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TMI BlogINDIA’S FOREIGN TRADE: OCTOBER 2021X X X X Extracts X X X X X X X X Extracts X X X X ..... INDIA’S FOREIGN TRADE: OCTOBER 2021 - News and Press Release Dated:- 15-11-2021 - News - INDIA S FOREIGN TRADE: OCTOBER 2021 October Exports up by 35.16% over same month last year, Imports jump by 57.32% Overall Exports April-October rise by 39.83%, Imports leap by 63.64 % India s overall exports (Merchandise and Services combined) in October 2021* are estimated to be USD 56.51Billion, exhibiting a positive growth of 35.16per cent over the same period last year and a positive growth of 29.13per cent over October 2019. Overall imports in October 2021* are estimated to be USD 68.09Billion, exhibiting a positive growth of 57.32per cent over the same period last year and a positive growth of 40.82per cent over October 2019. October 2021 (USD Billion) October 2020 (USD Billion) October 2019 (USD Billion) Growth vis- -vis October 2020 (%) Growth vis- -vis October 2019 (%) Merchandise Exports 35.65 24.92 26.23 43.05 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5.89 Imports 55.37 34.07 37.99 62.51 45.77 Trade Balance -19.73 -9.15 -11.75 -115.50 -67.83 Services* Exports 20.86 16.89 17.53 23.52 19.01 Imports 12.71 9.21 10.36 38.09 22.68 Net of Services 8.14 7.68 7.16 6.06 13.69 Overall Trade (Merchandise+ Services)* Exports 56.51 41.81 43.76 35.16 29.13 Imports 68.09 43.28 48.35 57.32 40.82 Trade Balance -11.58 -1.47 -4.59 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -685.57 -152.36 * Note: The latest data for services sector released by RBI is for September 2021. The data for October 2021 is an estimation, which will be 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-October 2021* are estimated to be USD 369.39Billion, exhibiting a positive growth of 39.83per cent over the same period last year and a positive growth of 19.97per cent over April-October 2019. Overall imports in April-October 2021* are estimated to be USD 409.30Billion, exhibiting a positive growth of 63.64per cent over the same period last year and a positive growth of 13.57per cent over April-October 2019. April-October 2021 (USD Billion) April-October 2020 (USD Billion) April-October 2019 (USD Billion) Growth vis- -vis April-October 2020 (%) Growth vis- -vis April-October 2019 (%) Merch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... andise Exports 233.54 150.54 185.40 55.13 25.97 Imports 331.39 186.01 286.07 78.16 15.84 Trade Balance -97.85 -35.47 -100.67 -175.90 2.80 Services* Exports 135.85 113.63 122.50 19.55 10.90 Imports 77.91 64.11 74.32 21.53 4.83 Net of Services 57.94 49.52 48.18 17.00 20.26 Overall Trade (Merchandise+ Services)* Exports 369.39 264.18 307.89 39.83 19.97 Imports 409.30 250.12 360.39 63. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 64 13.57 Trade Balance -39.91 14.06 -52.49 -383.95 23.97 * Note: The latest data for services sector released by RBI is for September 2021. The data for October 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 October 2021 were USD 35.65 Billion, as compared to USD 24.92 Billion in October 2020, exhibiting a positive growth of 43.05 per cent. In Rupee terms, exports were ₹ 2,67,056.26 Crore in October 2021, as compared to ₹ 1,83,060.60 Crore in October 2020, registering a positive growth of 45.88 per cent. As compared to October 2019, exports in October 2021 exhibited a positive growth of 35.89 per cent in Dollar terms and 43.30per cent in Rupee terms. The commodities/commodity groups which have recorded positive growth during October 2021 vis- -vis October 2020 arePetroleum Products (240.23%), Coffee (80. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 73%), Engineering goods (50.89%), Cotton yarn/fabs./made-ups, handloom products etc. (46.2%), Gems jewellery (44.23%), Organic inorganic chemicals (41.93%), Electronic goods (39.51%), Fruits vegetables (34.03%), Plastic Linoleum (30.51%), Mica, Coal other ores, minerals including processed minerals (30.39%), Man-made yarn/fabs./made-ups etc. (29.12%), Jute mfg. including floor covering (27.44%), Cashew (18.39%), Marine products (18.08%), Leather leather products (15.64%), Tobacco (11.58%), Carpet (10.06%), Handicrafts excl. handmade Carpet (9.72%), RMG of all textiles (6.42%), Cereal preparations miscellaneous processed items (5.64%), Spices (1.19%) and Other cereals (0.36%). The commodities/commodity groups which have recorded negative growth during October 2021 vis- -vis October 2020 are Iron ore (-76.7%), Oil meals (-50.66%), Oil seeds (-16.25%), Tea (-10.85%), Ceramic products glassware (-6.6%), Meat, dairy poultry products (-4.59%) and Drugs pharmaceuticals (-0.88%). Cumulative value of exports for the period April-October 2021 was USD 233.54 Billion (₹ 17,30,104.50Crore) as against USD 150.54 Billion (₹ 11,24,418.69 Crore) during the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riod April-October 2020, registering a positive growth of 55.13 per cent in Dollar terms (positive growth of 53.87 per cent in Rupee terms). As compared to April-October 2019, exports in April-October 2021 exhibited a positive growth of 25.97 per cent in Dollar terms and 33.06 per cent in Rupee terms. Non-petroleum and Non-Gems and Jewellery exports in October 2021 were USD 26.09 Billion, as compared to USD 20.43 Billion in October 2020, registering a positive growth of 27.75 per cent. As compared to October 2019, Non-petroleum and Non-Gems and Jewellery exports in October 2021registered a positive growth of 36.82 per cent. Non-petroleum and Non-Gems and Jewellery exports in April-October 