Home » Business » India’s overall exports (Merchandise and Services) for July 2022 records a positive growth of 11.51 per cent over the same period last year

India’s overall exports (Merchandise and Services) for July 2022 records a positive growth of 11.51 per cent over the same period last year

India’s overall exports (Merchandise and Services combined) in July 2022* are estimated to be USD 61.18 Billion, exhibiting a positive growth of 11.51 per cent over the same period last year. Overall imports in July 2022* are estimated to be USD 82.22 Billion, exhibiting a positive growth of 42.90 per cent over the same period last year.

Table 1: Trade during July 2022*

    July 2022

(USD Billion)

July 2021

(USD Billion)

Growth vis-à-vis July 2021 (%)
Merchandise Exports 36.27 35.51 2.14
Imports 66.27 46.15 43.61
Trade Balance -30.00 -10.63 -182.10
Services* Exports 24.91 19.36 28.69
Imports 15.95 11.39 40.02
Net of Services 8.96 7.97 12.49
Overall Trade (Merchandise+

Services) *

Exports 61.18 54.87 11.51
Imports 82.22 57.54 42.90
Trade Balance -21.04 -2.67 -688.49

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

Fig 1: Overall Trade during July 2022*

India’s overall exports (Merchandise and Services combined) in April-July 2022* are estimated to be USD 253.84 Billion, exhibiting a positive growth of 22.85 per cent over the same period last year. Overall imports in April-July 2022* are estimated to be USD 317.40 Billion, exhibiting a positive growth of 47.68 per cent over the same period last year.

Table 2: Trade during April-July 2022*

    April-July 2022

(USD Billion)

April-July 2021

(USD Billion)

Growth vis-à-vis April-July 2021 (%)
Merchandise Exports 157.44 131.06 20.13
Imports 256.43 173.12 48.12
Trade Balance -98.99 -42.07 -135.31
Services* Exports 96.40 75.57 27.56
Imports 60.96 41.80 45.85
Net of Services 35.44 33.77 4.93
Overall Trade (Merchandise+

Services) *

Exports 253.84 206.63 22.85
Imports 317.40 214.92 47.68
Trade Balance -63.55 -8.29 -666.23

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

Fig 2: Overall Trade during April-July 2022*

MERCHANDISE TRADE

  • Merchandise exports in July 2022 were USD 36.27 Billion, as compared to USD 35.51 Billion in July 2021, exhibiting a positive growth of 2.14 per cent.
  • Merchandise imports in July 2022 were USD 66.27 Billion, which is an increase of 43.61 per cent over imports of USD 46.15 Billion in July 2021.
  • The merchandise trade deficit in July 2022 was estimated at USD 30 Billion as against USD 10.63 Billion in July 2021, which is an increase of 182.10 per cent.

Fig 3: Merchandise Trade during July 2022

  • Merchandise exports for the period April-July 2022 were USD 157.44 Billion as against USD 131.06 Billion during the period April-July 2021, registering a positive growth of 20.13 per cent.
  • Merchandise imports for the period April-July 2022 were USD 256.43 Billion as against USD 173.12 Billion during the period April-July 2021, registering a positive growth of 48.12 per cent.
  • The merchandise trade deficit for April-July 2022 was estimated at USD 98.99 Billion as against USD 42.07 Billion in April-July 2021, which is an increase of 135.31 per cent.

Fig 4: Merchandise Trade during April-July 2022

  • Non-petroleum and non-gems & jewellery exports in July 2022 were USD 26.62 Billion, registering a positive growth of 1.55 per cent over non-petroleum and non-gems & jewellery exports of USD 26.21 Billion in July 2021.
  • Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 38.45 Billion in July 2022 with a positive growth of 42.91 per cent over Non-petroleum, non-gems & jewellery imports of USD 26.90 Billion in July 2021.

