India’s overall exports (Merchandise and Services combined) in December 2021* are estimated to be USD 57.87 Billion, exhibiting a positive growth of 25.05 per cent over the same period last year and a positive growth of 23.35 per cent over December 2019. Overall imports in December 2021* are estimated to be USD 72.35 Billion, exhibiting a positive growth of 33.86 per cent over the same period last year and a positive growth of 40.30 per cent over December 2019

Table 1: Trade during December 2021*

		December 2021 (USD Billion)	December 2020 (USD Billion)	December 2019 (USD Billion)	Growth vis-à-vis December 2020 (%)	Growth vis-à-vis December 2019 (%)
Merchandise	Exports	37.81	27.22	27.11	38.91	39.47
	Imports	59.48	42.93	39.59	38.55	50.24
	Trade Balance	-21.68	-15.72	-12.49	-37.92	-73.61
Services*	Exports	20.07	19.06	19.81	5.26	1.29
	Imports	12.87	11.12	11.98	15.76	7.44
	Net of Services	7.20	7.95	7.84	-9.42	-8.12
Overall Trade (Merchandise+ Services)*	Exports	57.87	46.28	46.92	25.05	23.35
	Imports	72.35	54.05	51.57	33.86	40.30
	Trade Balance	-14.48	-7.77	-4.65	-86.32	-211.26

* Note: The latest data for services sector released by RBI is for November 2021. The data for December 2021 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for 2019, 2020 and April to September 2021 are revised on pro-rata basis using quarterly balance of payments data.

Fig 1: Overall Trade during December 2021*

India’s overall exports (Merchandise and Services combined) in April-December 2021* are estimated to be USD 479.07 Billion, exhibiting a positive growth of 36.31 per cent over the same period last year and a positive growth of 20.25 per cent over April-December 2019. Overall imports in April-December 2021* are estimated to be USD 547.12 Billion, exhibiting a positive growth of 57.33 per cent over the same period last year and a positive growth of 18.57 per cent over April-December 2019.

Table 2: Trade during April-December 2021*

		April-December 2021 (USD Billion)	April-December 2020 (USD Billion)	April-December 2019 (USD Billion)	Growth vis-à-vis April-December 2020 (%)	Growth vis-à-vis April-December 2019 (%)
Merchandise	Exports	301.38	201.38	238.27	49.66	26.49
	Imports	443.82	262.76	364.18	68.91	21.87
	Trade Balance	-142.44	-61.38	-125.91	-132.07	-13.13
Services*	Exports	177.68	150.09	160.13	18.39	10.96
	Imports	103.30	85.00	97.24	21.52	6.23
	Net of Services	74.39	65.08	62.90	14.30	18.27
Overall Trade (Merchandise+ Services)*	Exports	479.07	351.47	398.41	36.31	20.25
	Imports	547.12	347.76	461.42	57.33	18.57
	Trade Balance	-68.06	3.70	-63.01	-1937.96	-8.00

* Note: The latest data for services sector released by RBI is for November 2021. The data for December 2021 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for 2019, 2020 and April to September 2021 are revised on pro-rata basis using quarterly balance of payments data.

Fig 2: Overall Trade during April-December 2021*

MERCHANDISE TRADE

• Merchandise exports in December 2021 were USD 37.81 Billion, as compared to USD 27.22 Billion in December 2020, exhibiting a positive growth of 38.91 per cent. As compared to December 2019, exports in December 2021 exhibited a positive growth of 39.47 per cent.
• Merchandise imports in December 2021 were USD 59.48 Billion, which is an increase of 38.55 per cent over imports of USD 42.93 Billion in December 2020. Imports in December 2021 have registered a positive growth of 50.24 per cent in comparison to December 2019.
• The merchandise trade balance for December 2021 was estimated at USD (-)  21.68 Billion as against USD (-) 15.72 Billion in December 2020, which is a decline of (-) 37.92 per cent. As compared to December 2019 (USD (-) 12.49 Billion), trade balance in December 2021 exhibited a negative growth of (-) 73.61 per cent.

