India’s overall exports (Merchandise and Services) grow by 23% in June; Exports growth in 1st quarter over 25%;

July 14, 2022

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India’s overall exports (Merchandise and Services) grow by 23% in June; Exports growth in 1st quarter over 25%;

Petroleum products, Electronic Goods, Textiles, Cereals, Leather products, Rice, Minerals, oil seeds, coffee and Gems & Jewellery record high exports growth during June

INDIA’S FOREIGN TRADE: June 2022

India’s overall exports (Merchandise and Services combined) in June 2022* are estimated to be USD 64.91 Billion, exhibiting a positive growth of 22.95 per cent over the same period last year. The overall exports (Merchandise and Services combined) in the 1^st quarter of FY 22-23 (April-June 2022)* are estimated to be USD 189.93 Billion, exhibiting a positive growth of 25.16 per cent over the same period last.

The overall imports in June 2022* are estimated to be USD 82.42 Billion, exhibiting a positive growth of 55.72 per cent over the same period last year. In the 1^st quarter of the FY22-23, the overall exports are estimated to be USD 235.11 Billion, exhibiting a positive growth of 49.41 per cent over the same period last year.

Table 1: Trade during June 2022*

		June 2022 (USD Billion)	June 2021 (USD Billion)	Growth vis-à-vis June 2021 (%)
Merchandise	Exports	40.13	32.49	23.52
	Imports	66.31	42.09	57.55
	Trade Balance	-26.18	-9.60	-172.72
Services*	Exports	24.77	20.30	22.04
	Imports	16.11	10.84	48.62
	Net of Services	8.67	9.46	-8.41
Overall Trade (Merchandise+ Services) *	Exports	64.91	52.79	22.95
	Imports	82.42	52.93	55.72
	Trade Balance	-17.51	-0.14	-12596.34

* Note: The latest data for services sector released by RBI is for May 2022. The data for June 2022 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for April-June 2021 has been revised on pro-rata basis using quarterly balance of payments data.

Fig 1: Overall Trade during June 2022*

Table 2: Trade during April-June 2022*

		April-June 2022 (USD Billion)	April-June 2021 (USD Billion)	Growth vis-à-vis April-June 2021 (%)
Merchandise	Exports	118.96	95.54	24.51
	Imports	189.76	126.96	49.47
	Trade Balance	-70.80	-31.42	-125.34
Services*	Exports	70.97	56.22	26.25
	Imports	45.35	30.41	49.15
	Net of Services	25.62	25.81	-0.74
Overall Trade (Merchandise+ Services) *	Exports	189.93	151.75	25.16
	Imports	235.11	157.37	49.41
	Trade Balance	-45.18	-5.61	-705.12

Fig 2: Overall Trade during April-June 2022*

MERCHANDISE TRADE

Merchandise exports in June 2022 were USD 40.13 Billion, as compared to USD 32.49 Billion in June 2021, exhibiting a positive growth of 23.52 per cent.
Merchandise imports in June 2022 were USD 66.31 Billion, which is an increase of 57.55 per cent over imports of USD 42.09 Billion in June 2021.
The merchandise trade deficit in June 2022 was estimated at USD 26.18 Billion as against USD 9.60 Billion in June 2021, which is an increase of 172.72 per cent.

Fig 3: Merchandise Trade during June 2022

Merchandise exports for the period April-June 2022 were USD 118.96 Billion as against USD 95.54 Billion during the period April-June 2021, registering a positive growth of 24.51 per cent.
Merchandise imports for the period April-June 2022 were USD 189.76 Billion as against USD 126.96 Billion during the period April-June 2021, registering a positive growth of 49.47 per cent.
The merchandise trade deficit for April-June 2022 was estimated at USD 70.80 Billion as against USD 31.42 Billion in April-June 2021, which is an increase of 125.34 per cent.

Fig 4: Merchandise Trade during April-June 2022

Non-petroleum and non-gems & jewellery exports in June 2022 were USD 27.94 Billion, registering a positive growth of 8.65 per cent over non-petroleum and non-gems & jewellery exports of USD 25.71 Billion in June 2021.
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 38.53 Billion in June 2022 with a positive growth of 38.30 per cent over Non-petroleum, non-gems & jewellery imports of USD 27.86 Billion in June 2021.

