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