India's Trade to Exceed $800 Billion in 2023, says GTRI

Despite a slowdown in global demand, India's total exports and imports of goods and services are expected to exceed USD 800 billion in the first half of 2023, according to a report released on Aug 21 by think tank GTRI. According to GTRI analysis, exports of goods and services increased by 1.5 percent to USD 385.4 billion in January-June this year, compared to USD 379.5 billion in January-June 2022.

Imports, on the other hand, fell 5.9 percent to USD 415.5 billion in the first six months of this year, compared to USD 441.7 billion in January-June 2022.

"India's foreign trade (exports and imports of goods and services) reached USD 800.9 billion during January-June 2023, a 2.5 percent decrease from the same period last year (January-June 2022)," according to the report.

Separately, goods exports fell by 8.1% to USD 218.7 billion, while imports fell by 8.3% to USD 325.7 billion.

During the same period, services exports increased by 17.7% to USD 166.7 billion, while imports increased by 3.7% to USD 89.8 billion.