INDIA’S FOREIGN TRADE: July 2022

India’s overall exports (Merchandise and Services) for July 2022 records a positive growth of 11.51 per cent over the same period last year

India’s overall exports (Merchandise and Services combined) in July 2022* are estimated to be USD 61.18 Billion, exhibiting a positive growth of 11.51 per cent over the same period last year. Overall imports in July 2022* are estimated to be USD 82.22 Billion, exhibiting a positive growth of 42.90 per cent over the same period last year.

Table 1: Trade during July 2022*

		July 2022 (USD Billion)	July 2021 (USD Billion)	Growth vis-à-vis July 2021 (%)
Merchandise	Exports	36.27	35.51	2.14
	Imports	66.27	46.15	43.61
	Trade Balance	-30.00	-10.63	-182.10
Services*	Exports	24.91	19.36	28.69
	Imports	15.95	11.39	40.02
	Net of Services	8.96	7.97	12.49
Overall Trade (Merchandise+ Services) *	Exports	61.18	54.87	11.51
	Imports	82.22	57.54	42.90
	Trade Balance	-21.04	-2.67	-688.49

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

Fig 1: Overall Trade during July 2022*

India’s overall exports (Merchandise and Services combined) in April-July 2022* are estimated to be USD 253.84 Billion, exhibiting a positive growth of 22.85 per cent over the same period last year. Overall imports in April-July 2022* are estimated to be USD 317.40 Billion, exhibiting a positive growth of 47.68 per cent over the same period last year. 

Table 2: Trade during April-July 2022*

		April-July 2022 (USD Billion)	April-July 2021 (USD Billion)	Growth vis-à-vis April-July 2021 (%)
Merchandise	Exports	157.44	131.06	20.13
	Imports	256.43	173.12	48.12
	Trade Balance	-98.99	-42.07	-135.31
Services*	Exports	96.40	75.57	27.56
	Imports	60.96	41.80	45.85
	Net of Services	35.44	33.77	4.93
Overall Trade (Merchandise+ Services) *	Exports	253.84	206.63	22.85
	Imports	317.40	214.92	47.68
	Trade Balance	-63.55	-8.29	-666.23

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

Fig 2: Overall Trade during April-July 2022*

MERCHANDISE TRADE

• Merchandise exports in July 2022 were USD 36.27 Billion, as compared to USD 35.51 Billion in July 2021, exhibiting a positive growth of 2.14 per cent.
• Merchandise imports in July 2022 were USD 66.27 Billion, which is an increase of 43.61 per cent over imports of USD 46.15 Billion in July 2021.
• The merchandise trade deficit in July 2022 was estimated at USD 30 Billion as against USD 10.63 Billion in July 2021, which is an increase of 182.10 per cent.

Fig 3: Merchandise Trade during July 2022

• Merchandise exports for the period April-July 2022 were USD 157.44 Billion as against USD 131.06 Billion during the period April-July 2021, registering a positive growth of 20.13 per cent.
• Merchandise imports for the period April-July 2022 were USD 256.43 Billion as against USD 173.12 Billion during the period April-July 2021, registering a positive growth of 48.12 per cent.
• The merchandise trade deficit for April-July 2022 was estimated at USD 98.99 Billion as against USD 42.07 Billion in April-July 2021, which is an increase of 135.31 per cent.

Fig 4: Merchandise Trade during April-July 2022

• Non-petroleum and non-gems & jewellery exports in July 2022 were USD 26.62 Billion, registering a positive growth of 1.55 per cent over non-petroleum and non-gems & jewellery exports of USD 26.21 Billion in July 2021.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 38.45 Billion in July 2022 with a positive growth of 42.91 per cent over Non-petroleum, non-gems & jewellery imports of USD 26.90 Billion in July 2021.

