INDIA’S FOREIGN TRADE: November 2021

INDIA’S FOREIGN TRADE: November 2021

Overall exports rise by 22.8%, imports up by 48.54% over last November

Overall exports in first 8 months of current FY (April-November 2021) jumped by 37.21%, imports shot up by 61.02% over the same period last year

• India’s overall exports (Merchandise and Services combined) in November 2021* are estimated to be USD 50.36 Billion, exhibiting a positive growth of 22.80 per cent over the same period last year and a positive growth of 15.53 per cent over November 2019. Overall imports in November 2021* are estimated to be USD 64.75 Billion, exhibiting a positive growth of 48.54 per cent over the same period last year and a positive growth of 30.90 per cent over November 2019

Table 1: Trade during November 2021*

		November 2021 (USD Billion)	November 2020 (USD Billion)	November 2019 (USD Billion)	Growth vis-à-vis November 2020 (%)	Growth vis-à-vis November 2019 (%)
Merchandise	Exports	30.04	23.62	25.77	27.16	16.55
	Imports	52.94	33.81	38.52	56.58	37.44
	Trade Balance	-22.91	-10.19	-12.75	-124.77	-79.65
Services*	Exports	20.33	17.39	17.82	16.88	14.06
	Imports	11.81	9.78	10.94	20.71	7.90
	Net of Services	8.52	7.61	6.88	11.95	23.84
Overall Trade (Merchandise+ Services)*	Exports	50.36	41.01	43.59	22.80	15.53
	Imports	64.75	43.59	49.47	48.54	30.90
	Trade Balance	-14.39	-2.58	-5.87	-457.27	-145.04

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

Fig 1: Overall Trade during November 2021*

• India’s overall exports (Merchandise and Services combined) in April-November 2021* are estimated to be USD 418.74 Billion, exhibiting a positive growth of 37.21 per cent over the same period last year and a positive growth of 19.13 per cent over April-November 2019. Overall imports in April-November 2021* are estimated to be USD 472.95 Billion, exhibiting a positive growth of 61.02 per cent over the same period last year and a positive growth of 15.39 per cent over April-November 2019.

Table 2: Trade during April-November 2021*

		April-November 2021 (USD Billion)	April-November 2020 (USD Billion)	April-November 2019 (USD Billion)	Growth vis-à-vis April-November 2020 (%)	Growth vis-à-vis April-November 2019 (%)
Merchandise	Exports	263.57	174.16	211.17	51.34	24.82
	Imports	384.34	219.82	324.59	74.84	18.41
	Trade Balance	-120.76	-45.66	-113.42	-164.49	-6.47
Services*	Exports	155.17	131.02	140.32	18.43	10.58
	Imports	88.61	73.89	85.26	19.92	3.92
	Net of Services	66.56	57.13	55.06	16.50	20.88
Overall Trade (Merchandise+ Services)*	Exports	418.74	305.19	351.49	37.21	19.13
	Imports	472.95	293.71	409.85	61.02	15.39
	Trade Balance	-54.21	11.47	-58.36	-572.43	7.12

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

Fig 2: Overall Trade during April-November 2021*

MERCHANDISE TRADE

• Merchandise exports in November 2021 were USD 30.04 Billion, as compared to USD 23.62 Billion in November 2020, exhibiting a positive growth of 27.16 per cent. As compared to November 2019, exports in November 2021 exhibited a positive growth of 16.55 per cent.
• Merchandise imports in November 2021 were USD 52.94 Billion, which is an increase of 56.58 per cent over imports of USD 33.81 Billion in November 2020. Imports in November 2021 have registered a positive growth of 37.44 per cent in comparison to November 2019.
• The merchandise trade balance for November 2021 was estimated at USD (-) 22.91 Billion as against USD (-) 10.19 Billion in November 2020, which is a decline of (-) 124.77 per cent. As compared to November 2019 (USD (-) 12.75 Billion), trade balance in November 2021 exhibited a negative growth of (-) 79.65 per cent.

