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INDIA’S FOREIGN TRADE: June 2022

India’s overall exports (Merchandise and Services) grow by 23% in June; Exports growth in 1st quarter over 25%

14 July, 2022 Governance News, News
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India’s overall exports (Merchandise and Services combined) in June 2022* are estimated to be USD 64.91 Billion, exhibiting a positive growth of 22.95 per cent over the same period last year. The overall exports (Merchandise and Services combined) in the 1st quarter of FY 22-23 (April-June 2022)* are estimated to be USD 189.93 Billion, exhibiting a positive growth of 25.16 per cent over the same period last.

The overall imports in June 2022* are estimated to be USD 82.42 Billion, exhibiting a positive growth of 55.72 per cent over the same period last year. In the 1st quarter of the FY22-23, the overall exports are estimated to be USD 235.11 Billion, exhibiting a positive growth of 49.41 per cent over the same period last year.

 

Table 1: Trade during June 2022*

    June 2022

(USD Billion)

 June 2021

(USD Billion)

 Growth vis-à-vis June 2021 (%)
Merchandise Exports 40.13 32.49 23.52
Imports 66.31 42.09 57.55
Trade Balance -26.18 -9.60 -172.72
Services* Exports 24.77 20.30 22.04
Imports 16.11 10.84 48.62
Net of Services 8.67 9.46 -8.41
Overall Trade (Merchandise+

Services) *

 Exports 64.91 52.79 22.95
Imports 82.42 52.93 55.72
Trade Balance -17.51 -0.14 -12596.34

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

Fig 1: Overall Trade during June 2022*

Table 2: Trade during April-June 2022*

    April-June 2022

(USD Billion)

 April-June 2021

(USD Billion)

 Growth vis-à-vis April-June 2021 (%)
Merchandise Exports 118.96 95.54 24.51
Imports 189.76 126.96 49.47
Trade Balance -70.80 -31.42 -125.34
Services* Exports 70.97 56.22 26.25
Imports 45.35 30.41 49.15
Net of Services 25.62 25.81 -0.74
Overall Trade (Merchandise+

Services) *

 Exports 189.93 151.75 25.16
Imports 235.11 157.37 49.41
Trade Balance -45.18 -5.61 -705.12

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

Fig 2: Overall Trade during April-June 2022*

MERCHANDISE TRADE

  • Merchandise exports in June 2022 were USD 40.13 Billion, as compared to USD 32.49 Billion in June 2021, exhibiting a positive growth of 23.52 per cent.
  • Merchandise imports in June 2022 were USD 66.31 Billion, which is an increase of 57.55 per cent over imports of USD 42.09 Billion in June 2021.
  • The merchandise trade deficit in June 2022 was estimated at USD 26.18 Billion as against USD 9.60 Billion in June 2021, which is an increase of 172.72 per cent.

Fig 3: Merchandise Trade during June 2022

  • Merchandise exports for the period April-June 2022 were USD 118.96 Billion as against USD 95.54 Billion during the period April-June 2021, registering a positive growth of 24.51 per cent.
  • Merchandise imports for the period April-June 2022 were USD 189.76 Billion as against USD 126.96 Billion during the period April-June 2021, registering a positive growth of 49.47 per cent.
  • The merchandise trade deficit for April-June 2022 was estimated at USD 70.80 Billion as against USD 31.42 Billion in April-June 2021, which is an increase of 125.34 per cent.

Fig 4: Merchandise Trade during April-June 2022

  • Non-petroleum and non-gems & jewellery exports in June 2022 were USD 27.94 Billion, registering a positive growth of 8.65 per cent over non-petroleum and non-gems & jewellery exports of USD 25.71 Billion in June 2021.
  • Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 38.53 Billion in June 2022 with a positive growth of 38.30 per cent over Non-petroleum, non-gems & jewellery imports of USD 27.86 Billion in June 2021.