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

  July 2022

(USD Billion)

July 2021

(USD Billion)

Growth vis-à-vis July 2021 (%)
Non- petroleum exports 29.90 29.67 0.76
Non- petroleum imports 45.14 33.74 33.77
Non-petroleum & Non Gems & Jewellery exports 26.62 26.21 1.55
Non-petroleum & Non Gems & Jewellery imports 38.45 26.90 42.91

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

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

  • Non-petroleum and non-gems & jewellery exports during April-July 2022 was USD 110.47 Billion, an increase of 10.81 per cent over non-petroleum and non-gems & jewellery exports of USD 99.69 Billion in April-July 2021.
  • Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 147.56 Billion in April-July 2022, recording a positive growth of 36.94 per cent, as compared to Non-petroleum, non-gems & jewellery imports of USD 107.75 Billion in April-July 2021.

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

  April-July 2022

(USD Billion)

April-July 2021

(USD Billion)

Growth vis-à-vis April-July 2021 (%)
Non- petroleum exports 123.98 112.32 10.38
Non- petroleum imports 174.40 129.81 34.35
Non-petroleum & Non Gems & Jewellery exports 110.47 99.69 10.81
Non-petroleum & Non Gems & Jewellery imports 147.56 107.75 36.94

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

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

SERVICES TRADE

  • The estimated value of services export for July 2022* is USD 24.91 Billion, exhibiting a positive growth of 28.69 per cent vis-a-vis July 2021 (USD 19.36 Billion).
  • The estimated value of services import for July 2022* is USD 15.95 Billion exhibiting a positive growth of 40.02 per cent vis-à-vis July 2021 (USD 11.39 Billion).
  • The services trade balance in July 2022* is estimated at USD 8.96 Billion, which is an increase of 12.49 per cent over July 2021 (USD 7.97 Billion).

Fig 7: Services Trade during July 2022*

  • The estimated value of services export for April-July 2022* is USD 96.40 Billion, exhibiting a positive growth of 27.56 per cent vis-a-vis April-July 2021 (USD 75.57 Billion).
  • The estimated value of services imports for April-July 2022* is USD 60.96 Billion exhibiting a positive growth of 45.85 per cent vis-à-vis April-July 2021 (USD 41.80 Billion).
  • The services trade balance for April-July 2022* is estimated at USD 35.44 Billion as against USD 33.77 Billion in April-July 2021, which is an increase of 4.93 per cent.

Fig 8: Services Trade during April-July 2022*

Table 5: Export Growth in Commodity Groups in July 2022

Sl. No. Commodities (Values in Million USD) % Change
JUL’21 JUL’22 JUL’22
  Commodity groups exhibiting positive growth
1 Tobacco 65.16 113.48 74.16
2 Electronic Goods 1244.20 1817.64 46.09
3 Coffee 71.19 93.39 31.18
4 Rice 710.94 930.50 30.88
5 Cereal preparations & miscellaneous processed items 182.45 227.18 24.52
6 Oil Meals 65.45 80.64 23.21
7 Oil seeds 76.58 92.68 21.02
8 Meat, dairy & poultry products 256.39 308.81 20.45
9 Leather & leather products 387.72 464.38 19.77
10 Ceramic products & glassware 295.97 332.28 12.27
11 Tea 70.07 78.33 11.79
12 Petroleum Products 5840.02 6376.21 9.18
13 Organic & Inorganic Chemicals 2426.09 2620.85 8.03
14 Fruits & Vegetables 220.06 234.00 6.33
15 Other cereals 96.78 101.98 5.37
16 Spices 338.42 343.53 1.51
17 Marine Products 701.60 711.87 1.46
18 Mica, Coal & Other Ores, Minerals including processed minerals 406.45 409.77 0.82
Sl. No. Commodities (Values in Million USD) % Change
JUL’21 JUL’22 JUL’22
  Commodity Groups exhibiting negative growth
19 Iron Ore 363.20 20.58 -94.33
20 Handicrafts excl. hand made carpet 189.04 121.23 -35.87
21 Cotton Yarn/Fabs./made-ups, Handloom Products etc. 1315.42 944.92 -28.17
22 Cashew 36.68 26.92 -26.61
23 Carpet 158.23 117.75 -25.58
24 Man-made Yarn/Fabs./made-ups etc. 486.91 437.59 -10.13
25 Gems & Jewellery 3459.67 3279.36 -5.21
26 Plastic & Linoleum 832.61 803.25 -3.53
27 Engineering Goods 9545.20 9346.52 -2.08
28 Jute Mfg. including Floor Covering 39.86 39.17 -1.73
29 Drugs & Pharmaceuticals 2145.67 2123.16 -1.05
30 RMG of all Textiles 1389.22 1380.91 -0.60

