India (15/06/2022): INDIA’S FOREIGN TRADE: May 2022
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 | |