Table 3: Trade excluding Petroleum and Gems & Jewellery during June 2022

	June 2022 (USD Billion)	June 2021 (USD Billion)	Growth vis-à-vis June 2021 (%)
Non- petroleum exports	31.48	28.54	10.30
Non- petroleum imports	45.01	31.41	43.30
Non-petroleum & Non Gems & Jewellery exports	27.94	25.71	8.65
Non-petroleum & Non Gems & Jewellery imports	38.53	27.86	38.30

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

Fig 5: Trade excluding Petroleum and Gems & Jewellery during June 2022

Non-petroleum and non-gems & jewellery exports during April-June 2022 was USD 83.62 Billion, an increase of 13.81 per cent over non-petroleum and non-gems & jewellery exports of USD 73.47 Billion in April-June 2021.
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 108.97 Billion in April-June 2022, recording a positive growth of 34.80 per cent, as compared to Non-petroleum, non-gems & jewellery imports of USD 80.83 Billion in April-June 2021.

Table 4: Trade excluding Petroleum and Gems & Jewellery during April-June 2022

	April-June 2022 (USD Billion)	April-June 2021 (USD Billion)	Growth vis-à-vis April-June 2021 (%)
Non- petroleum exports	93.85	82.65	13.56
Non- petroleum imports	129.12	96.04	34.43
Non-petroleum & Non Gems & Jewellery exports	83.62	73.47	13.81
Non-petroleum & Non Gems & Jewellery imports	108.97	80.83	34.80

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

Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-June 2022

SERVICES TRADE

The estimated value of services export for June 2022* is USD 24.77 Billion, exhibiting a positive growth of 22.04 per cent vis-a-vis June 2021 (USD 20.30 Billion).
The estimated value of services import for June 2022* is USD 16.11 Billion exhibiting a positive growth of 48.62 per cent vis-à-vis June 2021 (USD 10.84 Billion).
The services trade balance in June 2022* is estimated at USD 8.67 Billion, which is a decline of 8.41 per cent over June 2021 (USD 9.46 Billion).

Fig 7: Services Trade during June 2022*

The estimated value of services export for April-June 2022* is USD 70.97 Billion, exhibiting a positive growth of 26.25 per cent vis-a-vis April-June 2021 (USD 56.22 Billion).
The estimated value of services imports for April-June 2022* is USD 45.35 Billion exhibiting a positive growth of 49.15 per cent vis-à-vis April-June 2021 (USD 30.41 Billion).
The services trade balance for April-June 2022* is estimated at USD 25.62 Billion as against USD 25.81 Billion in April-June 2021, which is a decline of 0.74 per cent.

Fig 8: Services Trade during April-June 2022*

Table 5: Export Growth in Commodity Groups in June 2022

Sl. No.	Commodities	(Values in Million USD)		% Change
Sl. No.	Commodities	JUN'21	JUN'22	JUN'22
	Commodity groups exhibiting positive growth
1	Petroleum Products	3952.25	8656.68	119.03
2	Other cereals	88.32	153.99	74.35
3	Electronic Goods	1043.10	1676.24	60.70
4	RMG of all Textiles	1001.81	1500.91	49.82
5	Rice	742.70	1061.37	42.91
6	Leather & leather products	325.00	450.42	38.59
7	Oil seeds	78.30	101.54	29.68
8	Mica, Coal & Other Ores, Minerals including processed minerals	380.61	492.07	29.28
9	Cereal preparations & miscellaneous processed items	198.90	254.53	27.97
10	Coffee	85.54	108.18	26.47
11	Gems & Jewellery	2824.44	3538.67	25.29
12	Oil Meals	110.18	134.34	21.93
13	Jute Mfg. including Floor Covering	34.22	41.72	21.92
14	Tea	53.06	64.05	20.71
15	Meat, dairy & poultry products	329.61	386.41	17.23
16	Ceramic products & glassware	292.42	332.36	13.66
17	Marine Products	645.66	724.54	12.22
18	Organic & Inorganic Chemicals	2666.23	2917.85	9.44
19	Tobacco	95.05	100.84	6.09
20	Drugs & Pharmaceuticals	2021.42	2119.08	4.83
21	Engineering Goods	9295.58	9576.26	3.02
22	Spices	318.69	326.03	2.30
23	Fruits & Vegetables	206.05	206.72	0.33
24	Man-made Yarn/Fabs./made-ups etc.	448.92	450.00	0.24
Sl. No.	Commodities	(Values in Million USD)		% Change
Sl. No.	Commodities	JUN'21	JUN'22	JUN'22
	Commodity Groups exhibiting negative growth
25	Iron Ore	509.65	11.16	-97.81
26	Handicrafts excl. handmade carpet	162.64	115.99	-28.68
27	Plastic & Linoleum	979.51	783.48	-20.01
28	Cotton Yarn/Fabs./made-ups, Handloom Products etc.	1194.50	961.73	-19.49
29	Carpet	143.00	130.17	-8.97
30	Cashew	24.53	23.09	-5.87

