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 India's merchandise trade deficit in March 2023 stood at $19.73 billion, which was higher than $17.43 billion recorded in the previous month, according to government data released on Thursday.

India's exports rose 6 per cent to $447 billion in 2022-23 as against $422 billion in 2021-22 on account of healthy growth in the outbound shipments of sectors such as petroleum, pharma and chemicals and marine products.

India's overall exports of goods and services rose to $770 billion in 2022-23, showing a growth of 14 per cent over the corresponding fiscal and crossing government's annual target.

In 2021-22, the exports were $676 billion.

Commerce Secretary Sunil Barthwal while sharing the trade figures on Thursday, said that the trade target for 2022-23 was $750 billion, which has been exceeded by around $20 billion.

Despite recessionary conditions and head winds, India recorded an on-year jump of $94 billion in annual trade, the commerce secretary added.

Country's imports in overall trade grew by 17.38 per cent in 2022-23, as per commerce ministry data.

Rise in imports was mainly due to a larger inflow of crude products, including petroleum.

A rise in imports of coal, coke, briquettes and transport equipment was also seen during the year under review.

Imports from Russia grew at a rate of 396.44 per cent, owing to the surge in petroleum imports.