Fig 3: Merchandise Trade during November 2021

• Merchandise exports for the period April-November 2021 was USD 263.57 Billion as against USD 174.16 Billion during the period April-November 2020, registering a positive growth of 51.34 per cent. As compared to April-November 2019, exports in April-November 2021 exhibited a positive growth of 24.82 per cent.
• Merchandise imports for the period April-November 2021 was USD 384.34 Billion as against USD 219.82 Billion during the period April-November 2020, registering a positive growth of 74.84 per cent. Imports in April-November 2021 have registered a positive growth of 18.41 per cent in comparison to April-November 2019.
• The merchandise trade balance for April-November 2021 was estimated at USD (-) 120.76 Billion as against USD (-) 45.66 Billion in April-November 2020, which is a decline of (-) 164.49 per cent. As compared to April-November 2019 (USD (-) 113.42 Billion), trade balance in April-November 2021 exhibited a negative growth of (-) 6.47 per cent.

Fig 4: Merchandise Trade during April- November 2021

• Non-petroleum and non-gems & jewellery exports in November 2021 were USD 23.68 Billion, registering a positive growth of 22.26 per cent over non-petroleum and non-gems & jewellery exports of USD 19.37 Billion in November 2020 and a positive growth of 22.28 per cent over non-petroleum and non-gems & jewellery exports of USD 19.37 Billion in November 2019.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 31.82 Billion in November 2021 with a positive growth of 40.64 per cent over Non-petroleum, non-gems & jewellery imports of USD 22.63 Billion in November 2020 and a positive growth of 41.82 per cent over Non-petroleum, non-gems & jewellery imports of USD 22.44 Billion in November 2019.

Table 3: Trade excluding Petroleum and Gems & Jewellery during November 2021

	November 2021 (USD Billion)	November 2020 (USD Billion)	November 2019 (USD Billion)	Growth vis-à-vis November 2020 (%)	Growth vis-à-vis November 2019 (%)
Non- petroleum exports	26.08	22.06	21.95	18.19	18.78
Non- petroleum imports	38.27	27.50	27.45	39.17	39.38
Non-petroleum & Non Gems & Jewellery exports	23.68	19.37	19.37	22.26	22.28
Non-petroleum & Non Gems & Jewellery imports*	31.82	22.63	22.44	40.64	41.82

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

Fig 5: Trade excluding Petroleum and Gems & Jewellery during November 2021

• Non-petroleum and non-gems & jewellery exports during April-November 2021 was USD 199.67 Billion, an increase of 38.08 per cent over non-petroleum and non-gems & jewellery exports of USD 144.60 Billion in April-November 2020 and an increase of 27.11 per cent over non-petroleum and non-gems & jewellery exports of USD 157.09 Billion in April-November 2019.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 227.96 Billion in April-November 2021, recording a positive growth of 48.89 per cent, as compared to Non-petroleum, non-gems & jewellery imports of USD 153.11 Billion in April-November 2020 and a positive growth of 13.48 per cent over USD 200.89 Billion in April-November 2019.

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

	April-November 2021 (USD Billion)	April-November 2020 (USD Billion)	April-November 2019 (USD Billion)	Growth vis-à-vis April-November 2020 (%)	Growth vis-à-vis April-November 2019 (%)
Non- petroleum exports	225.59	158.91	182.66	41.96	23.50
Non- petroleum imports	282.25	175.50	238.60	60.83	18.29
Non-petroleum & Non Gems & Jewellery exports	199.67	144.60	157.09	38.08	27.11
Non-petroleum & Non Gems & Jewellery imports*	227.96	153.11	200.89	48.89	13.48

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

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

SERVICES TRADE

• The estimated value of services export for November 2021* is USD 20.33 Billion, exhibiting a positive growth of 16.88 per cent vis-a-vis November 2020 (USD 17.39 Billion) and a positive growth of 14.06 per cent vis-à-vis November 2019 (USD 17.82 Billion).
• The estimated value of services import for November 2021* is USD 11.81 Billion exhibiting a positive growth of 20.71 per cent vis-à-vis November 2020 (USD 9.78 Billion) and a positive growth of 7.90 per cent vis-à-vis November 2019 (USD 10.94 Billion).
• The services trade balance in November 2021* is estimated at USD 8.52 Billion, which is an increase of 11.95 per cent over November 2020 (USD 7.61 Billion) and an increase of 23.84 per cent over November 2019 (USD 6.88 Billion).

