Overall (merchandise and services) exports in April-August 2022 jump by 19.7 percent as compared to the same period last year

Non-petroleum and non-gems & jewellery export rises 8.5 percent to USD 135.6 billion in April-August 2022 as compared to same period last year

Merchandise export grow by 1.6 percent at USD 33.9 billion in August 2022 as compared to the same period last year

Tobacco (76.4%), Oil Meals (73.7%), Electronic Goods (50.8%) and Rice (43.6%) record high export growth during August 2022 as compared to the same period last year

INDIA’S FOREIGN TRADE: August 2022

India’s overall exports (Merchandise and Services combined) in August 2022* are estimated to be USD 57.47 Billion, exhibiting a positive growth of 6.75 per cent over the same period last year. Overall imports in August 2022* are estimated to be USD 75.84 Billion, exhibiting a positive growth of 33.15 per cent over the same period last year.

Table 1: Trade during August 2022*

		August 2022 (USD Billion)	August 2021 (USD Billion)	Growth vis-à-vis August 2021 (%)
Merchandise	Exports	33.92	33.38	1.62
	Imports	61.90	45.09	37.28
	Trade Balance	-27.98	-11.71	-138.88
Services*	Exports	23.54	20.45	15.12
	Imports	13.94	11.87	17.47
	Net of Services	9.60	8.59	11.86
Overall Trade (Merchandise+ Services) *	Exports	57.47	53.83	6.75
	Imports	75.84	56.96	33.15
	Trade Balance	-18.37	-3.13	-487.80

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

Fig 1: Overall Trade during August 2022*

India’s overall exports (Merchandise and Services combined) in April-August 2022* are estimated to be USD 311.82 Billion, exhibiting a positive growth of 19.72 per cent over the same period last year. Overall imports in April-August 2022* are estimated to be USD 390.91 Billion, exhibiting a positive growth of 43.78 per cent over the same period last year.

 Table 2: Trade during April-August 2022*

		April-August 2022 (USD Billion)	April-August 2021 (USD Billion)	Growth vis-à-vis April-August 2021 (%)
Merchandise	Exports	193.51	164.44	17.68
	Imports	318.03	218.22	45.74
	Trade Balance	-124.52	-53.78	-131.52
Services*	Exports	118.30	96.03	23.20
	Imports	72.88	53.67	35.81
	Net of Services	45.42	42.36	7.22
Overall Trade (Merchandise+ Services) *	Exports	311.82	260.46	19.72
	Imports	390.91	271.88	43.78
	Trade Balance	-79.10	-11.42	-592.61

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

Fig 2: Overall Trade during April-August 2022*

MERCHANDISE TRADE

• Merchandise exports in August 2022 were USD 33.92 Billion, as compared to USD 33.38 Billion in August 2021, exhibiting a positive growth of 1.62 per cent.
• Merchandise imports in August 2022 were USD 61.90 Billion, which is an increase of 37.28 per cent over imports of USD 45.09 Billion in August 2021.
• The merchandise trade deficit in August 2022 was estimated at USD 27.98 Billion as against USD 11.71 Billion in August 2021, which is an increase of 138.88 per cent.

Fig 3: Merchandise Trade during August 2022

• Merchandise exports for the period April-August 2022 were USD 193.51 Billion as against USD 164.44 Billion during the period April-August 2021, registering a positive growth of 17.68 per cent.
• Merchandise imports for the period April-August 2022 were USD 318.03 Billion as against USD 218.22 Billion during the period April-August 2021, registering a positive growth of 45.74 per cent.
• The merchandise trade deficit for April-August 2022 was estimated at USD 124.52 Billion as against USD 53.78 Billion in April-August 2021, which is an increase of 131.52 per cent.

Fig 4: Merchandise Trade during April-August 2022

Non-petroleum and non-gems & jewellery exports in August 2022 were USD 24.88 Billion, registering a negative growth of (-) 1.64 per cent over non-petroleum and non-gems & jewellery exports of USD 25.29 Billion in August 2021.

Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 37.53 Billion in August 2022 with a positive growth of 40.63 per cent over Non-petroleum, non-gems & jewellery imports of USD 26.69 Billion in August 2021.

