India’s overall exports cross all time high of 750 Billion US dollars

Tags: Economy/Finance National News

Commerce and Industry Minister Piyush Goyal has said on March 28 that India's total exports have crossed US$ 750 billion which is the highest ever and this achievement has come in the 75th year of independence.

An overview of the news

• In 2021-22, the country's goods and services exports reached an all-time high of US$ 422 billion and US$ 254 billion, respectively, taking total shipments to US$ 676 billion.

• Exports fell by 8.82 per cent in February 2022, while imports fell by 8.21 per cent, the biggest decline in more than two years.

• Experts have expressed concern over the slowdown in exports due to recession concerns and weak global demand.

• Exports declined by 8.8 per cent to $33.88 billion in February 2023 from $37.15 billion in February 2022.

• Imports also declined for the third consecutive month in February at $51.31 billion, down 8.21 per cent from $55.9 billion a year ago.

• The country's trade deficit in February stood at $17.43 billion.