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Fresh data rejigs drag down 2022-23 export-import tally by $3 billion

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Fresh data rejigs drag down 2022-23 export-import tally by $3 billion

  • India’s goods trade numbers for February and March 2023 have been revised by over $10 billion from initial estimates
  • The overall export-import figures for last year have been scaled down by around $3 billion dollars each
  • Petroleum shipments are the main driver for the extraordinarily high revisions of recent export data.

Key highlights

  • While exports were earlier reckoned to have grown 6% in 2022-23 to hit $447.46 billion, that number has now been pared to $444.4 billion, reflecting a 5.3% rise from 2021-22.
  • The import bill for last year has also been scaled down from $714.24 billion to $711.85 billion, indicating a growth of 16.1%.
  • The trade deficit for the year has risen 40.8% to $267.45 bn, slightly higher than the 40% estimated earlier.
  • For February, goods exports have been revised higher by almost $3.1 billion from the initial estimate of $33.9 billion to about $37 billion.
  • The month’s import bill was raised by over $1.93 billion, the second-highest upward revision for a month, after a $3.08 billion uptick from December’s initial estimate.

Prelims take away

  • Trade deficit

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