India's merchandise exports are likely to be around USD 470-480 billion in the current fiscal against USD 420 billion in 2021-22, Commerce Secretary BVR Subrahmanyam said on Tuesday.

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The secretary also said the trade deficit, which crossed USD 100 billion in the first four months of the current fiscal, will not cross the "discomfort level".

Talking to reporters, Subrahmanyam said the merchandise trade during 2022-23 will be USD 470-480 billion and the services sector is likely to contribute another 280 billion.

"We are pretty much on track," he said, adding the exact target for the fiscal may be announced later.

India's overall exports (merchandise and services) touched an all-time high of USD 669.65 billion in April-March 2021-22, jumping by 34.50 per cent over the same period last year.

On trade deficit, the secretary said it is likely to moderate in the coming months because softening of prices of oil and other commodities in the global market.

"I think in totality we are not going to cross a discomfort level...We are looking at it very closely," Subrahmanyam said.

The merchandise trade deficit in July 2022 was USD 31.02 billion, taking the gap between imports and exports to USD 100.01 billion in April-July 2022-23.

Meanwhile, Commerce and Industry Minister Piyush Goyal released a dossier on the restructuring of the Department of Commerce with a view to make it 'future ready' and put in place an ecosystem to achieve the USD 2 trillion export target by 2030.