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The commerce ministry in its latest data has showed that India’s merchandise exports fell 13.89 per cent to $38.38 billion in March 2023 as compared to $44.57 billion in March 2022. Imports too declined to $58.11 billion in the month under review from $63 billion a year ago. The trade deficit during March stood at $19.73 billion.

However, data indicated that the country’s merchandise exports rose by about 6 per cent to a record $447.46 billion during FY 2022-23 as against $422.00 billion during FY 2021-22, on account of healthy growth in the outbound shipments from sectors like petroleum, pharma and chemicals. The country's imports in 2022-23 grew by 16.5 per cent to $714.24 billion compared to $613 billion in 2021-22. The merchandise trade deficit for the last fiscal was estimated at $266.78 billion against $191.05 billion in 2021-22.

According to the data, non-petroleum and non-gems & jewellery exports in March 2023 were $30.20 billion, compared to $30.99 billion in March 2022. Non-petroleum and non-gems & jewellery exports during FY 2022-23 (April-March) were $314.98 billion, as compared to $315.43 billion in FY 2021-22 (April-March). Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in March 2023 were $35.60 billion, compared to $37.35 billion in March 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $433.65 billion in FY 2022-23 as compared to $370.79 billion in FY 2021-22.