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Customs, DGFT & SEZ

INDIA’S FOREIGN TRADE: July 2022

August 13, 2022

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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 

EXPORTS & IMPORTS: (Rs. Crore)

(PROVISIONAL)

 

JULY

APRIL-JULY

EXPORTS (including re-exports)

 

 

2021-22

2,64,666.37

9,69,332.85

2022-23

2,88,747.71

12,24,231.62

%Growth 2022-23/2021-22

9.10

26.30

IMPORTS

 

 

2021-22

3,43,919.55

12,81,020.08

2022-23

5,27,541.77

19,95,937.36

%Growth 2022-23/2021-22

53.39

55.81

TRADE BALANCE

 

 

2021-22

-79,253.18

-3,11,687.23

2022-23

-2,38,794.06

-7,71,705.73

 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

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