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Home News News and Press Release Month 6 2022 2022 (6) This

Overall Merchandise and Services Exports jump 24% in May, 2022;

15-6-2022
  • Contents

Overall Merchandise and Services Exports jump 24% in May, 2022;

Merchandise exports grow by 20%; Services exports up 30%

Petroleum products, Electronic goods, Leather products, coffee, cereal preparations and oil meals lead the way in exports growth

INDIA’S FOREIGN TRADE: May 2022

India’s overall exports (Merchandise and Services combined) in May 2022* are estimated to be USD 62.21 Billion, exhibiting a positive growth of 24.03 per cent over the same period last year. The merchandise exports in May 2022 were USD 38.94 Billion, as compared to USD 32.30 Billion in May 2021, exhibiting a positive growth of 20.55 per cent. The estimated value of services export for May 2022* is USD 23.28 Billion, exhibiting a positive growth of 30.32 per cent vis-a-vis May 2021 (USD 17.86 Billion).

India’s overall exports (Merchandise and Services combined) in April-May 2022* are estimated to be USD 124.59 Billion, exhibiting a positive growth of 25.90 per cent over the same period last. The merchandise exports for the period April-May 2022 were USD 78.72 Billion as against USD 63.05 Billion during the period April-May 2021, registering a positive growth of 24.86 per cent. The estimated value of services export for April-May 2022* is USD 45.87 Billion, exhibiting a positive growth of 27.71 per cent vis-a-vis April-May 2021 (USD 35.92 Billion).

The overall imports (Merchandise and Services combined) in May 2022* are estimated to be USD 77.65 Billion, exhibiting a positive growth of 59.19 per cent over the same period last year. The overall imports in April-May 2022* are estimated to be USD 151.89 Billion, exhibiting a positive growth of 45.44 per cent over the same period last year.

Table 1: Trade during May 2022*

 

 

May 2022

(USD Billion)

May 2021

(USD Billion)

Growth vis-à-vis May 2021 (%)

Merchandise

Exports

38.94

32.30

20.55

Imports

63.22

38.83

62.83

Trade Balance

-24.29

-6.53

-271.96

Services*

Exports

23.28

17.86

30.32

Imports

14.43

9.95

45.01

Net of Services

8.85

7.91

11.85

Overall Trade (Merchandise+

Services) *

Exports

62.21

50.16

24.03

Imports

77.65

48.78

59.19

Trade Balance

-15.44

1.38

-1215.73

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

 Table 2: Trade during April-May 2022*

 

 

April-May 2022

(USD Billion)

April-May 2021

(USD Billion)

Growth vis-à-vis April-May 2021 (%)

Merchandise

Exports

78.72

63.05

24.86

Imports

123.41

84.87

45.42

Trade Balance

-44.69

-21.82

-104.80

Services*

Exports

45.87

35.92

27.71

Imports

28.48

19.57

45.52

Net of Services

17.39

16.35

6.39

Overall Trade (Merchandise+

Services) *

Exports

124.59

98.96

25.90

Imports

151.89

104.44

45.44

Trade Balance

-27.30

-5.47

-398.74

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

Fig 1: Overall Trade during May 2022*

Fig 2: Overall Trade during April-May 2022*

MERCHANDISE TRADE

  • Merchandise imports in May 2022 were USD 63.22 Billion, which is an increase of 62.83 per cent over imports of USD 38.83 Billion in May 2021.
  • The merchandise trade deficit in May 2022 was estimated at USD 24.29 Billion as against USD 6.53 Billion in May 2021, which is an increase of 271.96 per cent.

 Fig 3: Merchandise Trade during May 2022

  • Merchandise imports for the period April-May 2022 were USD 123.41 Billion as against USD 84.87 Billion during the period April-May 2021, registering a positive growth of 45.42 per cent.
  • The merchandise trade deficit for April-May 2022 was estimated at USD 44.69 Billion as against USD 21.82 Billion in April-May 2021, which is an increase of 104.80 per cent.

