TMI BlogIndia’s Foreign Trade: October 2022X X X X Extracts X X X X X X X X Extracts X X X X ..... India’s Foreign Trade: October 2022 - News and Press Release Dated:- 15-11-2022 - News - 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 wer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 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 O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CT'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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 *** - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... 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