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

	July 2022 (USD Billion)	July 2021 (USD Billion)	Growth vis-à-vis July 2021 (%)
Non- petroleum exports	29.90	29.67	0.76
Non- petroleum imports	45.14	33.74	33.77
Non-petroleum & Non Gems & Jewellery exports	26.62	26.21	1.55
Non-petroleum & Non Gems & Jewellery imports	38.45	26.90	42.91

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

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

• Non-petroleum and non-gems & jewellery exports during April-July 2022 was USD 110.47 Billion, an increase of 10.81 per cent over non-petroleum and non-gems & jewellery exports of USD 99.69 Billion in April-July 2021.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 147.56 Billion in April-July 2022, recording a positive growth of 36.94 per cent, as compared to Non-petroleum, non-gems & jewellery imports of USD 107.75 Billion in April-July 2021.

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

	April-July 2022 (USD Billion)	April-July 2021 (USD Billion)	Growth vis-à-vis April-July 2021 (%)
Non- petroleum exports	123.98	112.32	10.38
Non- petroleum imports	174.40	129.81	34.35
Non-petroleum & Non Gems & Jewellery exports	110.47	99.69	10.81
Non-petroleum & Non Gems & Jewellery imports	147.56	107.75	36.94

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

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

SERVICES TRADE

• The estimated value of services export for July 2022* is USD 24.91 Billion, exhibiting a positive growth of 28.69 per cent vis-a-vis July 2021 (USD 19.36 Billion).
• The estimated value of services import for July 2022* is USD 15.95 Billion exhibiting a positive growth of 40.02 per cent vis-à-vis July 2021 (USD 11.39 Billion).
• The services trade balance in July 2022* is estimated at USD 8.96 Billion, which is an increase of 12.49 per cent over July 2021 (USD 7.97 Billion).

Fig 7: Services Trade during July 2022*

• The estimated value of services export for April-July 2022* is USD 96.40 Billion, exhibiting a positive growth of 27.56 per cent vis-a-vis April-July 2021 (USD 75.57 Billion).
• The estimated value of services imports for April-July 2022* is USD 60.96 Billion exhibiting a positive growth of 45.85 per cent vis-à-vis April-July 2021 (USD 41.80 Billion).
• The services trade balance for April-July 2022* is estimated at USD 35.44 Billion as against USD 33.77 Billion in April-July 2021, which is an increase of 4.93 per cent.

Fig 8: Services Trade during April-July 2022*

Table 5: Export Growth in Commodity Groups in July 2022

Sl. No.	Commodities	(Values in Million USD)		% Change
		JUL'21	JUL'22	JUL'22
	Commodity groups exhibiting positive growth
1	Tobacco	65.16	113.48	74.16
2	Electronic Goods	1244.20	1817.64	46.09
3	Coffee	71.19	93.39	31.18
4	Rice	710.94	930.50	30.88
5	Cereal preparations & miscellaneous processed items	182.45	227.18	24.52
6	Oil Meals	65.45	80.64	23.21
7	Oil seeds	76.58	92.68	21.02
8	Meat, dairy & poultry products	256.39	308.81	20.45
9	Leather & leather products	387.72	464.38	19.77
10	Ceramic products & glassware	295.97	332.28	12.27
11	Tea	70.07	78.33	11.79
12	Petroleum Products	5840.02	6376.21	9.18
13	Organic & Inorganic Chemicals	2426.09	2620.85	8.03
14	Fruits & Vegetables	220.06	234.00	6.33
15	Other cereals	96.78	101.98	5.37
16	Spices	338.42	343.53	1.51
17	Marine Products	701.60	711.87	1.46
18	Mica, Coal & Other Ores, Minerals including processed minerals	406.45	409.77	0.82
Sl. No.	Commodities	(Values in Million USD)		% Change
		JUL'21	JUL'22	JUL'22
	Commodity Groups exhibiting negative growth
19	Iron Ore	363.20	20.58	-94.33
20	Handicrafts excl. hand made carpet	189.04	121.23	-35.87
21	Cotton Yarn/Fabs./made-ups, Handloom Products etc.	1315.42	944.92	-28.17
22	Cashew	36.68	26.92	-26.61
23	Carpet	158.23	117.75	-25.58
24	Man-made Yarn/Fabs./made-ups etc.	486.91	437.59	-10.13
25	Gems & Jewellery	3459.67	3279.36	-5.21
26	Plastic & Linoleum	832.61	803.25	-3.53
27	Engineering Goods	9545.20	9346.52	-2.08
28	Jute Mfg. including Floor Covering	39.86	39.17	-1.73
29	Drugs & Pharmaceuticals	2145.67	2123.16	-1.05
30	RMG of all Textiles	1389.22	1380.91	-0.60

