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

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 (%)
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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