New Delhi: China’s share in India’s merchandise imports has declined to 13.79% in 2022-23 from 15.43% in 2021-22. Imports of electronic goods from China have seen a decline of around $2 billion in 2022-23 (April-February) compared to the same period last year – a decline from 48.1% in 2021-22 (April-February) to 41.9% in 2022-23.
A significant fall in share from China was seen in imports of fertilisers from 21.9% in 2021-22 (April-February) to 13.9% in 2022-23 (April-February) and this accounts for around half a billion fall in imports from China.
India’s overall exports (Merchandise and Services combined) in March 2023 were estimated to be USD 66.14 billion, exhibiting a negative growth of (-) 7.53 per cent over March 2022.
India’s overall trade during FY 2022-23 (April-March)
The Government claimed that India’s overall exports (Merchandise and Services combined) in FY 2022-23 (April-March) were estimated to exhibit a positive growth of 13.84 per cent over FY 2021-22 (April-March). As India’s domestic demand remained steady amidst the global slump, overall imports in FY 2022-23 (April-March) were estimated to exhibit a growth of 17.38 per cent over FY 2021-22 (April-March).
The merchandise trade deficit for the financial year (FY) 2022-23 (April-March) was estimated at USD 266.78 billion as against USD 191.05 billion during FY 2021-22 (April-March). However, the services trade showed a surplus for FY 2022-23 (April-March), which is estimated at USD 144.78 billion as against USD 107.52 billion in FY 2021-22 (April-March). The services exports remained strong and are projected to grow at 26.79 per cent during FY 2022-23 (April-March) over FY 2021-22 (April-March).
The merchandise imports in March 2023 were USD 58.11 billion, as compared to USD 63.09 billion in March 2022. While non-petroleum and non-gems and jewellery exports in March 2023 were USD 30.20 billion, compared to USD 30.99 billion in March 2022, non-petroleum, non-gems and jewellery (gold, silver & precious metals) imports in March 2023 were USD 35.60 billion, compared to USD 37.35 billion in March 2022.
Under merchandise exports, 17 of the 30 key sectors under merchandise exports exhibited positive growth during FY 2022-23 (April-March) as compared to FY 2021-22 (April-March). These included Oil Meals (55.13%), Electronic Goods (50.52%), Petroleum Products (40.1%), Tobacco (31.37%), Oil Seeds (20.13%), Rice (15.22%), Cereal Preparations and Miscellaneous Processed Items (14.61%), Coffee (12.29%), Fruits & Vegetables (11.19%), Other Cereals (9.74%), Tea (8.85%), Leather and Leather Products (8.47%), Ceramic Products and Glassware (7.83%), Marine Products (3.93%), Drugs & Pharmaceuticals (3.25%), Organic and Inorganic Chemicals (3.23%) and RMG of all Textiles (1.1%). The effect of duty withdrawal on Iron Ore is visible in India’s exports of the item which have exhibited positive growth of 6.85 per cent during March 2023 over the same month in 2022.
Under merchandise imports, 6 of the 30 key sectors exhibited negative growth in FY 2022-23 (April-March) as compared to FY 2021-22 (April-March). These include Sulphur and Unroasted Iron Pyrites (-28.86%), Gold (-24.15%), Pulses (-12.79%), Medicinal and Pharmaceutical Products (-10.58%), Dyeing/Tanning/Colouring Materials. (-2.39%) and Pearls, Precious and Semi-Precious Stones (-0.99%). Silver imports slumped by 43.64 per cent from USD 0.12 billion in March 2022 to USD 0.07 billion in March 2023.
– global bihari bureau