 Table 6: Import Growth in Commodity Groups in July 2022

Sl. No.	Commodities	(Values in Million USD)		% Change
		JUL'21	JUL'22	JUL'22
	Commodity Groups exhibiting positive growth
1	Silver	11.76	1108.86	9329.08
2	Project goods	42.00	198.67	373.02
3	Cotton Raw & Waste	57.68	193.87	236.11
4	Coal, Coke & Briquettes, etc.	1958.92	5179.98	164.43
5	Textile yarn Fabric, made-up articles	142.36	268.82	88.83
6	Newsprint	31.35	58.21	85.68
7	Petroleum, Crude & products	12402.06	21133.57	70.40
8	Artificial resins, plastic materials, etc.	1313.21	2191.85	66.91
9	Leather & leather products	55.77	91.05	63.26
10	Vegetable Oil	1369.58	2015.77	47.18
11	Metaliferrous ores & other minerals	573.04	824.99	43.97
12	Fertilisers, Crude & manufactured	1181.11	1691.75	43.23
13	Non-ferrous metals	1297.09	1815.39	39.96
14	Wood &  Wood products	469.43	654.82	39.49
15	Dyeing/tanning/colouring mtrls.	269.85	369.88	37.07
16	Machinery, electrical & non-electrical	2821.52	3812.61	35.13
17	Iron & Steel	1336.51	1727.91	29.29
18	Fruits & vegetables	174.57	225.08	28.93
19	Organic & Inorganic Chemicals	2440.47	3141.76	28.74
20	Electronic goods	5319.77	6800.89	27.84
21	Chemical material & products	917.63	1172.30	27.75
22	Machine tools	311.07	385.98	24.08
23	Pearls, precious & Semi-precious stones	2628.17	3214.10	22.29
24	Pulp and Waste paper	134.63	155.93	15.82
25	Professional instrument, Optical goods, etc.	523.64	593.57	13.35
26	Transport equipment	1331.39	1371.71	3.03
Sl. No.	Commodities	(Values in Million USD)		% Change
		JUL'21	JUL'22	JUL'22
	Commodity Groups exhibiting negative growth
27	Pulses	162.03	66.05	-59.24
28	Sulphur & Unroasted Iron Pyrites	29.39	14.11	-51.99
29	Gold	4203.06	2370.32	-43.60
30	Medicinal & Pharmaceutical products	795.31	710.12	-10.71

 Table 7: MERCHANDISE TRADE 

 Table 8: SERVICES TRADE

EXPORTS & IMPORTS (SERVICES) : (US $ Billion)
(PROVISIONAL)	June 2022	April-June 2022
EXPORTS (Receipts)	25.29	71.49
IMPORTS (Payments)	15.77	45.01
TRADE BALANCE	9.53	26.48
EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
(PROVISIONAL)	June 2022	April-June 2022
EXPORTS (Receipts)	1,97,466.28	5,52,079.75
IMPORTS (Payments)	1,23,100.22	3,47,617.89
TRADE BALANCE	74,366.06	2,04,461.85
Source: RBI Press Release dated 1st August 2022

* Link for Quick Estimates

Trade Balance deterioration: July shows widening merchandise deficit and stronger import growth, with services surplus partly offsetting. Overall exports grew driven by services and modest merchandise increases, while imports rose substantially, widening the trade deficit; services surplus expanded and partially offset the larger merchandise deficit. Sectoral detail shows modest non-petroleum and non-gems & jewellery export gains against sharp import growth in many input and energy categories. Several commodity groups recorded significant year-on-year shifts. The release is provisional and includes estimated services data subject to revision and pro-rata revisions to April-July comparisons based on quarterly balance of payments data.