India’s exports are expected to increase from USD 673 billion in 2021-22 to USD 740-750 billion in 2022-23 with a year-on-year (YoY) growth of more than 9 per cent, according to a survey by PHD Research Bureau, PHD Chamber of Commerce and Industry.
India's merchandise exports and imports had a significant turnaround and performed well that it surpassed the pre-Covid levels during 2021-22 as a result of the recovery in global demand and resurgence in domestic activity, said Saket Dalmia, President, PHDCCI.
In a press statement, Dalmia said that despite the global headwinds the growth of exports from India remains steady during the FY 2022-23.
However, the economic growth of the top 25 export destinations (average) has been decelerating from 5 per cent in 2021 to 3.1 per cent in 2022 and 2.3 per cent in 2023 which will have some impact on the demand of the destination countries and impact on India’s growth of exports, said Dalmia.
India’s largest export destination, the USA is also facing decelerated economic growth from 5.6 per cent in 2021 to 1.6 per ent in 2022 and 0.9% in 2023.
According to the survey of exporters from the segments such as agri and food processing, engineering goods, petroleum products, gems and jewellery and textiles, the order books from January to March are positive.
However, the exporters have suggested a few measures for the consistent growth of exports in the coming quarters such as facilitation to the supply chains, robust ease of doing business and no export ban, as per the survey.
"Singing of Free trade and Agreements (FTAs) with UAE and Australia are going to help the exporters significantly to scale up their export volumes with enhanced production possibilities and deployment of more workforce in their factories," survey stated.
Meanwhile, the exporters are eagerly waiting for the signing of more Free Trade Agreements with growth promising markets such as the UK, European Union (EU), USA and Canada.