Overall exports likely to touch $755 bn in FY23: Report

New Delhi, Apr 3 (KNN) India's overall exports of goods and services during April-March 2023 are estimated to reach USD755 billion, exhibiting a positive growth of 11.6 per cent over the same period last year, economic think tank GTRI said in a report.

The report said that India's merchandise exports during the fiscal are likely to increase by about 5 per cent to USD 442 billion.

“Similarly, services exports are estimated to grow by 22.6 per cent to USD 311.9 billion in 2022-23,” it said.

GTRI also estimates India’s foreign trade to cross the USD 1.6 trillion mark this fiscal despite global economic uncertainties.

The foreign trade is likely to be 48 per cent of India's nominal GDP of USD 3.4 trillion for the fiscal year ending March 2023.

The higher trade-to-GDP ratio also speaks of high trade openness which the country practices, GTRI co-founder Ajay Srivastava said.

Key sectors which are expected to register healthy growth include basic and processed agriculture products, fish, meat, dairy, petroleum items, chemicals, diamonds, machinery and automobiles.

The top export destinations of India include the US, UAE, the Netherlands, China, Bangladesh, Singapore, the UK and Germany.  (KNN Bureau)