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The commerce ministry in its data has showed that India’s exports of goods and services rose marginally by 0.4 per cent to $765.6 billion in 2023 despite global economic uncertainties. Of the total, goods exports in the last calendar year contracted by 4.71 per cent to $431.9 billion, while services exports are estimated to have risen by 7.88 per cent to $333.8 billion. The latest data for the services sector released by the RBI is for November 2023. The data for December 2023 is an estimation by the ministry.

Sectors which helped keep India's exports afloat include electronics, pharmaceuticals, cotton yarn, fabrics and made-ups; ceramic products, meat, dairy and poultry products, fruits and vegetables and information technology. The main export destinations for India are the US, the UAE, the Netherlands, Bangladesh, the UK and Germany. Goods shipments are impacted due to the Russia-Ukraine war, the Israel-Hamas conflict and the Red Sea trade route crisis due to attacks by Yemen-based Houthis on cargo ships.

The merchandise imports also dipped by 7 per cent to $667.73 billion in 2023 as against $720.2 billion in 2022. Meanwhile, the data for the current fiscal shows that the goods exports during April-December 2023 dipped by 5.7 per cent to $317.12 billion. Imports contracted by 7.93 per cent to $505.15 billion, leaving a trade deficit of $188.02 billion in the first three quarters as against $212.34 billion in April-December 2022.