Fig 4: Merchandise Trade during April-May 2022

  • Non-petroleum and non-gems & jewellery exports in May 2022 were USD 27.16 Billion, registering a positive growth of 13.10 per cent over non-petroleum and non-gems & jewellery exports of USD 24.02 Billion in May 2021.
  • Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 34.79 Billion in May 2022 with a positive growth of 31.66 per cent over Non-petroleum, non-gems & jewellery imports of USD 26.42 Billion in May 2021.

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

 

May 2022

(USD Billion)

May 2021

(USD Billion)

Growth vis-à-vis May 2021 (%)

Non- petroleum exports

30.39

26.99

12.61

Non- petroleum imports

44.03

29.36

49.96

Non-petroleum & Non Gems & Jewellery exports

27.16

24.02

13.10

Non-petroleum & Non Gems & Jewellery imports

34.79

26.42

31.66

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

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

  • Non-petroleum and non-gems & jewellery exports during April-May 2022 was USD 55.60 Billion, an increase of 16.42 per cent over non-petroleum and non-gems & jewellery exports of USD 47.76 Billion in April-May 2021.
  • Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 70.42 Billion in April-May 2022, recording a positive growth of 32.94 per cent, as compared to Non-petroleum, non-gems & jewellery imports of USD 52.97 Billion in April-May 2021.

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

 

April-May 2022

(USD Billion)

April-May 2021

(USD Billion)

Growth vis-à-vis April-May 2021 (%)

Non- petroleum exports

62.30

54.11

15.13

Non- petroleum imports

84.09

64.63

30.11

Non-petroleum & Non Gems & Jewellery exports

55.60

47.76

16.42

Non-petroleum & Non Gems & Jewellery imports

70.42

52.97

32.94

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

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

SERVICES TRADE

  • The estimated value of services import for May 2022* is USD 14.43 Billion exhibiting a positive growth of 45.01 per cent vis-à-vis May 2021 (USD 9.95 Billion)
  • The services trade balance in May 2022* is estimated at USD 8.85 Billion, which is an increase of 11.85 per cent over May 2021 (USD 7.91 Billion).

Fig 7: Services Trade during May 2022*

 

  • The estimated value of services imports for April-May 2022* is USD 28.48 Billion exhibiting a positive growth of 45.52 per cent vis-à-vis April-May 2021 (USD 19.57 Billion).
  • The services trade balance for April-May 2022* is estimated at USD 17.39 Billion as against USD 16.35 Billion in April-May 2021, which is an increase of 6.39 per cent.

Fig 8: Services Trade during April-May 2022*

Table 5: Export Growth in Commodity Groups in May 2022

Sl. No.

Commodities

(Values in Million USD)

% Change

MAY'21

MAY'22

MAY'22

 

Commodity groups exhibiting positive growth

1

Petroleum Products

5313.28

8547.64

60.87

2

Coffee

72.75

111.07

52.67

3

Leather & leather products

271.07

402.61

48.53

4

Electronic Goods

946.66

1395.09

47.37

5

Oil Meals

67.96

98.62

45.11

6

Cereal preparations & miscellaneous processed items

165.37

238.04

43.94

7

RMG of all Textiles

1107.00

1415.25

27.85

8

Jute Mfg. including Floor Covering

35.38

42.94

21.37

9

Organic & Inorganic Chemicals

2182.94

2561.74

17.35

10

Tobacco

80.71

94.07

16.55

11

Marine Products

574.34

665.86

15.93

12

Fruits & Vegetables

178.63

205.79

15.20

13

Oil seeds

73.25

83.11

13.46

14

Engineering Goods

8623.65

9714.74

12.65

15

Rice

773.91

855.32

10.52

16

Drugs & Pharmaceuticals

1874.83

2067.63

10.28

17

Ceramic products & glassware

290.94

317.81

9.24

18

Mica, Coal & Other Ores, Minerals including processed minerals

393.93

429.56

9.04

19

Gems & Jewellery

2968.19

3225.46

8.67

20

Tea

47.99

49.73

3.63

21

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

411.03

422.61

2.82

22

Meat, dairy & poultry products

347.64

350.00

0.68

Sl. No.

