Exports likely to record reasonable level of growth in 2022-23: Goyal

India's merchandise exports in June rose by 16.78% year-on-year to $37.94 billion while the trade deficit ballooned to a new high of $25.63 billion

The country's exports are likely to register a "reasonable level" of growth in the current financial year despite the global uncertainties on the trade front, Commerce and Industry Minister Piyush Goyal has said.

Clearly, there are signs of a global slowdown in international trade and India is keeping a "watchful" eye on the developments by talking to all the export promotion councils and large exporters, and engaging with the Indian missions abroad, he said.

In the current global situation, "our exports will stand on the basis of price competitiveness and quality…We will calibrate the expectations of exports based on the ground reality," the minister told PTI. When asked if figures like $450 billion or $500 billion worth of goods exports in 2022-23 look ambitious in this situation, he said the ministry has not yet come to any final figure or an export target for the current year, and it is in consultations with all the stakeholders on that.

"The whole world is facing severe challenges, Covid is not yet over…There is a geopolitical situation, which is not conducive, inflation worldwide is (a matter) of concern, petroleum products are still at high prices, food security concerns also are before us, and fertiliser shortages in many parts of the world are reported. "In these challenging times, the fact that India prepared itself structurally and strengthened our basic readiness and capability to expand exports…Therefore a reasonable level of growth from last year can still be expected," Mr. Goyal said.

India's merchandise exports in June rose by 16.78% year-on-year to $37.94 billion while the trade deficit ballooned to a new high of $25.63 billion on account of a steep increase in gold and crude oil imports, as per the government's preliminary data.

The export growth in June moderated from 20.55% in May and 48.34% in June 2021. In 2021-22, the country's merchandise and services exports touched $420 billion and $254 billion, respectively.

Commenting on the new foreign trade policy (FTP), Mr. Goyal said the ministry is collecting inputs from all quarters to release a "robust" policy.