 

Fig 3: Merchandise Trade during December 2021

• Merchandise exports for the period April-December 2021 was USD 301.38 Billion as against USD 201.38 Billion during the period April-December 2020, registering a positive growth of 49.66 per cent. As compared to April-December 2019, exports in April-December 2021 exhibited a positive growth of 26.49 per cent.
• Merchandise imports for the period April-December 2021 was USD 443.82 Billion as against USD 262.76 Billion during the period April-December 2020, registering a positive growth of 68.91 per cent. Imports in April-December 2021 have registered a positive growth of 21.87 per cent in comparison to April-December 2019.
• The merchandise trade balance for April-December 2021 was estimated at USD (-) 142.44 Billion as against USD (-) 61.38 Billion in April-December 2020, which is a decline of (-) 132.07 per cent. As compared to April-December 2019 (USD (-) 125.91 Billion), trade balance in April-December 2021 exhibited a negative growth of (-) 13.13 per cent.

Fig 4: Merchandise Trade during April- December 2021

• Non-petroleum and non-gems & jewellery exports in December 2021 were USD 28.92 Billion, registering a positive growth of 29.67 per cent over non-petroleum and non-gems & jewellery exports of USD 22.30 Billion in December 2020 and a positive growth of 37.31 per cent over non-petroleum and non-gems & jewellery exports of USD 21.06 Billion in December 2019. 
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 35.47 Billion in December 2021 with a positive growth of 34.28 per cent over Non-petroleum, non-gems & jewellery imports of USD 26.41 Billion in December 2020 and a positive growth of 47.32 per cent over Non-petroleum, non-gems & jewellery imports of USD 24.07 Billion in December 2019.

Table 3: Trade excluding Petroleum and Gems & Jewellery during December 2021

	December 2021 (USD Billion)	December 2020 (USD Billion)	December 2019 (USD Billion)	Growth vis-à-vis December 2020 (%)	Growth vis-à-vis December 2019 (%)
Non- petroleum exports	31.92	24.88	23.48	28.29	35.97
Non- petroleum imports	43.32	33.31	28.88	30.07	50.02
Non-petroleum & Non Gems & Jewellery exports	28.92	22.30	21.06	29.67	37.31
Non-petroleum & Non Gems & Jewellery imports*	35.47	26.41	24.07	34.28	47.32

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 5: Trade excluding Petroleum and Gems & Jewellery during December 2021

 

• Non-petroleum and non-gems & jewellery exports during April-December 2021 was USD 228.60 Billion, an increase of 36.96 per cent over non-petroleum and non-gems & jewellery exports of USD 166.91 Billion in April-December 2020 and an increase of 28.32 per cent over non-petroleum and non-gems & jewellery exports of USD 178.15 Billion in April-December 2019.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 263.43 Billion in April-December 2021, recording a positive growth of 46.74 per cent, as compared to Non-petroleum, non-gems & jewellery imports of USD 179.52 Billion in April-December 2020 and a positive growth of 17.10 per cent over USD 224.96 Billion in April-December 2019.

Table 4: Trade excluding Petroleum and Gems & Jewellery during April-December 2021

	April-December 2021 (USD Billion)	April-December 2020 (USD Billion)	April-December 2019 (USD Billion)	Growth vis-à-vis April-December 2020 (%)	Growth vis-à-vis April-December 2019 (%)
Non- petroleum exports	257.50	183.79	206.13	40.11	24.92
Non- petroleum imports	325.56	208.80	267.47	55.92	21.72
Non-petroleum & Non Gems & Jewellery exports	228.60	166.91	178.15	36.96	28.32
Non-petroleum & Non Gems & Jewellery imports*	263.43	179.52	224.96	46.74	17.10

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-December 2021

SERVICES TRADE

• The estimated value of services export for December 2021* is USD 20.07 Billion, exhibiting a positive growth of 5.26 per cent vis-a-vis December 2020 (USD 19.06 Billion) and a positive growth of 1.29 per cent vis-à-vis December 2019 (USD 19.81 Billion).
• The estimated value of services import for December 2021* is USD 12.87 Billion exhibiting a positive growth of 15.76 per cent vis-à-vis December 2020 (USD 11.12 Billion) and a positive growth of 7.44 per cent vis-à-vis December 2019 (USD 11.98 Billion).
• The services trade balance in December 2021* is estimated at USD 7.20 Billion, which is a decline of (-) 9.42 per cent over December 2020 (USD 7.95 Billion) and a decline of (-) 8.12 per cent over December 2019 (USD 7.84 Billion).

