IGI Logo

Commerce and Industry Minister Piyush Goyal has exuded confidence that during this fiscal (FY24), the country will maintain the last year's export figures despite slowdown in global trade. He said that India's exports of goods and services rose to $776 billion in 2022-23 from $500 billion two years ago.

He stated ‘Globally growth has been negative, international trade is in the negative territory, estimates are that this year international trade may fall, and in that perspective after having grown so rapidly we are looking at a phase of consolidation and I expect that the current year, we will maintain our figures of last year and strengthen our processes and our domestic capacities, capabilities to be able to grow at much faster rates in the years to come.’

Cumulatively, the country's merchandise exports in April-November 2023-24 contracted by 6.51 per cent to $278.8 billion. The estimated value of services export during the eight-month period stood at $220.66 billion. Further, he added that both the foreign affairs and commerce ministries are working together to boost exports.