Commodities

(Values in Million USD)

% Change

MAY'21

MAY'22

MAY'22

 

Commodity Groups exhibiting negative growth

23

Iron Ore

573.72

194.64

-66.07

24

Other cereals

92.92

62.33

-32.92

25

Cashew

39.01

27.41

-29.74

26

Handicrafts excl. handmade carpet

146.17

120.06

-17.86

27

Plastic & Linoleum

863.79

765.75

-11.35

28

Carpet

138.96

127.26

-8.42

29

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

1106.04

1041.59

-5.83

30

Spices

319.35

307.92

-3.58

 Table 6: Import Growth in Commodity Groups in May 2022

Sl. No.

Commodities

(Values in Million USD)

% Change

MAY'21

MAY'22

MAY'22

 

Commodity Groups exhibiting positive growth

1

Silver

15.39

446.32

2800.06

2

Gold

677.67

6025.82

789.20

3

Coal, Coke & Briquettes, etc.

1992.26

5420.90

172.10

4

Petroleum, Crude & products

9468.96

19195.84

102.72

5

Cotton Raw & Waste

53.48

96.33

80.12

6

Leather & leather products

56.90

86.34

51.74

7

Textile yarn Fabric, made-up articles

150.16

213.74

42.34

8

Pulses

36.98

52.60

42.24

9

Fertilisers, Crude & manufactured

661.54

929.89

40.56

10

Metaliferrous ores & other minerals

658.24

920.61

39.86

11

Organic & Inorganic Chemicals

2306.35

3218.90

39.57

12

Iron & Steel

1181.61

1601.14

35.50

13

Electronic goods

4239.80

5682.15

34.02

14

Non-ferrous metals

1262.97

1631.87

29.21

15

Dyeing/tanning/colouring materials

270.72

344.72

27.33

16

Artificial resins, plastic materials, etc.

1650.75

2078.17

25.89

17

Sulphur & Unroasted Iron Pyrites

29.08

36.37

25.07

18

Pearls, precious & Semi-precious stones

2245.03

2768.47

23.32

19

Pulp and Waste paper

123.76

149.02

20.41

20

 Vegetable Oil

1432.83

1702.25

18.80

21

Transport equipment

1408.03

1665.39

18.28

22

Newsprint

24.59

28.23

14.80

23

Wood & Wood products

536.45

602.47

12.31

24

Machinery, electrical & non-electrical

2979.25

3306.92

11.00

25

Fruits & vegetables

191.66

206.99

8.00

Sl. No.

Commodities

(Values in Million USD)

% Change

MAY'21

MAY'22

MAY'22

 

Commodity Groups exhibiting negative growth

26

Project goods

163.81

60.43

-63.11

27

Professional instrument, Optical goods, etc.

937.17

567.25

-39.47

28

Medicinal & Pharmaceutical products

813.53

695.42

-14.52

29

Machine tools

362.17

324.87

-10.30

30

Chemical material & products

1062.04

1050.03

-1.13

 Table 7: MERCHANDISE TRADE 

EXPORTS & IMPORTS: (Rs. Crore)

(PROVISIONAL)

 

MAY

APRIL-MAY

EXPORTS (including re-exports)

 

 

2021-22

2,36,647.91

4,65,628.51

2022-23

3,01,058.33

6,04,087.81

%Growth 2022-23/2021-22

27.22

29.74

IMPORTS

 

 

2021-22

2,84,484.37

6,27,348.71

2022-23

4,88,832.60

9,47,267.48

%Growth 2022-23/2021-22

71.83

51.00

TRADE BALANCE

 

 

2021-22

-47,836.46

-1,61,720.20

2022-23

-1,87,774.27

-3,43,179.67

 

Table 8: SERVICES TRADE

EXPORTS & IMPORTS (SERVICES) : (US $ Billion)

(PROVISIONAL)

April 2022

EXPORTS (Receipts)

22.59

IMPORTS (Payments)

14.05

TRADE BALANCE

8.54

 

 

EXPORTS & IMPORTS (SERVICES): (Rs. Crore)

(PROVISIONAL)

April 2022

EXPORTS (Receipts)

1,72,093.53

IMPORTS (Payments)

1,07,030.99

TRADE BALANCE

65,062.53

Source: RBI Press Release dated 1st June 2022

***

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