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TMI BlogINDIA’S FOREIGN TRADE: SEPTEMBER 2021X X X X Extracts X X X X X X X X Extracts X X X X ..... INDIA’S FOREIGN TRADE: SEPTEMBER 2021 - News and Press Release Dated:- 14-10-2021 - News - India s overall exports (Merchandise and Services combined) in September 2021* are estimated to be USD 54.06 Billion, exhibiting a positive growth of 21.44 per cent over the same period last year and a positive growth of 26.03 per cent over September 2019. Overall imports in September 2021* are estimated to be USD 68.49Billion, exhibiting a positive growth of 70.00 per cent over the same period last year and a positive growth of 44.11 per cent over September 2019. September 2021 (USD Billion) September 2020 (USD Billion) September 2019 (USD Billion) Growth vis- -vis September 2020 (%) Growth vis- -vis September 2019 (%) Merchandise Exports 33.79 27.56 26.02 22.63 29.86 Imports 56.39 30.52 37.69 84.77 49.59 Trade Balance - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 22.59 -2.96 -11.67 -663.48 -93.60 Services* Exports 20.26 16.96 16.87 19.50 20.13 Imports 12.10 9.77 9.83 23.86 23.09 Net of Services 8.16 7.19 7.04 13.58 15.98 Overall Trade (Merchandise+ Services)* Exports 54.06 44.52 42.89 21.44 26.03 Imports 68.49 40.29 47.53 70.00 44.11 Trade Balance -14.43 4.23 -4.63 -441.40 -211.51 * Note: The latest data for services sector released by RBI is for August 2021. The data for September 2021 is an estimation, which will be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revised based on RBI s subsequent release. (ii) Data for2019,2020 and April to June 2021 are revised on pro-rata basis using quarterly balance of payments data. India s overall exports (Merchandise and Services combined) in April-September 2021* are estimated to be USD 312.47Billion, exhibiting a positive growth of 40.52per cent over the same period last year and a positive growth of 18.30per cent over April-September 2019. Overall imports in April-September 2021* are estimated to be USD 341.10Billion, exhibiting a positive growth of 64.91per cent over the same period last year and a positive growth of 9.31per cent over April-September 2019. April-September 2021 (USD Billion) April-September 2020 (USD Billion) April-September 2019 (USD Billion) Growth vis- -vis April-September 2020 (%) Growth vis- -vis April-September 2019 (%) Merchandise Exports 197.89 125.62 159.16 57.53 24.33 Imports 276.02 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 151.94 248.08 81.67 11.26 Trade Balance -78.13 -26.31 -88.92 -196.91 12.13 Services* Exports 114.58 96.75 104.97 18.43 9.15 Imports 65.08 54.90 63.96 18.54 1.76 Net of Services 49.50 41.84 41.02 18.28 20.67 Overall Trade (Merchandise+ Services)* Exports 312.47 222.37 264.14 40.52 18.30 Imports 341.10 206.84 312.04 64.91 9.31 Trade Balance -28.63 15.53 -47.90 -284.38 40.22 * Note: The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... latest data for services sector released by RBI is for August 2021. The data for September 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. I. MERCHANDISE TRADE EXPORTS (including re-exports) Exports in September 2021 were USD 33.79 Billion, as compared to USD 27.56 Billion in September 2020, exhibiting a positive growth of 22.63 per cent. In Rupee terms, exports were ₹ 2,48,605.74 Crore in September 2021, as compared to ₹ 2,02,508.54 Crore in September 2020, registering a positive growth of 22.76 per cent. As compared to September 2019, exports in September 2021 exhibited a positive growth of 29.86 per cent in Dollar terms and 33.92per cent in Rupee terms. The commodities/commodity groups which have recorded positive growth during September 2021 vis- -vis September 2020 areCoffee (62.55%), Cashew (49.4%), Petroleum products (47.91%), Cotton yarn/fabs./made-ups, handloom products etc. (40.5%), Engineering goods (36.83%), Organic inorganic chemicals (29.65%), Man-made yarn/fabs./made-ups etc. (26.49%), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Electronic goods (26.33%), Other cereals (21.18%), Fruits vegetables (21.13%), Gems jewellery (19.71%), Plastic Linoleum (18.61%), Jute mfg. including floor covering (16.04%), Marine products (12.67%), RMG of all textiles (9.24%), Mica, Coal other ores, minerals including processed minerals (8.82%), Leather leather products (7.41%), Cereal preparations miscellaneous processed items (5.64%), Rice (5.62%), Carpet (4.42%), Tea (3.2%) and