Fig 7: Services Trade during November 2021*

• The estimated value of services export for April-November 2021* is USD 155.17 Billion, exhibiting a positive growth of 18.43 per cent vis-a-vis April-November 2020 (USD 131.02 Billion) and a positive growth of 10.58 per cent vis-à-vis April-November 2019 (USD 140.32 Billion).
• The estimated value of services imports for April-November 2021* is USD 88.61 Billion exhibiting a positive growth of 19.92 per cent vis-à-vis April-November 2020 (USD 73.89 Billion) and a positive growth of 3.92 per cent vis-à-vis April-November 2019 (USD 85.26 Billion).
• The services trade balance for April-November 2021 was estimated at USD 66.56 Billion as against USD 57.13 Billion in April-November 2020, which is an increase of 16.50 per cent. As compared to April-November 2019 (USD 55.06 Billion), net of services in April-November 2021 exhibited a positive growth of 20.88 per cent.

Fig 8: Services Trade during April-November 2021*

Table 5: Export Growth in Commodity Groups in November 2021

Sl. No.	Commodities	(Values in Million USD)		% Change
		NOV'20	NOV'21	NOV'21
	Commodity groups exhibiting positive growth
1	Petroleum Products	1557.36	3959.13	154.22
2	Coffee	45.08	75.34	67.12
3	Plastic & Linoleum	507.25	724.39	42.81
4	Cotton Yarn/Fabs./made-ups, Handloom Products etc.	872.55	1227.83	40.72
5	Engineering Goods	5896.67	8077.46	36.98
6	Other cereals	63.21	85.42	35.14
7	Organic & Inorganic Chemicals	1694.92	2246.50	32.54
8	Leather & leather products	273.30	356.56	30.47
9	Jute Mfg. including Floor Covering	32.76	42.63	30.11
10	Electronic Goods	1121.17	1455.58	29.83
11	Marine Products	586.64	754.00	28.53
12	Man-made Yarn/Fabs./made-ups etc.	340.54	428.36	25.79
13	Mica, Coal & Other Ores, Minerals including processed minerals	326.82	394.49	20.71
14	Rice	563.72	658.90	16.89
15	Fruits & Vegetables	161.80	186.58	15.31
16	Cereal preparations & miscellaneous processed items	154.88	163.84	5.79
17	RMG of all Textiles	1043.75	1072.17	2.72
18	Spices	313.86	317.72	1.23
19	Carpet	146.95	148.63	1.15
Sl. No.	Commodities	(Values in Million USD)		% Change
		NOV'20	NOV'21	NOV'21
	Commodity Groups exhibiting negative growth
20	Iron Ore	328.58	23.05	-92.98
21	Oil Meals	140.15	104.39	-25.51
22	Tobacco	76.69	62.72	-18.21
23	Tea	71.61	62.58	-12.62
24	Oil seeds	153.22	135.69	-11.44
25	Gems & Jewellery	2690.83	2392.20	-11.10
26	Handicrafts excl. hand made carpet	173.38	159.71	-7.89
27	Drugs & Pharmaceuticals	1963.40	1825.36	-7.03
28	Ceramic products & glassware	263.48	251.09	-4.70
29	Meat, dairy & poultry products	392.59	379.06	-3.45
30	Cashew	37.72	36.91	-2.15