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

  June 2022

(USD Billion)

 June 2021

(USD Billion)

 Growth vis-à-vis June 2021 (%)
Non- petroleum exports 31.48 28.54 10.30
Non- petroleum imports 45.01 31.41 43.30
Non-petroleum & Non Gems & Jewellery exports 27.94 25.71 8.65
Non-petroleum & Non Gems & Jewellery imports 38.53 27.86 38.30

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

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

  • Non-petroleum and non-gems & jewellery exports during April-June 2022 was USD 83.62 Billion, an increase of 13.81 per cent over non-petroleum and non-gems & jewellery exports of USD 73.47 Billion in April-June 2021.
  • Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 108.97 Billion in April-June 2022, recording a positive growth of 34.80 per cent, as compared to Non-petroleum, non-gems & jewellery imports of USD 80.83 Billion in April-June 2021.

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

  April-June 2022

(USD Billion)

 April-June 2021

(USD Billion)

 Growth vis-à-vis April-June 2021 (%)
Non- petroleum exports 93.85 82.65 13.56
Non- petroleum imports 129.12 96.04 34.43
Non-petroleum & Non Gems & Jewellery exports 83.62 73.47 13.81
Non-petroleum & Non Gems & Jewellery imports 108.97 80.83 34.80

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

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

SERVICES TRADE

  • The estimated value of services export for June 2022* is USD 24.77 Billion, exhibiting a positive growth of 22.04 per cent vis-a-vis June 2021 (USD 20.30 Billion).
  • The estimated value of services import for June 2022* is USD 16.11 Billion exhibiting a positive growth of 48.62 per cent vis-à-vis June 2021 (USD 10.84 Billion).
  • The services trade balance in June 2022* is estimated at USD 8.67 Billion, which is a decline of          8.41 per cent over June 2021 (USD 9.46 Billion).

Fig 7: Services Trade during June 2022*

  • The estimated value of services export for April-June 2022* is USD 70.97 Billion, exhibiting a positive growth of 26.25 per cent vis-a-vis April-June 2021 (USD 56.22 Billion).
  • The estimated value of services imports for April-June 2022* is USD 45.35 Billion exhibiting a positive growth of 49.15 per cent vis-à-vis April-June 2021 (USD 30.41 Billion).
  • The services trade balance for April-June 2022* is estimated at USD 25.62 Billion as against USD 25.81 Billion in April-June 2021, which is a decline of 0.74 per cent.

Fig 8: Services Trade during April-June 2022*

Table 5: Export Growth in Commodity Groups in June 2022

Sl. No. Commodities (Values in Million USD) % Change
JUN’21 JUN’22 JUN’22
  Commodity groups exhibiting positive growth
1 Petroleum Products 3952.25 8656.68 119.03
2 Other cereals 88.32 153.99 74.35
3 Electronic Goods 1043.10 1676.24 60.70
4 RMG of all Textiles 1001.81 1500.91 49.82
5 Rice 742.70 1061.37 42.91
6 Leather & leather products 325.00 450.42 38.59
7 Oil seeds 78.30 101.54 29.68
8 Mica, Coal & Other Ores, Minerals including processed minerals 380.61 492.07 29.28
9 Cereal preparations & miscellaneous processed items 198.90 254.53 27.97
10 Coffee 85.54 108.18 26.47
11 Gems & Jewellery 2824.44 3538.67 25.29
12 Oil Meals 110.18 134.34 21.93
13 Jute Mfg. including Floor Covering 34.22 41.72 21.92
14 Tea 53.06 64.05 20.71
15 Meat, dairy & poultry products 329.61 386.41 17.23
16 Ceramic products & glassware 292.42 332.36 13.66
17 Marine Products 645.66 724.54 12.22
18 Organic & Inorganic Chemicals 2666.23 2917.85 9.44
19 Tobacco 95.05 100.84 6.09
20 Drugs & Pharmaceuticals 2021.42 2119.08 4.83
21 Engineering Goods 9295.58 9576.26 3.02
22 Spices 318.69 326.03 2.30
23 Fruits & Vegetables 206.05 206.72 0.33
24 Man-made Yarn/Fabs./made-ups etc. 448.92 450.00 0.24
Sl. No. Commodities (Values in Million USD) % Change
JUN’21 JUN’22 JUN’22
  Commodity Groups exhibiting negative growth
25 Iron Ore 509.65 11.16 -97.81
26 Handicrafts excl. handmade carpet 162.64 115.99 -28.68
27 Plastic & Linoleum 979.51 783.48 -20.01
28 Cotton Yarn/Fabs./made-ups, Handloom Products etc. 1194.50 961.73 -19.49
29 Carpet 143.00 130.17 -8.97
30 Cashew 24.53 23.09 -5.87

