Indian exports up 6%, imports jump to $714bn in FY23: Commerce Minister Goyal

• India's FY23 exports up 6% to $447bn, imports surge 16.5% to $714bn
• Services exports grow by 27% to $323bn
• Minister Goyal elevates India-Italy ties to strategic partnership level with bilateral trade at $16bn

India's exports for the financial year 2022-2023 have increased by 6% to $447 billion, while imports have surged by 16.5% to $714 billion, according to Union Commerce and Industry Minister Piyush Goyal.

During his visit to Italy, Goyal highlighted that India's goods and services exports have grown to $770 billion from $676 billion in the previous year. The services exports have also expanded by 27% to $323 billion. This trend reflects an expansion of India's global presence and footprint, Goyal added.

During his visit to Italy, Goyal met with Italy's Deputy Prime Minister Antonio Tajani to review bilateral trade and economic ties. The two sides have elevated their ties to a strategic partnership level, with a focus on space and technology, defence, agriculture and other sectors. The bilateral trade between India and Italy reached $16 billion in 2022.

Goyal is currently on a three-day visit to France and Italy, where he has met with industry leaders to discuss investment opportunities in India's innovation, manufacturing, financial services, infrastructure and travel sectors.