As reported by Commerce and Industry Minister Piyush Goyal, the country's exports increased by about 6% to a "record" $447 billion in 2022-23 due to healthy growth in outbound shipments from sectors such as petroleum, pharma and chemicals, and marine.

Imports increased by 16.5 percent to $714 billion in 2022-23, up from $613 billion in 2021-22.

He stated that exports of goods and services had reached "new heights," increasing by 14% to $770 billion in 2022-23, up from $676 billion in 2021-22.

"I am delighted to share with you India's outstanding export performance for 2022-23, with India's overall exports scaling new heights at $770 billion, registering 14% growth over the previous year and setting an all-time high record, growing from $500 billion in 2020-21 to $676 billion in 2021-22," the minister told reporters in Rome.

Services exports from India increased by 27.16 percent to $323 billion in 2022-23, up from $254 billion in 2021-22.

"This is truly a sign of India's international expansion," he added.