Table 6: Import Growth in Commodity Groups in June 2022

Sl. No. Commodities (Values in Million USD) % Change
JUN’21 JUN’22 JUN’22
  Commodity Groups exhibiting positive growth
1 Silver 11.83 785.52 6540.07
2 Coal, Coke & Briquettes, etc. 1875.60 6762.58 260.56
3 Gold 969.02 2740.50 182.81
4 Petroleum, Crude & products 10678.42 21300.85 99.48
5 Cotton Raw & Waste 68.79 125.66 82.67
6 Textile yarn Fabric, made-up articles 146.61 257.60 75.70
7 Sulphur & Unroasted Iron Pyrts 27.22 47.17 73.29
8 Metaliferrous ores & other minerals 553.97 922.50 66.53
9 Artificial resins, plastic materials, etc. 1464.98 2253.90 53.85
10 Organic & Inorganic Chemicals 2454.65 3511.73 43.06
11 Leather & leather products 71.48 98.41 37.67
12 Electronic goods 4600.54 6108.12 32.77
13 Pulp and Waste paper 118.54 154.37 30.23
14 Newsprint 35.86 46.62 30.01
15  Vegetable Oil 1435.43 1816.07 26.52
16 Project goods 75.01 94.02 25.34
17 Fertilisers, Crude & manufactured 1039.06 1297.17 24.84
18 Dyeing/tanning/colouring mtrls. 288.83 356.95 23.58
19 Fruits & vegetables 201.66 240.41 19.22
20 Machinery, electrical & non-electrical 3179.83 3783.26 18.98
21 Wood &  Wood products 564.53 670.69 18.81
22 Iron & Steel 1357.17 1580.78 16.48
23 Pearls, precious & Semi-precious stones 2571.76 2957.02 14.98
24 Chemical material & products 1017.95 1147.55 12.73
25 Non-ferrous metals 1457.19 1638.00 12.41
Sl. No. Commodities (Values in Million USD) % Change
JUN’21 JUN’22 JUN’22
  Commodity Groups exhibiting negative growth
26 Pulses 138.12 72.25 -47.69
27 Medicinal & Pharmaceutical products 1245.86 711.87 -42.86
28 Professional instrument, Optical goods, etc. 717.00 576.67 -19.57
29 Machine tools 373.29 360.99 -3.30
30 Transport equipment 1410.29 1387.78 -1.60

Table 7: MERCHANDISE TRADE

EXPORTS & IMPORTS: (Rs. Crore)
(PROVISIONAL)
  JUNE APRIL-JUNE
EXPORTS (including re-exports)    
2021-22 2,38,996.21 7,04,624.72
2022-23 3,13,342.50 9,18,217.77
%Growth 2022-23/2021-22 31.11 30.31
IMPORTS    
2021-22 3,09,605.31 9,36,954.02
2022-23 5,17,727.41 14,65,271.90
%Growth 2022-23/2021-22 67.22 56.39
TRADE BALANCE    
2021-22 -70,609.10 -2,32,329.30
2022-23 -2,04,384.91 -5,47,054.13

Table 8: SERVICES TRADE

EXPORTS & IMPORTS (SERVICES) : (US $ Billion)
(PROVISIONAL) May 2022 April-May 2022
EXPORTS (Receipts) 23.61 46.20
IMPORTS (Payments) 15.20 29.25
TRADE BALANCE 8.41 16.95
     
EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
(PROVISIONAL) May 2022 April-May 2022
EXPORTS (Receipts) 1,82,519.94 3,54,613.47
IMPORTS (Payments) 1,17,486.68 2,24,517.67
TRADE BALANCE 65,033.26 1,30,095.80
Source: RBI Press Release dated 1st July 2022

 

SOURCE-PIB

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