India’s exports increase by 36.76% y-o-y in January, 2022

India’s exports increase by 36.76% y-o-y in January, 2022

INDIA’S FOREIGN TRADE: January 2022

India’s overall exports (Merchandise and Services combined) in January 2022* are estimated to be USD 61.41 Billion, exhibiting a positive growth of 36.76 per cent over the same period last year and a positive growth of 38.90 per cent over January 2020. Overall imports in January 2022* are estimated to be USD 67.76 Billion, exhibiting a slower rate of growth of 30.54 per cent over the same period last year and a positive growth of 30.19 per cent over January 2020

Table 1: Trade during January 2022*

* Note: The latest data for services sector released by RBI is for December 2021. The data for January 2022 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for 2019, 2020 and April to September 2021 are revised on pro-rata basis using quarterly balance of payments data.

Fig 1: Overall Trade during January 2022*

• India’s overall exports (Merchandise and Services combined) in April-January 2021-22* are estimated to be USD 545.71 Billion, exhibiting a positive growth of 37.68 per cent over the same period last year and a positive growth of 23.29 per cent over April-January 2019-20. Overall imports in April-January 2021-22* are estimated to be USD 616.91 Billion, exhibiting a positive growth of 54.35 per cent over the same period last year and a positive growth of 20.15 per cent over April-January 2019-20.

Table 2: Trade during April-January 2021-22*

* Note: The latest data for services sector released by RBI is for December 2021. The data for January 2022 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for 2019, 2020 and April to September 2021 are revised on pro-rata basis using quarterly balance of payments data.

Fig 2: Overall Trade during April-January 2022*

MERCHANDISE TRADE

• Merchandise exports in January 2022 were USD 34.50 Billion, as compared to USD 27.54 Billion in January 2021, exhibiting a positive growth of 25.28 per cent. As compared to January 2020, exports in January 2022 exhibited a positive growth of 33.45 per cent.
• Merchandise imports in January 2022 were USD 51.93 Billion, which is an increase of 23.54 per cent over imports of USD 42.03 Billion in January 2021. Imports in January 2022 have registered a positive growth of 26.19 per cent in comparison to January 2020.
• The merchandise trade balance for January 2022 was estimated at USD (-)17.42 Billion as against USD (-) 14.49 Billion in January 2021, which is a decline of (-) 20.23 per cent. As compared to January 2020 (USD (-) 15.30 Billion), trade balance in January 2022 exhibited a negative growth of (-) 13.91 per cent.

Fig 3: Merchandise Trade during January 2022

• Merchandise exports for the period April-January 2021-22 was USD 335.88 Billion as against USD 228.92 Billion during the period April-January 2020-21, registering a positive growth of 46.73 per cent. As compared to April-January 2019-20, exports in April-January 2021-22 exhibited a positive growth of 27.17 per cent.
• Merchandise imports for the period April-January 2021-22 was USD 495.75 Billion as against USD 304.79 Billion during the period April-January 2020-21, registering a positive growth of 62.65 per cent. Imports in April-January 2021-22 have registered a positive growth of 22.31 per cent in comparison to April-January 2019-20.
• The merchandise trade balance for April-January 2021-22 was estimated at USD (-) 159.87 Billion as against USD (-) 75.87 Billion in April-January 2020-21, which is a decline of (-) 110.71 per cent. As compared to April-January 2019-20 (USD (-) 141.21 Billion), trade balance in April-January 2021-22 exhibited a negative growth of (-) 13.21 per cent.

Fig 4: Merchandise Trade during April- January 2021-22

• Non-petroleum and non-gems & jewellery exports in January 2022 were USD 27.10 Billion, registering a positive growth of 20.13 per cent over non-petroleum and non-gems & jewellery exports of USD 22.56 Billion in January 2021 and a positive growth of 36.95 per cent over non-petroleum and non-gems & jewellery exports of USD 19.79 Billion in January 2020.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 34.62 Billion in January 2022 with a positive growth of 31.33 per cent over Non-petroleum, non-gems & jewellery imports of USD 26.36 Billion in January 2021 and a positive growth of 39.22 per cent over Non-petroleum, non-gems & jewellery imports of USD 24.87 Billion in January 2020.

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

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

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

• Non-petroleum and non-gems & jewellery exports during April-January 2021-22 was USD 255.69 Billion, an increase of 34.95 per cent over non-petroleum and non-gems & jewellery exports of USD 189.47 Billion in April-January 2020-21 and an increase of 29.18 per cent over non-petroleum and non-gems & jewellery exports of USD 197.94 Billion in April-January 2019-20.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 298.06 Billion in April-January 2021-22, recording a positive growth of 44.77 per cent, as compared to Non-petroleum, non-gems & jewellery imports of USD 205.88 Billion in April-January 2020-21 and a positive growth of 19.30 per cent over USD 249.83 Billion in April-January 2019-20.

Table 4: Trade excluding Petroleum and Gems & Jewellery during April-January 2021-22

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

Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-January 2021-22

SERVICES TRADE

• The estimated value of services export for January 2022* is USD 26.91 Billion, exhibiting a positive growth of 54.95 per cent vis-a-vis January 2021 (USD 17.37 Billion) and a positive growth of 46.57 per cent vis-à-vis January 2020 (USD 18.36 Billion).
• The estimated value of services import for January 2022* is USD 15.83 Billion exhibiting a positive growth of 60.32 per cent vis-à-vis January 2021 (USD 9.88 Billion) and a positive growth of 45.33 per cent vis-à-vis January 2020 (USD 10.90 Billion).
• The services trade balance in January 2022* is estimated at USD 11.07 Billion, which is an increase of 47.86 per cent over January 2021 (USD 7.49 Billion) and an increase of 48.38 per cent over January 2020 (USD 7.46 Billion).

Fig 7: Services Trade during January 2022*

• The estimated value of services export for April-January 2021-22* is USD 209.83 Billion, exhibiting a positive growth of 25.31 per cent vis-a-vis April-January 2020-21 (USD 167.45 Billion) and a positive growth of 17.56 per cent vis-à-vis April-January 2019-20 (USD 178.49 Billion).
• The estimated value of services imports for April-January 2021-22* is USD 121.16 Billion exhibiting a positive growth of 27.69 per cent vis-à-vis April-January 2020-21 (USD 94.88 Billion) and a positive growth of 12.05 per cent vis-à-vis April-January 2019-20 (USD 108.13 Billion).
• The services trade balance for April-January 2021-22* was estimated at USD 88.67 Billion as against USD 72.57 Billion in April-January 2020-21, which is an increase of 22.19 per cent. As compared to April-January 2019-20 (USD 70.36 Billion), net of services in April-January 2021-22* exhibited a positive growth of 26.03 per cent.

Fig 8: Services Trade during April-January 2021-22*

Table 5: Export Growth in Commodity Groups in January 2022

Table 6: Import Growth in Commodity Groups in January 2022

Table 7: MERCHANDISE TRADE

Table 8: SERVICES TRADE

*Link for quick estimates