… I wouldn’t be surprised if we actually go up to $772 billion which we figured while drawing the road map for $2 trillion of exports by 2030,” Goyal said, adding that if the data reaches $772 billion, then the $2 trillion target by 2030 will also be reset.

The minister was speaking at the release of the report titled ‘Express Delivery Services Supporting the Journey towards India@2047’ by ICRIER that suggested that the government should fast-track trade facilitation-related reforms, to give express delivery a level-playing field with general cargo.

The report said that the express delivery service (EDS) industry provides integrated door-to-door transport of documents and products and plays an important role in connecting enterprises, especially small and medium enterprises (SMEs), to the global value chains.