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Customs, DGFT & SEZ

India’s Foreign Trade: October 2022

November 15, 2022

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India’s overall exports (Merchandise and Services combined) in October 2022* are estimated to be USD 58.36 Billion, exhibiting a positive growth of 4.03 per cent over the same period last year. Overall imports in October 2022* are estimated to be USD 73.00 Billion, exhibiting a positive growth of 11.82 per cent over the same period last year.

Table 1: Trade during October 2022*

 

 

October 2022

(USD Billion)

October 2021

(USD Billion)

Merchandise

Exports

29.78

35.73

Imports

56.69

53.64

Services*

Exports

28.58

20.37

Imports

16.30

11.64

Overall Trade

(Merchandise +Services) *

Exports

58.36

56.10

Imports

73.00

65.28

Trade Balance

-14.63

-9.18

* Note: The latest data for services sector released by RBI is for September 2022. The data for October 2022 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for April-October2021 and April-June 2022 has been revised on pro-rata basis using quarterly balance of payments data.

Fig 1: Overall Trade during October 2022*

India’s overall exports (Merchandise and Services combined) in April-October 2022* are estimated to be USD 444.74 Billion, exhibiting a positive growth of 19.56 per cent over the same period last year. Overall imports in April-October 2022* are estimated to be USD 543.26 Billion, exhibiting a positive growth of 33.80 per cent over the same period last year. 

Table 2: Trade during April-October 2022*

 

 

April-October 2022

(USD Billion)

April-October 2021

(USD Billion)

Merchandise

Exports

263.35

233.98

Imports

436.81

328.14

Services*

Exports

181.39

138.01

Imports

106.45

77.89

Overall Trade (Merchandise+

Services) *

Exports

444.74

371.98

Imports

543.26

406.03

Trade Balance

-98.52

-34.05

 

Fig 2: Overall Trade during April-October 2022*

MERCHANDISE TRADE

Merchandise exports in October 2022 were USD 29.78 Billion, as compared to USD 35.73 Billion in October 2021.

Merchandise imports in October 2022 were USD 56.69 Billion, as compared to USD 53.64 Billion in October 2021.

Fig 3: Merchandise Trade during October 2022

Merchandise exports for the period April-October 2022 were USD 263.35 Billion as against USD 233.98 Billion during the period April-October 2021.

Merchandise imports for the period April-October 2022 were USD 436.81 Billion as against USD 328.14 Billion during the period April-October 2021.

The merchandise trade deficit for April-October 2022 was estimated at USD 173.46 Billion as against USD 94.16 Billion in April-October 2021.

 

Fig 4: Merchandise Trade during April-October 2022

Non-petroleum and non-gems & jewellery exports in October 2022 were USD 21.72 Billion, compared to USD 26.15 Billion in October 2021.

Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 34.40, compared to USD 32.88 Billion in October 2021.

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

 

October 2022

(USD Billion)

October 2021

(USD Billion)

Non- petroleum exports

25.03

30.37

Non- petroleum imports

40.84

41.36

Non-petroleum & Non Gems & Jewellery exports

21.72

26.15

Non-petroleum & Non Gems & Jewellery imports

34.40

32.88

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

 

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

Non-petroleum and non-gems & jewellery exports during April-October 2022 was USD 182.05 Billion, as compared to  USD 176.52 Billion in April-October 2021.

Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 258.30 Billion in April-October 2022 as compared to  USD 198.58 Billion in April-October 2021. 

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

 

April-October 2022

(USD Billion)

April-October 2021

(USD Billion)

Non- petroleum exports

206.00

200.04

Non- petroleum imports

305.82

246.33

Non-petroleum & Non Gems & Jewellery exports

182.05

176.52

Non-petroleum & Non Gems & Jewellery imports

258.30

198.58

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

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

SERVICES TRADE

The estimated value of services export for October 2022* is USD 28.58 Billion, as compared to USD 20.37 Billion in October 2021.

The estimated value of services import for October 2022* is USD 16.30 Billion as compared to USD 11.64 Billion in October 2021.

Fig 7: Services Trade during October 2022*

 The estimated value of services export for April-October 2022* is USD 181.39 Billion as compared to USD 138.01 Billion in April-October 2021.

The estimated value of services imports for April-October 2022* is USD 106.45 as compared to USD 77.89 Billion in April-October 2021.

The services trade surplus for April-October 2022* is estimated at USD 74.93 Billion as against USD 60.12 Billion in April-October 2021. 

 

Fig 8: Services Trade during April-October 2022*

  

Table 5: Export Growth in Commodity Groups in October 2022

Sl. No.

