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

September 14, 2022

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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 

EXPORTS & IMPORTS: (Rs. Crore)

(PROVISIONAL)

 

AUGUST

APRIL-AUGUST

EXPORTS (including re-exports)

 

 

2021-22

2,47,633.63

12,16,966.47

2022-23

2,69,874.67

15,11,224.41

%Growth 2022-23/2021-22

8.98

24.18

IMPORTS

 

 

2021-22

3,34,519.60

16,15,539.68

2022-23

4,92,457.24

24,86,013.62

%Growth 2022-23/2021-22

47.21

53.88

TRADE BALANCE

 

 

2021-22

-86,885.97

-3,98,573.20

2022-23

-2,22,582.57

-9,74,789.21

 

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

 

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