Fig 7: Services Trade during December 2021*

• The estimated value of services export for April-December 2021* is USD 177.68 Billion, exhibiting a positive growth of 18.39 per cent vis-a-vis April-December 2020 (USD 150.09 Billion) and a positive growth of 10.96 per cent vis-à-vis April-December 2019 (USD 160.13 Billion).
• The estimated value of services imports for April-December 2021* is USD 103.30 Billion exhibiting a positive growth of 21.52 per cent vis-à-vis April-December 2020 (USD 85.00 Billion) and a positive growth of 6.23 per cent vis-à-vis April-December 2019 (USD 97.24 Billion).
• The services trade balance for April-December 2021* was estimated at USD 74.39 Billion as against USD 65.08 Billion in April-December 2020, which is an increase of 14.30 per cent. As compared to April-December 2019 (USD 62.90 Billion), net of services in April-December 2021* exhibited a positive growth of 18.27 per cent. 

Fig 8: Services Trade during April-December 2021*

 

Table 5: Export Growth in Commodity Groups in December 2021

Sl. No.	Commodities	(Values in Million USD)		% Change
		DEC'20	DEC'21	DEC'21
	Commodity groups exhibiting positive growth
1	Petroleum Products	2336.63	5887.67	151.97
2	Coffee	44.00	98.47	123.80
3	Mica, Coal & Other Ores, Minerals including processed minerals	337.08	539.23	59.97
4	Plastic & Linoleum	570.49	899.85	57.73
5	Cotton Yarn/Fabs./made-ups, Handloom Products etc.	987.76	1443.98	46.19
6	Other cereals	96.24	140.17	45.65
7	Engineering Goods	7072.63	9788.88	38.41
8	Man-made Yarn/Fabs./made-ups etc.	380.52	518.22	36.19
9	Electronic Goods	1248.33	1672.59	33.99
10	Rice	682.77	895.08	31.10
11	Marine Products	562.85	720.51	28.01
12	Organic & Inorganic Chemicals	2100.00	2664.15	26.86
13	RMG of all Textiles	1195.78	1466.43	22.63
14	Fruits & Vegetables	190.07	227.53	19.71
15	Leather & leather products	338.49	404.41	19.48
16	Meat, dairy & poultry products	335.53	396.89	18.29
17	Gems & Jewellery	2575.67	2997.44	16.38
18	Oil seeds	147.72	165.29	11.90
19	Jute Mfg. including Floor Covering	41.78	46.73	11.86
20	Handicrafts excl. handmade carpet	180.34	196.13	8.75
21	Cereal preparations & miscellaneous processed items	183.48	199.18	8.56
22	Carpet	156.08	166.14	6.45
23	Drugs & Pharmaceuticals	2203.53	2318.04	5.20
Sl. No.	Commodities	(Values in Million USD)		% Change
		DEC'20	DEC'21	DEC'21
	Commodity Groups exhibiting negative growth
24	Iron Ore	382.38	54.44	-85.76
25	Oil Meals	236.75	119.67	-49.45
26	Cashew	52.29	39.09	-25.24
27	Spices	344.92	314.40	-8.85
28	Tea	74.43	68.61	-7.82
29	Ceramic products & glassware	310.62	294.23	-5.28
30	Tobacco	82.88	82.13	-0.90