Commodities

(Values in Million USD)

% Change

OCT'21

OCT'22

OCT'22

 

Commodity groups exhibiting positive growth

1

Oil seeds

84.26

149.98

78.00

2

Oil Meals

55.80

91.87

64.64

3

Electronic Goods

1347.00

1853.77

37.62

4

Tobacco

85.28

102.68

20.40

5

Tea

65.37

72.88

11.49

6

Rice

692.38

703.96

1.67

Sl. No.

Commodities

(Values in Million USD)

% Change

OCT'21

OCT'22

OCT'22

 

Commodity Groups exhibiting negative growth

7

Iron Ore

78.73

7.83

-90.05

8

Handicrafts excl. hand made carpet

198.99

98.05

-50.73

9

Cotton Yarn/Fabs./made-ups, Handloom Products etc.

1335.97

719.03

-46.18

10

Jute Mfg. including Floor Covering

43.55

23.57

-45.88

11

Cashew

43.30

25.23

-41.73

12

Carpet

173.19

107.13

-38.14

13

Other cereals

62.23

44.53

-28.44

14

Plastic & Linoleum

782.88

580.53

-25.85

15

Man-made Yarn/Fabs./made-ups etc.

468.69

350.56

-25.20

16

Meat, dairy & poultry products

383.67

299.20

-22.02

17

Gems & Jewellery

4221.22

3311.27

-21.56

18

Engineering Goods

9401.21

7402.97

-21.26

19

RMG of all Textiles

1254.13

988.72

-21.16

20

Mica, Coal & Other Ores, Minerals including processed minerals

441.80

351.90

-20.35

21

Spices

333.22

268.11

-19.54

22

Organic & Inorganic Chemicals

2569.37

2146.88

-16.44

23

Petroleum Products

5355.77

4751.69

-11.28

24

Marine Products

807.77

720.32

-10.83

25

Ceramic products & glassware

284.47

256.84

-9.71

26

Drugs & Pharmaceuticals

2064.45

1873.73

-9.24

27

Cereal preparations & miscellaneous processed items

186.91

174.38

-6.70

28

Coffee

85.71

80.11

-6.53

29

Leather & leather products

370.68

349.03

-5.84

30

Fruits & Vegetables

225.88

222.50

-1.50

*Engineering goods exhibiting a fall of approx. USD 2 Billion includes steel and its products.

 Table 6: Import Growth in Commodity Groups in October 2022

Sl. No.

Commodities

(Values in Million USD)

% Change

OCT'21

OCT'22

OCT'22

 

Commodity Groups exhibiting positive growth

1

Cotton Raw & Waste

38.11

172.13

351.67

2

Fertilisers, Crude & manufactured

805.39

2105.03

161.37

3

Newsprint

32.21

68.75

113.44

4

Pulp and Waste paper

139.62

224.98

61.14

5

Iron & Steel

1444.65

1991.41

37.85

6

Petroleum, Crude & products

12278.88

15852.43

29.10

7

Leather & leather products

66.12

85.35

29.08

8

Transport equipment

1961.71

2495.03

27.19

9

Wood &  Wood products

471.24

575.89

22.21

10

Project goods

44.33

48.38

9.14

11

Professional instrument, Optical goods, etc.

467.89

506.31

8.21

12

Non-ferrous metals

1427.90

1539.70

7.83

13

Textile yarn Fabric, made-up articles

199.48

207.71

4.13

14

Machinery, electrical & non-electrical

3536.06

3632.12

2.72

15

Artificial resins, plastic materials, etc.

1725.40

1762.40

2.14

Sl. No.

Commodities

(Values in Million USD)

% Change

OCT'21

OCT'22

OCT'22

 

Commodity Groups exhibiting negative growth

16

Sulphur & Unroasted Iron Pyrites

31.93

11.23

-64.83

17

Pulses

378.41

204.81

-45.88

18

Silver

897.35

585.09

-34.80

19

Gold

5101.70

3700.15

-27.47

20

Dyeing/tanning/colouring materials

413.11

304.77

-26.23

21

Pearls, precious & Semi-precious stones

2482.70

2159.93

-13.00

22

Fruits & vegetables

239.53

211.40

-11.74

23

Organic & Inorganic Chemicals

2634.16

2359.02

-10.45

24

Electronic goods

6828.85

6200.22

-9.21

25

Chemical material & products

934.43

855.67

-8.43

26

Metaliferrous ores & other minerals

794.86

728.11

-8.40

27

Machine tools

402.27

383.79

-4.59

28

Coal, Coke & Briquettes, etc.

3308.85

3178.07

-3.95

29

 Vegetable Oil

1636.90

1580.63

-3.44

30

Medicinal & Pharmaceutical products

657.64

642.78

-2.26

* Link for Quick Estimates

***

Topics

Acts Income Tax
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