India’s January exports rose 8.5% at $69.7 billion

India’s January exports rose 8.5% at $69.7 billion

New Delhi: India's overall exports, merchandise and services combined, in January are estimated to be $69.72 billion, exhibiting a positive growth of 8.49 per cent on a yearly basis, official data released on Thursday showed.

The overall exports during January 2023 were worth USD 63.80 billion.

Overall imports during the first months of 2023 increased to USD 70.46 billion as against USD 67.65 billion in the same month of the previous year.

Trade deficit narrowed to USD 0.75 billion as against USD 3.85 billion same month previous year, data showed.

Merchandise exports in January grew to USD 36.92 billon as against USD 35.80 billion registered in the previous year. Merchandise imports grew to USD 54.41 billion as against USD 52.83 billion in January 2023.

With a growth of 26.4 per cent over the base year of 2013-14, the highest number of exporters was registered in 2022-23 at 1.63 lakh.

USA and UAE were top two destination countries with the highest exporters in 2022-23.

Commerce Secretary Sunil Barthwal said that his ministry has held meetings to discuss the ongoing conflict in the Red Sea area, with concerned ministries including the Department of Financial Services.

He said banks were asked to extend the credit to exporters where it should be