India’s total exports (Merchandise and Services combined) are anticipated to be US$ 60.29 billion in May 2023. Services exports are expected to be worth US$ 25.30 billion in May 2023, while merchandise exports are worth US$ 34.98 billion. In April-May 2023, merchandise exports stood at US$ 69.72 billion, while services exports were worth US$ 51.14 billion.
Under merchandise exports, 13 of the 30 important sectors showed positive growth in May 2023 when compared to the same period last year (May 2022). These 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%).
Non-petroleum and non-gems and jewellery exports were estimated at US$ 52.04 billion in April-May 2023. Electronic goods exports climbed by 73.96% in May 2023 to US$ 2.42 billion, as compared to US$ 1.39 billion in May 2022.
Electronic goods exports were US$ 4.54 billion in April-May 2023, up 48.06% from US$ 3.06 billion in April-May 2022. Enabling policies that encourage more investment in electronics, mobile manufacturing, medicines, and other industries has resulted in a noticeable growth in these areas.
The impact of duty withdrawal on Iron Ore is evident in India’s exports which increased by 48.26% in May 2023 as compared to the same month in 2022. In terms of merchandise exports, 13 of the 30 important sectors grew in April-May 2023 as compared to April-May 2022.
These are 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%). Agricultural exports have been solid, showing optimistic growth.