Handicrafts excl. handmade Carpet (2.29%). The commodities/commodity groups which have recorded negative growth during September 2021 vis- -vis September 2020 are Iron ore (-72.77%), Oil meals (-39.05%), Oil seeds (-26.77%), Tobacco (-16.31%), Ceramic products glassware (-14.15%), Spices (-13.56%), Meat, dairy poultry products (-10.77%) and Drugs pharmaceuticals (-8.45%). Cumulative value of exports for the period April-September 2021 was USD 197.89 Billion (₹ 14,63,048.24Crore) as against USD 125.62 Billion (₹ 9,41,358.09 Crore) during the period April-September 2020, registering a positive growth of 57.53 per cent in Dollar terms (positive growth of 55.42 per cent in Rupee terms). As compared to April-September 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 019, exports in April-September 2021 exhibited a positive growth of 24.33 per cent in Dollar terms and 31.35 per cent in Rupee terms. Non-petroleum and Non-Gems and Jewellery exports in September 2021 were USD 25.34 Billion, as compared to USD 21.33 Billion in September 2020, registering a positive growth of 18.82 per cent. As compared to September 2019, Non-petroleum and Non-Gems and Jewellery exports in September 2021registered a positive growth of 33.39 per cent. Non-petroleum and Non-Gems and Jewellery exports in April-September 2021 were USD 149.89 Billion, as compared to USD 104.81 Billion for the corresponding period in 2020-21, which is an increase of 43.02 per cent. As compared to April-September 2019, Non-petroleum and Non-Gems and Jewellery exports in April-September 2021 registered a positive growth of 26.34 per cent. IMPORTS Imports in September 2021 were USD 56.39 Billion (₹ 4,14,812.41 Crore), which is an increase of 84.77 per cent in Dollar terms and 84.97 per cent in Rupee terms over imports of USD 30.52 Billion (₹ 2,24,254.02 Crore) in September 2020. Imports in September 2021 have registered a positive growth of49.59 per cent in Dollar term ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and 54.27 per cent in Rupee terms in comparison to September 2019. Cumulative value of imports for the period April-September 2021 was USD 276.02 Billion (₹ 20,40,890.34 Crore), as against USD 151.94 Billion (₹ 11,39,032.05 Crore) during the period April-September 2020, registering a positive growth of 81.67 per cent in Dollar terms and a positive growth of 79.18 per cent in Rupee terms. Imports in April-September 2021 have registered a positive growth of 11.26 per cent in Dollar terms and positive growth of 17.59 per cent in Rupee terms in comparison to April-September 2019. Major commodity group of import showing negative growth in September2021 over the corresponding month of last year is: Project Goods (-47.30%) CRUDE OIL AND NON-OIL IMPORTS: Oil imports in September 2021 were USD 17.44Billion (₹ 1,28,268.20 Crore), which was 199.27 percent higher in Dollar terms (199.60 percent higher in Rupee terms), compared to USD 5.83 Billion (₹ 42,812.53 Crore) in September 2020. As compared to September 2019, oil imports in September 2021 were 91.90 percent higher in Dollar terms and 97.90per cent higher in Rupee terms. Oil imports in April-Septe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mber 2021 were USD 72.99 Billion (₹ 5,39,582.43 Crore) which was 127.99 per cent higher in Dollar terms (124.67 percent higher in Rupee terms) compared to USD 32.01 Billion (₹ 2,40,166.21 Crore), over the same period last year. As compared to April-September 2019, oil imports in April-September 2021 were 11.95 percent higher in Dollar terms and 18.30per cent higher in Rupee terms. In this connection it is mentioned that the global Brent price ($/bbl) has increased by 81.55% in September 2021 vis- -vis September 2020 as per data available from World Bank. Non-oil imports in September 2021 were estimated at USD 38.95 Billion (₹ 2,86,544.21 Crore) which was 57.75 percent higher in Dollar terms (57.93 percent higher in Rupee terms), compared to USD 24.69 Billion (₹ 1,81,441.49 Crore) in September 2020. As compared to September 2019, Non-oil imports in September 2021, were 36.16per cent higher in Dollar terms and 40.41 per cent higher in Rupee terms. Non-oil imports in April-September 2021 were USD 203.03 Billion (₹ 15,01,307.91 Crore) which was 69.30 per cent higher in Dollar terms (67.02 percent higher in Rupee terms), compared to USD 119.92 Billion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (₹ 8,98,865.84 Crore) in April-September 