 Table 6: Import Growth in Commodity Groups in December 2021

Sl. No.	Commodities	(Values in Million USD)		% Change
		DEC'20	DEC'21	DEC'21
	Commodity Groups exhibiting positive growth
1	Silver	10.39	232.04	2133.30
2	Sulphur & Unroasted Iron Pyrites	19.69	69.95	255.26
3	Fertilisers, Crude & manufactured	632.38	1712.03	170.73
4	Newsprint	12.07	27.18	125.19
5	Pulp and Waste paper	75.53	164.25	117.46
6	Metaliferrous ores & other minerals	429.52	857.30	99.59
7	Organic & Inorganic Chemicals	1879.88	3253.17	73.05
8	Coal, Coke & Briquettes, etc.	1624.32	2803.09	72.57
9	Cotton Raw & Waste	30.58	52.73	72.43
10	Project goods	127.03	215.58	69.71
11	Petroleum, Crude & products	9629.01	16165.97	67.89
12	Leather & leather products	50.02	76.08	52.10
13	Vegetable Oil	1210.88	1827.33	50.91
14	Dyeing/tanning/colouring materials	281.04	402.57	43.24
15	Artificial resins, plastic materials, etc.	1434.57	1970.30	37.34
16	Iron & Steel	1265.30	1722.90	36.17
17	Non-ferrous metals	1303.56	1705.32	30.82
18	Electronic goods	5037.69	6427.30	27.58
19	Fruits & vegetables	240.36	305.64	27.16
20	Textile yarn Fabric, made-up articles	180.93	229.20	26.68
21	Pearls, precious & Semi-precious stones	2397.17	2891.13	20.61
22	Machinery, electrical & non-electrical	3149.33	3796.75	20.56
23	Medicinal & Pharmaceutical products	623.44	743.89	19.32
24	Wood &  Wood products	470.32	548.23	16.57
25	Professional instrument, Optical goods, etc.	467.38	511.74	9.49
26	Chemical material & products	876.78	942.36	7.48
27	Gold	4485.76	4729.47	5.43
28	Machine tools	347.52	363.26	4.53
Sl. No.	Commodities	(Values in Million USD)		% Change
		DEC'20	DEC'21	DEC'21
	Commodity Groups exhibiting negative growth
29	Pulses	294.61	189.65	-35.63
30	Transport equipment	2476.59	2306.43	-6.87

  Table 7: MERCHANDISE TRADE 

EXPORTS & IMPORTS: (Rs. Crore)
(PROVISIONAL)
	DECEMBER	APRIL-DECEMBER
EXPORTS(including re-exports)
2019-20	1,92,984.47	16,77,370.97
2020-21	2,00,294.50	15,00,019.98
2021-22	2,84,960.74	22,38,821.02
%Growth 2021-22/ 2020-21	42.27	49.25
%Growth 2021-22/ 2019-20	47.66	33.47
IMPORTS
2019-20	2,81,880.86	25,62,539.91
2020-21	3,15,970.77	19,56,256.92
2021-22	4,48,352.86	32,98,494.98
%Growth 2021-22/ 2020-21	41.90	68.61
%Growth 2021-22/ 2019-20	59.06	28.72
TRADE BALANCE
2019-20	-88,896.39	-8,85,168.94
2020-21	-1,15,676.27	-4,56,236.94
2021-22	-1,63,392.12	-10,59,673.96

Table 8: SERVICES TRADE 

EXPORTS & IMPORTS (SERVICES) : (US $ Billion)
(PROVISIONAL)	November 2021	April- November 2021
EXPORTS (Receipts)	20.14	157.62
IMPORTS (Payments)	12.59	90.43
TRADE BALANCE	7.55	67.19
EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
(PROVISIONAL)	November 2021	April- November 2021
EXPORTS (Receipts)	1,50,006.15	11,68,297.72
IMPORTS (Payments)	93,753.85	6,70,401.42
TRADE BALANCE	56,252.31	4,97,896.29
Source: RBI Press Release dated 4th January 2022

 * Link for quick estimates

***

Trade balance widened as imports outpaced exports, increasing the overall external deficit for the reported periods. India's external trade expanded in December 2021 and over April-December 2021, with combined merchandise and services exports rising year-on-year and imports rising faster, producing a wider overall trade deficit. Merchandise exports and imports both grew substantially, but imports outpaced exports, increasing the merchandise deficit for the month and the cumulative period. Services exports showed modest estimated growth while services imports rose more, contracting the monthly services surplus though the cumulative services surplus increased. December services data are provisional and subject to revision by the Reserve Bank of India.