Services exports have shown robust growth of 30 per cent till December: Commerce Secy Sunil Barthwal
Feb 15, 2023
New Delhi [India], February 15 : Commerce Secretary Sunil Barthwal on Wednesday said, "Services exports have shown a robust growth of 30 per cent till December 2022."
"The overall export growth in the current financial year is about 17.33 per cent. The main engine behind this export growth is the Services sector, which has been growing at a historically high growth rate of about 30 per cent. Merchandise exports are also cumulatively growing at 8.5 per cent. We are optimistic that this growth momentum would continue despite strong global headwinds," Secretary Commerce Sunil Barthwal said on Wednesday during a press conference in New Delhi.
According to a statement from the ministry of commerce and industry, the travel sector has shown significant recovery during April-September 2022 with growth of 180 per cent, according to the ministry of commerce and industry.
"While IT/IT-enabled services and business services have maintained their robust growth, transportation and financial services exports have grown at more than 35 per cent during April-September 2022, " Barthwal added.
India's overall exports on Wednesday posted a 14.57 per cent increase year-on-year in January 2023 to USD 65.15 billion, against USD 56.86 billion on January 2022. Overall exports mean exports of merchandise and services combined, the statement said.
Overall import has seen a marginal increase of 0.94 per cent to USD 66.42 billion in January 2023, against USD 65.80 billion in January 2022, it said.
Merchandise export went down 6.58 per cent to USD 32.91 billion in January 2023, against USD 35.23 billion in January 2022. Merchandise import decreased to USD 50.66 billion as against USD 52.57 billion, according to the ministry's statement.
The country's merchandise trade deficit in January 2023 was USD 17.76 billion, against USD 17.34 billion in January 2022, it said.