Table 6: Import Growth in Commodity Groups in July 2022

Sl. No. Commodities (Values in Million USD) % Change
JUL’21 JUL’22 JUL’22
  Commodity Groups exhibiting positive growth
1 Silver 11.76 1108.86 9329.08
2 Project goods 42.00 198.67 373.02
3 Cotton Raw & Waste 57.68 193.87 236.11
4 Coal, Coke & Briquettes, etc. 1958.92 5179.98 164.43
5 Textile yarn Fabric, made-up articles 142.36 268.82 88.83
6 Newsprint 31.35 58.21 85.68
7 Petroleum, Crude & products 12402.06 21133.57 70.40
8 Artificial resins, plastic materials, etc. 1313.21 2191.85 66.91
9 Leather & leather products 55.77 91.05 63.26
10  Vegetable Oil 1369.58 2015.77 47.18
11 Metaliferrous ores & other minerals 573.04 824.99 43.97
12 Fertilisers, Crude & manufactured 1181.11 1691.75 43.23
13 Non-ferrous metals 1297.09 1815.39 39.96
14 Wood &  Wood products 469.43 654.82 39.49
15 Dyeing/tanning/colouring mtrls. 269.85 369.88 37.07
16 Machinery, electrical & non-electrical 2821.52 3812.61 35.13
17 Iron & Steel 1336.51 1727.91 29.29
18 Fruits & vegetables 174.57 225.08 28.93
19 Organic & Inorganic Chemicals 2440.47 3141.76 28.74
20 Electronic goods 5319.77 6800.89 27.84
21 Chemical material & products 917.63 1172.30 27.75
22 Machine tools 311.07 385.98 24.08
23 Pearls, precious & Semi-precious stones 2628.17 3214.10 22.29
24 Pulp and Waste paper 134.63 155.93 15.82
25 Professional instrument, Optical goods, etc. 523.64 593.57 13.35
26 Transport equipment 1331.39 1371.71 3.03
Sl. No. Commodities (Values in Million USD) % Change
JUL’21 JUL’22 JUL’22
  Commodity Groups exhibiting negative growth
27 Pulses 162.03 66.05 -59.24
28 Sulphur & Unroasted Iron Pyrites 29.39 14.11 -51.99
29 Gold 4203.06 2370.32 -43.60
30 Medicinal & Pharmaceutical products 795.31 710.12 -10.71

Table 7: MERCHANDISE TRADE

EXPORTS & IMPORTS: (Rs. Crore)
(PROVISIONAL)
  JULY APRIL-JULY
EXPORTS (including re-exports)    
2021-22 2,64,666.37 9,69,332.85
2022-23 2,88,747.71 12,24,231.62
%Growth 2022-23/2021-22 9.10 26.30
IMPORTS    
2021-22 3,43,919.55 12,81,020.08
2022-23 5,27,541.77 19,95,937.36
%Growth 2022-23/2021-22 53.39 55.81
TRADE BALANCE    
2021-22 -79,253.18 -3,11,687.23
2022-23 -2,38,794.06 -7,71,705.73

Table 8: SERVICES TRADE

EXPORTS & IMPORTS (SERVICES) : (US $ Billion)
(PROVISIONAL) June 2022 April-June 2022
EXPORTS (Receipts) 25.29 71.49
IMPORTS (Payments) 15.77 45.01
TRADE BALANCE 9.53 26.48
     
EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
(PROVISIONAL) June 2022 April-June 2022
EXPORTS (Receipts) 1,97,466.28 5,52,079.75
IMPORTS (Payments) 1,23,100.22 3,47,617.89
TRADE BALANCE 74,366.06 2,04,461.85
Source: RBI Press Release dated 1st August 2022

* Link for Quick Estimates

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