Goods exports hit $447 bn in FY23; final data awaited: Piyush Goyal

Services exports likely to see sharper jump, estimated to cross $320 billion in FY23 from $254 billion a year ago

Commerce and industry minister Piyush Goyal said on Tuesday that India's merchandise exports touched $447 billion in FY23, up from $442 billion in FY22, 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.

While India’s EDS sector is small, it is one of the fastest growing markets, with 15.8 per cent CAGR at $5.5 billion in 2020. The key growth drivers include the growth of e-commerce, growing middle class, government support for digitalisation, GST rollout, the focus on logistics sector under the PM Gati Shakti, national logistics policy, and government support for onboarding MSMEs to digital platforms.