The projected value of India’s total exports, combining both merchandise and services, is expected to reach US$60.29 billion in May 2023. Specifically, services exports are estimated to be worth US$25.30 billion, while merchandise exports are valued at US$34.98 billion. During the period of April-May 2023, merchandise exports accounted for US$69.72 billion, while services exports reached US$51.14 billion.
Among the merchandise exports, 13 out of the 30 key sectors exhibited positive growth in May 2023 compared to the same period in May 2022. These sectors include Electronic Goods (73.96%), Other Cereals (67.96%), Oil Meals (52.91%), Spices (49.84%), Iron Ore (48.26%), Oil Seeds (25.02%), Fruits & Vegetables (19.91%), Ceramic Products & Glassware (17.36%), Rice (14.27%), Tea (8.81%), Cashew (2.81%), Coffee (1.71%), and Drugs & Pharmaceuticals (0.78%).
In April-May 2023, non-petroleum and non-gems and jewellery exports reached US$52.04 billion. Notably, the export of Electronic Goods experienced significant growth, rising by 73.96% in May 2023 to reach US$2.42 billion, compared to US$1.39 billion in May 2022. Similarly, during April-May 2023, electronic goods exports amounted to US$4.54 billion, reflecting a 48.06% increase from US$3.06 billion in the corresponding period of the previous year. This growth can be attributed to favorable policies that encourage investment in the electronics, mobile manufacturing, pharmaceuticals, and other industries.
The impact of duty withdrawal on Iron Ore exports is evident, as it recorded a substantial growth of 48.26% in May 2023 compared to the same month in 2022.
In terms of merchandise exports, 13 out of the 30 important sectors demonstrated growth in April-May 2023 compared to April-May 2022. These sectors include Oil Meals (74.33%), Electronic Goods (48.06%), Spices (31.81%), Oil Seeds (20.94%), Rice (19%), Ceramic Products & Glassware (17.29%), Fruits & Vegetables (14.13%), Other Cereals (10.43%), Iron Ore (5.24%), Drugs & Pharmaceuticals (5.11%), Tea (3.03%), Coffee (2.98%), and Tobacco (2.01%). Overall, agricultural exports have shown promising growth, contributing to the positive outlook for the sector.
In conclusion, India’s exports continue to demonstrate resilience and growth in various sectors, with electronic goods, spices, agricultural products, and pharmaceuticals leading the way. Favorable policies and investment initiatives have played a significant role in stimulating these sectors, contributing to the overall expansion of India’s export market.