Table 6: Import Growth in Commodity Groups in November 2021

Sl. No.	Commodities	(Values in Million USD)		% Change
		NOV'20	NOV'21	NOV'21
	Commodity Groups exhibiting positive growth
1	Silver	9.27	244.56	2538.19
2	Sulphur & Unroasted Iron Pyrts	9.32	47.87	413.63
3	Coal, Coke & Briquettes, etc.	1517.08	3577.42	135.81
4	Petroleum, Crude & products	6314.81	14677.80	132.43
5	Metaliferrous ores & other minerals	434.15	963.15	121.85
6	Pulp and Waste paper	67.22	148.30	120.62
7	Project goods	64.79	122.33	88.81
8	Vegetable Oil	981.38	1754.92	78.82
9	Organic & Inorganic Chemicals	1515.51	2523.91	66.54
10	Newsprint	14.84	24.70	66.44
11	Artificial resins, plastic materials, etc.	1156.63	1859.00	60.73
12	Fertilisers, Crude & manufactured	898.16	1442.40	60.59
13	Dyeing/tanning/colouring mtrls.	233.84	359.98	53.94
14	Leather & leather products	45.11	68.22	51.23
15	Iron & Steel	986.14	1485.81	50.67
16	Gold	3022.59	4221.66	39.67
17	Cotton Raw & Waste	18.94	26.17	38.17
18	Medcnl. & Pharmaceutical products	534.89	735.70	37.54
19	Wood &  Wood products	361.92	487.63	34.73
20	Machine tools	248.17	333.30	34.30
21	Non-ferrous metals	1154.69	1521.16	31.74
22	Textile yarn Fabric, made-up articles	139.91	181.84	29.97
23	Machinery, electrical & non-electrical	2568.89	3274.31	27.46
24	Pulses	223.42	275.99	23.53
25	Electronic goods	4695.06	5714.68	21.72
26	Chemical material & products	785.06	912.58	16.24
27	Professional instrument, Optical goods, etc.	374.05	413.43	10.53
28	Pearls, precious & Semi-precious stones	1839.14	1978.67	7.59
Sl. No.	Commodities	(Values in Million USD)		% Change
		NOV'20	NOV'21	NOV'21
	Commodity Groups exhibiting negative growth
29	Transport equipment	1682.44	1357.83	-19.29
30	Fruits & vegetables	303.12	258.56	-14.70

Table 7: MERCHANDISE TRADE

EXPORTS & IMPORTS: (Rs. Crore)
(PROVISIONAL)
	NOVEMBER	APRIL-NOVEMBER
EXPORTS(including re-exports)
2019-20	1,84,142.27	14,84,386.50
2020-21	1,75,306.78	12,99,725.47
2021-22	2,23,755.78	19,53,860.28
%Growth 2021-22/ 2020-21	27.64	50.33
%Growth 2021-22/ 2019-20	21.51	31.63
IMPORTS
2019-20	2,75,255.20	22,80,659.04
2020-21	2,50,954.16	16,40,286.15
2021-22	3,94,419.58	28,50,142.12
%Growth 2021-22/ 2020-21	57.17	73.76
%Growth 2021-22/ 2019-20	43.29	24.97
TRADE BALANCE
2019-20	-91,112.93	-7,96,272.55
2020-21	-75,647.38	-3,40,560.67
2021-22	-1,70,663.80	-8,96,281.84

Table 8: SERVICES TRADE

EXPORTS & IMPORTS (SERVICES) : (US $ Billion)
(PROVISIONAL)	October 2021	April- October 2021
EXPORTS (Receipts)	19.85	134.84
IMPORTS (Payments)	11.61	76.80
TRADE BALANCE	8.24	58.04
EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
(PROVISIONAL)	October 2021	April- October 2021
EXPORTS (Receipts)	1,48,669.41	9,98,707.75
IMPORTS (Payments)	86,939.21	5,68,891.46
TRADE BALANCE	61,730.21	4,29,816.29
Source: RBI Press Release dated 1stDecember 2021