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

	August 2022 (USD Billion)	August 2021 (USD Billion)	Growth vis-à-vis August 2021 (%)
Non- petroleum exports	28.21	28.73	-1.80
Non- petroleum imports	44.20	35.65	23.99
Non-petroleum & Non Gems & Jewellery exports	24.88	25.29	-1.64
Non-petroleum & Non Gems & Jewellery imports	37.53	26.69	40.63

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

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

Non-petroleum and non-gems & jewellery exports during April-August 2022 was USD 135.57 Billion, an increase of 8.47 per cent over non-petroleum and non-gems & jewellery exports of USD 124.99 Billion in April-August 2021.

Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 185.05 Billion in April-August 2022, recording a positive growth of 37.64 per cent, as compared to Non-petroleum, non-gems & jewellery imports of USD 134.44 Billion in April-August 2021.

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

	April-August 2022 (USD Billion)	April-August 2021 (USD Billion)	Growth vis-à-vis April-August 2021 (%)
Non- petroleum exports	152.41	141.05	8.06
Non- petroleum imports	218.56	165.46	32.10
Non-petroleum & Non Gems & Jewellery exports	135.57	124.99	8.47
Non-petroleum & Non Gems & Jewellery imports	185.05	134.44	37.64

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

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

SERVICES TRADE

• The estimated value of services export for August 2022* is USD 23.54 Billion, exhibiting a positive growth of 15.12 per cent vis-a-vis August 2021 (USD 20.45 Billion).
• The estimated value of services import for August 2022* is USD 13.94 Billion exhibiting a positive growth of 17.47 per cent vis-à-vis August 2021 (USD 11.87 Billion).
• The services trade balance in August 2022* is estimated at USD 9.60 Billion, which is an increase of 11.86 per cent over August 2021 (USD 8.59 Billion).

Fig 7: Services Trade during August 2022*

 

• The estimated value of services export for April-August 2022* is USD 118.30 Billion, exhibiting a positive growth of 23.20 per cent vis-a-vis April-August 2021 (USD 96.03 Billion).
• The estimated value of services imports for April-August 2022* is USD 72.88 Billion exhibiting a positive growth of 35.81 per cent vis-à-vis April-August 2021 (USD 53.67 Billion).
• The services trade balance for April-August 2022* is estimated at USD 45.42 Billion as against USD 42.36 Billion in April-August 2021, which is an increase of 7.22 per cent.

Fig 8: Services Trade during April-August 2022*

 

Table 5: Export Growth in Commodity Groups in August 2022

Sl. No.	Commodities	(Values in Million USD)		% Change
		AUG'21	AUG'22	AUG'22
	Commodity groups exhibiting positive growth
1	Tobacco	72.29	127.51	76.39
2	Oil Meals	45.48	78.99	73.68
3	Electronic Goods	1146.43	1729.13	50.83
4	Rice	725.45	1041.72	43.60
5	Petroleum Products	4655.35	5714.76	22.76
6	Meat, dairy & poultry products	274.88	336.07	22.26
7	Cereal preparations & miscellaneous processed items	180.79	217.60	20.36
8	Coffee	76.71	89.80	17.06
9	Organic & Inorganic Chemicals	2230.85	2531.28	13.47
10	Fruits & Vegetables	223.28	251.97	12.85
11	Leather & leather products	385.93	428.02	10.91
12	Tea	75.38	82.78	9.82
13	Ceramic products & glassware	294.90	319.87	8.47
14	Drugs & Pharmaceuticals	2008.88	2144.64	6.76
15	Other cereals	60.87	63.57	4.44
16	Spices	312.78	324.03	3.60
17	Jute Mfg. including Floor Covering	41.57	42.10	1.27
18	Oil seeds	78.35	79.18	1.06
Sl. No.	Commodities	(Values in Million USD)		% Change
		AUG'21	AUG'22	AUG'22
	Commodity Groups exhibiting negative growth
19	Iron Ore	146.10	13.40	-90.83
20	Handicrafts excl. handmade carpet	182.26	116.37	-36.15
21	Cotton Yarn/Fabs./made-ups, Handloom Products etc.	1302.91	883.75	-32.17
22	Cashew	35.42	24.26	-31.51
23	Carpet	143.87	104.22	-27.56
24	Engineering Goods	9663.09	8291.53	-14.19
25	Mica, Coal & Other Ores, Minerals including processed minerals	424.65	385.22	-9.29
26	Man-made Yarn/Fabs./made-ups etc.	459.75	419.40	-8.78
27	Marine Products	686.66	663.45	-3.38
28	Gems & Jewellery	3432.63	3330.30	-2.98
29	Plastic & Linoleum	755.53	747.21	-1.10
30	RMG of all Textiles	1237.84	1233.57	-0.34