2020. As compared to April-September 2019, Non-oil imports in April-September 2021 were 11.02 per cent higher in Dollar terms and 17.34 per cent higher in Rupee terms. Non-Oil and Non-Gold imports were USD 33.84Billion in September 2021, recording a positive growth of 40.45per cent, as compared to Non-Oil and Non-Gold imports of USD 24.09Billion in September 2020. Non-Oil and Non-Gold imports in September 2021 recorded a positive growth of 23.79 per cent over September 2019. Non-Oil and Non-Gold imports were USD 179.07Billion in April-September 2021, recording a positive growth of 58.26per cent, as compared to Non-Oil and Non-Gold imports of USD 113.15Billion in April-September 2020. Non-Oil and Non-Gold imports in April-September 2021 recorded a positive growth of 7.18 per cent over April-September 2019. II. TRADE IN SERVICES EXPORTS (Receipts) As per the latest press release by RBI dated 1 st October 2021, exports in August 2021 were USD 19.57 Billion (₹ 1,45,208.94Crore) registering a positive growth of 21.36 per cent in Dollar terms, vis- -vis August2020. The estimated value of services export for September20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 21* is USD 20.26 Billion, exhibiting a positive growth of 19.50 per cent vis-a-visSeptember 2020 (USD 16.96 Billion) and a positive growth of 20.13 per cent vis- -vis September 2019 (USD 16.87 Billion). IMPORTS (Payments) As per the latest press release by RBI dated 1 st October2021, imports in August 2021were USD 11.52Billion (₹ 85,460.66 Crore) registering a positive growth of 24.52 per cent in Dollar terms, vis- -vis August 2020. The estimated value of services import for September2021* is USD 12.10 Billion exhibiting a positive growth of 23.86 per cent vis- -vis September 2020 (USD 9.77 Billion) and a positive growth of23.09 per cent vis- -vis September 2019 (USD 9.83 Billion). III.TRADE BALANCE MERCHANDISE : The trade balance for September2021 was estimated at USD (-) 22.59Billion as against USD(-)2.96 Billion inSeptember2020, which is a decline of (-)663.48 percent. As compared to September 2019 (USD (-)11.67 Billion), trade balance in September 2021 exhibited a negative growth of(-) 93.60 per cent. SERVICES : As per RBI s Press Release dated 1 st October2021, the trade balance in Services (i.e. Net Services export) for August 2021is USD8.05 Bil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lion. The estimated trade balance in September 2021* is USD8.16 Billion, which is an increase of 13.58 per cent over September2020 (USD 7.19 Billion) and an increase of15.98 per cent over September2019 (USD 7.04 Billion). OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade balance for September 2021* is estimated atUSD (-)14.43 Billion as compared to USD4.23 Billion in September 2020, a decline of (-)441.40 per cent. In comparison to September 2019(USD (-)4.63 Billion), trade balance in September 2021 exhibited a negative growth of(-) 211.51 per cent. *Note: The latest data for services sector released by RBI is for August 2021. The data for September 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. MERCHANDISE TRADE EXPORTS IMPORTS: (Rs. Crore) (PROVISIONAL) SEPTEMBER APRIL-SEPTEMBER EXPORTS(including re-exports) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019-20 1,85,642.32 11,13,886.17 2020-21 2,02,508.54 9,41,358.09 2021-22 2,48,605.74 14,63,048.24 %Growth 2021-22/ 2020-21 22.76 55.42 %Growth 2021-22/ 2019-20 33.92 31.35 IMPORTS 2019-20 2,68,891.09 17,35,550.99 2020-21 2,24,254.02 11,39,032.05 2021-22 4,14,812.41 20,40,890.34 %Growth 2021-22/ 2020-21 84.97 79.18 %Growth 2021-22/ 2019-20 54.27 17.59 TRADE BALANCE 2019-20 -83,248.77 -6,21,664.82 2020-21 -21,745.48 -1,97,673.96 2021-22 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -1,66,206.67 -5,77,842.10 SERVICES TRADE EXPORTS IMPORTS (SERVICES) : (US $ Billion) (PROVISIONAL) August 2021 April-August 2021 EXPORTS (Receipts) 19.57 94.31 IMPORTS (Payments) 11.52 52.98 TRADE BALANCE 8.05 41.33 EXPORTS IMPORTS (SERVICES): (Rs. Crore) (PROVISIONAL) August 2021 April-August 2021 EXPORTS (Receipts) 1,45,208.94 6,97,909.19 IMPORTS (Payments) 85,460.66 3,92,101.90 TRADE BALANCE 59,748.28 3,05,807.29 Source: RBI Press Release dated 1 st October 2021 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... *Link for the quick Estimates *** DJN/MS/PK - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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