Table 6: Import Growth in Commodity Groups in June 2022

Sl. No.	Commodities	(Values in Million USD)		% Change
Sl. No.	Commodities	JUN'21	JUN'22	JUN'22
	Commodity Groups exhibiting positive growth
1	Silver	11.83	785.52	6540.07
2	Coal, Coke & Briquettes, etc.	1875.60	6762.58	260.56
3	Gold	969.02	2740.50	182.81
4	Petroleum, Crude & products	10678.42	21300.85	99.48
5	Cotton Raw & Waste	68.79	125.66	82.67
6	Textile yarn Fabric, made-up articles	146.61	257.60	75.70
7	Sulphur & Unroasted Iron Pyrts	27.22	47.17	73.29
8	Metaliferrous ores & other minerals	553.97	922.50	66.53
9	Artificial resins, plastic materials, etc.	1464.98	2253.90	53.85
10	Organic & Inorganic Chemicals	2454.65	3511.73	43.06
11	Leather & leather products	71.48	98.41	37.67
12	Electronic goods	4600.54	6108.12	32.77
13	Pulp and Waste paper	118.54	154.37	30.23
14	Newsprint	35.86	46.62	30.01
15	Vegetable Oil	1435.43	1816.07	26.52
16	Project goods	75.01	94.02	25.34
17	Fertilisers, Crude & manufactured	1039.06	1297.17	24.84
18	Dyeing/tanning/colouring mtrls.	288.83	356.95	23.58
19	Fruits & vegetables	201.66	240.41	19.22
20	Machinery, electrical & non-electrical	3179.83	3783.26	18.98
21	Wood & Wood products	564.53	670.69	18.81
22	Iron & Steel	1357.17	1580.78	16.48
23	Pearls, precious & Semi-precious stones	2571.76	2957.02	14.98
24	Chemical material & products	1017.95	1147.55	12.73
25	Non-ferrous metals	1457.19	1638.00	12.41
Sl. No.	Commodities	(Values in Million USD)		% Change
Sl. No.	Commodities	JUN'21	JUN'22	JUN'22
	Commodity Groups exhibiting negative growth
26	Pulses	138.12	72.25	-47.69
27	Medicinal & Pharmaceutical products	1245.86	711.87	-42.86
28	Professional instrument, Optical goods, etc.	717.00	576.67	-19.57
29	Machine tools	373.29	360.99	-3.30
30	Transport equipment	1410.29	1387.78	-1.60

Table 7: MERCHANDISE TRADE

EXPORTS & IMPORTS: (Rs. Crore)
(PROVISIONAL)
	JUNE	APRIL-JUNE
EXPORTS (including re-exports)
2021-22	2,38,996.21	7,04,624.72
2022-23	3,13,342.50	9,18,217.77
%Growth 2022-23/2021-22	31.11	30.31
IMPORTS
2021-22	3,09,605.31	9,36,954.02
2022-23	5,17,727.41	14,65,271.90
%Growth 2022-23/2021-22	67.22	56.39
TRADE BALANCE
2021-22	-70,609.10	-2,32,329.30
2022-23	-2,04,384.91	-5,47,054.13

Table 8: SERVICES TRADE

EXPORTS & IMPORTS (SERVICES) : (US $ Billion)
(PROVISIONAL)	May 2022	April-May 2022
EXPORTS (Receipts)	23.61	46.20
IMPORTS (Payments)	15.20	29.25
TRADE BALANCE	8.41	16.95

EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
(PROVISIONAL)	May 2022	April-May 2022
EXPORTS (Receipts)	1,82,519.94	3,54,613.47
IMPORTS (Payments)	1,17,486.68	2,24,517.67
TRADE BALANCE	65,033.26	1,30,095.80
Source: RBI Press Release dated 1^st July 2022

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India’s overall exports (Merchandise and Services) grow by 23% in June; Exports growth in 1st quarter over 25%;

July 14, 2022

Export growth signals rising overall trade while imports outpace exports, widening the merchandise trade deficit.

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India’s overall exports (Merchandise and Services) grow by 23% in June; Exports growth in 1st quarter over 25%;

July 14, 2022

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Export growth signals rising overall trade while imports outpace exports, widening the merchandise trade deficit.

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