 Table 6: Import Growth in Commodity Groups in August 2022

Sl. No.	Commodities	(Values in Million USD)		% Change
		AUG'21	AUG'22	AUG'22
	Commodity Groups exhibiting positive growth
1	Silver	15.49	684.34	4317.95
2	Cotton Raw & Waste	39.92	295.76	640.88
3	Coal, Coke & Briquettes, etc.	1939.16	4530.57	133.64
4	Petroleum, Crude & products	9443.19	17700.63	87.44
5	Textile yarn Fabric, made-up articles	145.49	266.79	83.37
6	Leather & leather products	57.94	104.70	80.70
7	Fertilisers, Crude & manufactured	834.01	1475.63	76.93
8	Pulp and Waste paper	115.05	191.80	66.71
9	Non-ferrous metals	1159.91	1722.36	48.49
10	Project goods	33.54	49.59	47.85
11	Artificial resins, plastic materials, etc.	1372.13	2023.49	47.47
12	Organic & Inorganic Chemicals	2069.22	2959.75	43.04
13	Vegetable Oil	1335.50	1890.43	41.55
14	Wood &  Wood products	456.12	640.52	40.43
15	Machinery, electrical & non-electrical	2917.63	3888.71	33.28
16	Iron & Steel	1335.58	1763.44	32.04
17	Chemical material & products	855.07	1104.83	29.21
18	Professional instrument, Optical goods, etc.	452.24	576.90	27.57
19	Electronic goods	5923.27	7302.07	23.28
20	Fruits & vegetables	168.20	205.30	22.06
21	Dyeing/tanning/colouring materials	265.05	323.37	22.00
22	Machine tools	296.82	359.64	21.16
23	Transport equipment	1323.35	1599.48	20.87
24	Newsprint	34.43	41.51	20.56
25	Pearls, precious & Semi-precious stones	2245.97	2415.31	7.54
26	Metaliferrous ores & other minerals	772.20	788.49	2.11
Sl. No.	Commodities	(Values in Million USD)		% Change
		AUG'21	AUG'22	AUG'22
	Commodity Groups exhibiting negative growth
27	Gold	6702.92	3573.51	-46.69
28	Pulses	247.51	150.43	-39.22
29	Sulphur & Unroasted Iron Pyrites	17.90	14.36	-19.78
30	Medicinal & Pharmaceutical products	656.88	638.23	-2.84

 

Table 7: MERCHANDISE TRADE 

 

Table 8: SERVICES TRADE

EXPORTS & IMPORTS (SERVICES) : (US $ Billion)
(PROVISIONAL)	July 2022	April-July 2022
EXPORTS (Receipts)	23.27	94.76
IMPORTS (Payments)	13.93	58.94
TRADE BALANCE	9.34	35.81
EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
(PROVISIONAL)	July 2022	April-July 2022
EXPORTS (Receipts)	1,85,193.12	7,37,272.87
IMPORTS (Payments)	1,10,877.07	4,58,494.96
TRADE BALANCE	74,316.05	2,78,777.91
Source: RBI Press Release dated 1st September 2022

 

Export growth led by services partially offsets larger import-driven trade deficits in the recent trade period. Combined exports in August 2022 and April-August 2022 rose year-on-year, led by services growth and modest merchandise export gains, while imports-especially merchandise and non-petroleum/non-gems categories-expanded more sharply, enlarging the merchandise and overall trade deficits; commodity-level patterns varied with strong export growth in select agricultural, chemical and electronic groups and sizable import increases in crude petroleum, coal and industrial inputs. Services data for August are provisional and some prior-period data have been revised.