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India’s Merchandise and Services Exports jump 24% in May, 2022

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NEW DELHI : 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 (%)
MerchandiseExports38.9432.3020.55
Imports63.2238.8362.83
Trade Balance-24.29-6.53-271.96
Services*Exports23.2817.8630.32
Imports14.439.9545.01
Net of Services8.857.9111.85
Overall Trade (Merchandise+Services) *Exports62.2150.1624.03
Imports77.6548.7859.19
Trade Balance-15.441.38-1215.73

* 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 (%)
MerchandiseExports78.7263.0524.86
Imports123.4184.8745.42
Trade Balance-44.69-21.82-104.80
Services*Exports45.8735.9227.71
Imports28.4819.5745.52
Net of Services17.3916.356.39
Overall Trade (Merchandise+Services) *Exports124.5998.9625.90
Imports151.89104.4445.44
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 exports30.3926.9912.61
Non- petroleum imports44.0329.3649.96
Non-petroleum & Non Gems & Jewellery exports27.1624.0213.10
Non-petroleum & Non Gems & Jewellery imports34.7926.4231.66

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 exports62.3054.1115.13
Non- petroleum imports84.0964.6330.11
Non-petroleum & Non Gems & Jewellery exports55.6047.7616.42
Non-petroleum & Non Gems & Jewellery imports70.4252.9732.94

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’21MAY’22MAY’22
 Commodity groups exhibiting positive growth
1Petroleum Products5313.288547.6460.87
2Coffee72.75111.0752.67
3Leather & leather products271.07402.6148.53
4Electronic Goods946.661395.0947.37
5Oil Meals67.9698.6245.11
6Cereal preparations & miscellaneous processed items165.37238.0443.94
7RMG of all Textiles1107.001415.2527.85
8Jute Mfg. including Floor Covering35.3842.9421.37
9Organic & Inorganic Chemicals2182.942561.7417.35
10Tobacco80.7194.0716.55
11Marine Products574.34665.8615.93
12Fruits & Vegetables178.63205.7915.20
13Oil seeds73.2583.1113.46
14Engineering Goods8623.659714.7412.65
15Rice773.91855.3210.52
16Drugs & Pharmaceuticals1874.832067.6310.28
17Ceramic products & glassware290.94317.819.24
18Mica, Coal & Other Ores, Minerals including processed minerals393.93429.569.04
19Gems & Jewellery2968.193225.468.67
20Tea47.9949.733.63
21Man-made Yarn/Fabs./made-ups etc.411.03422.612.82
22Meat, dairy & poultry products347.64350.000.68
Sl. No.Commodities(Values in Million USD)% Change
MAY’21MAY’22MAY’22
 Commodity Groups exhibiting negative growth
23Iron Ore573.72194.64-66.07
24Other cereals92.9262.33-32.92
25Cashew39.0127.41-29.74
26Handicrafts excl. handmade carpet146.17120.06-17.86
27Plastic & Linoleum863.79765.75-11.35
28Carpet138.96127.26-8.42
29Cotton Yarn/Fabs./made-ups, Handloom Products etc.1106.041041.59-5.83
30Spices319.35307.92-3.58

Table 6: Import Growth in Commodity Groups in May 2022

Sl. No.Commodities(Values in Million USD)% Change
MAY’21MAY’22MAY’22
 Commodity Groups exhibiting positive growth
1Silver15.39446.322800.06
2Gold677.676025.82789.20
3Coal, Coke & Briquettes, etc.1992.265420.90172.10
4Petroleum, Crude & products9468.9619195.84102.72
5Cotton Raw & Waste53.4896.3380.12
6Leather & leather products56.9086.3451.74
7Textile yarn Fabric, made-up articles150.16213.7442.34
8Pulses36.9852.6042.24
9Fertilisers, Crude & manufactured661.54929.8940.56
10Metaliferrous ores & other minerals658.24920.6139.86
11Organic & Inorganic Chemicals2306.353218.9039.57
12Iron & Steel1181.611601.1435.50
13Electronic goods4239.805682.1534.02
14Non-ferrous metals1262.971631.8729.21
15Dyeing/tanning/colouring materials270.72344.7227.33
16Artificial resins, plastic materials, etc.1650.752078.1725.89
17Sulphur & Unroasted Iron Pyrites29.0836.3725.07
18Pearls, precious & Semi-precious stones2245.032768.4723.32
19Pulp and Waste paper123.76149.0220.41
20 Vegetable Oil1432.831702.2518.80
21Transport equipment1408.031665.3918.28
22Newsprint24.5928.2314.80
23Wood & Wood products536.45602.4712.31
24Machinery, electrical & non-electrical2979.253306.9211.00
25Fruits & vegetables191.66206.998.00
Sl. No.Commodities(Values in Million USD)% Change
MAY’21MAY’22MAY’22
 Commodity Groups exhibiting negative growth
26Project goods163.8160.43-63.11
27Professional instrument, Optical goods, etc.937.17567.25-39.47
28Medicinal & Pharmaceutical products813.53695.42-14.52
29Machine tools362.17324.87-10.30
30Chemical material & products1062.041050.03-1.13

Table 7: MERCHANDISE TRADE

EXPORTS & IMPORTS: (Rs. Crore)
(PROVISIONAL)
 MAYAPRIL-MAY
EXPORTS (including re-exports)  
2021-222,36,647.914,65,628.51
2022-233,01,058.336,04,087.81
%Growth 2022-23/2021-2227.2229.74
IMPORTS  
2021-222,84,484.376,27,348.71
2022-234,88,832.609,47,267.48
%Growth 2022-23/2021-2271.8351.00
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 BALANCE8.54
  
EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
(PROVISIONAL)April 2022
EXPORTS (Receipts)1,72,093.53
IMPORTS (Payments)1,07,030.99
TRADE BALANCE65,062.53
Source: RBI Press Release dated 1st June 2022
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