India's merchandise exports reached $447bn in 2022-23, a rise of 6%, driven by outbound shipments of petroleum, pharma, chemicals and marine goods. Its imports grew 16.5% to $714bn in FY23, leading to a trade deficit recording in goods of $266.78bn. However, the overall trade deficit was $122bn in FY23 due to a trade surplus in services. The estimated growth of services exports, at around 27%, surpassed that of goods at 6.03%.