2021 were USD 175.99 Billion, as compared to USD 125.23 Billion for the corresponding period in 2020-21, which is an increase of 40.53 per cent. As compared to April-October 2019, Non-petroleum and Non-Gems and Jewellery exports in April-October 2021 registered a positive growth of 27.79 per cent. IMPORTS Imports in October 2021 were USD 55.37 Billion (₹ 4,14,832.20 Crore), which is an increase of 62.51 per cent in Dollar terms and 65.73 per cent in Rupee terms over imports o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f USD 34.07 Billion (₹ 2,50,299.93 Crore) in October 2020. Imports in October 2021 have registered a positive growth of45.77 per cent in Dollar terms and 53.73 per cent in Rupee terms in comparison to October 2019. Cumulative value of imports for the period April-October 2021 was USD 331.39 Billion (₹ 24,55,722.54 Crore), as against USD 186.01 Billion (₹ 13,89,331.98 Crore) during the period April-October 2020, registering a positive growth of 78.16 per cent in Dollar terms and a positive growth of 76.76 per cent in Rupee terms. Imports in April-October 2021 have registered a positive growth of 15.84 per cent in Dollar terms and positive growth of 22.46 per cent in Rupee terms in comparison to April-October 2019. Major commodity group of import showing negative growth in October2021 over the corresponding month of last year is: CRUDE OIL AND NON-OIL IMPORTS: Oil imports in October 2021 were USD 14.43Billion (₹ 1,08,096.22 Crore), which was 140.47 percent higher in Dollar terms (145.24 percent higher in Rupee terms), compared to USD 6.00 Billion (₹ 44,076.88 Crore) in October 2020. As compared to October 2019, oil imports in October ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2021 were 48.32 percent higher in Dollar terms and 56.41per cent higher in Rupee terms. Oil imports in April-October 2021 were USD 87.42 Billion (₹ 6,47,678.65 Crore) which was 129.96 per cent higher in Dollar terms (127.86 percent higher in Rupee terms) compared to USD 38.01 Billion (₹ 2,84,243.09 Crore), over the same period last year. As compared to April-October 2019, oil imports in April-October 2021 were 16.67 percent higher in Dollar terms and 23.32per cent higher in Rupee terms. In this connection it is mentioned that the global Brent price ($/bbl) has increased by 106.70% in October 2021 vis- -vis October 2020 as per data available from World Bank. Non-oil imports in October 2021 were estimated at USD 40.94 Billion (₹ 3,06,735.98 Crore) which was 45.85 percent higher in Dollar terms (48.74 percent higher in Rupee terms), compared to USD 28.07 Billion (₹ 2,06,223.06 Crore) in October 2020. As compared to October 2019, Non-oil imports in October 2021, were 44.90per cent higher in Dollar terms and 52.80 per cent higher in Rupee terms. Non-oil imports in April-October 2021 were USD 243.98 Billion (₹ 18,08,043.89 Crore) which was 64.85 per c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent higher in Dollar terms (63.61 percent higher in Rupee terms), compared to USD 148.00 Billion (₹ 11,05,088.89 Crore) in April-October 2020. As compared to April-October 2019, Non-oil imports in April-October 2021 were 15.55 per cent higher in Dollar terms and 22.15 per cent higher in Rupee terms. Non-Oil and Non-Gold imports were USD 35.84Billion in October 2021, recording a positive growth of 40.14per cent, as compared to Non-Oil and Non-Gold imports of USD 25.57Billion in October 2020. Non-Oil and Non-Gold imports in October 2021 recorded a positive growth of 35.66 per cent over October 2019. Non-Oil and Non-Gold imports were USD 214.91Billion in April-October 2021, recording a positive growth of 54.92per cent, as compared to Non-Oil and Non-Gold imports of USD 138.72Billion in April-October 2020. Non-Oil and Non-Gold imports in April-October 2021 recorded a positive growth of 11.06 per cent over April-October 2019. II. TRADE IN SERVICES EXPORTS (Receipts) As per the latest press release by RBI dated 1 st November 2021, exports in September 2021 were USD 20.68Billion (₹ 1,52,129.11Crore) registering a positive growth of 21.96per cent in Dollar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terms, vis- -vis September2020. The estimated value of services export for October2021* is USD 20.86Billion, exhibiting a positive growth of 23.52per cent vis-a-vis October 2020 (USD 16.89Billion) and a positive growth of 19.01per cent vis- -vis October 2019 (USD 17.53Billion). IMPORTS (Payments) As per the latest press release by RBI dated 1 st November2021, imports in September 2021were USD 12.21Billion (₹ 89,850.34Crore) registering a positive growth of 25.01per cent in Dollar terms, vis- -vis September 2020. The estimated value of services import for October2021* is USD 12.71Billion exhibiting a positive growth of 38.09per cent vis- -vis October 2020 (USD 9.21Billion) and a positivegrowth of22.68per cent vis- -vis October 2019 (USD 10.36Billion). III.TRADE BALANCE MERCHANDISE : The trade balance for October2021 was estimated at USD(-) 19.73Billion as against USD(-) 9.15Billion inOctober2020, which is a declineof (-) 115.50 percent. As compared to October 2019 (USD (-) 11.75 Billion), trade balance in October 2021 exhibited a negative growth of(-) 67.83 per cent. SERVICES : As per RBI s Press Release dated 1 st November2021, the tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de balance in Services (i.e. Net Services export) for September 2021is USD8.47Billion. The estimated trade balance in October 2021* is USD8.14Billion, which is an increase of 6.06per cent over October 2020 (USD 7.68Billion) and an increase of13.69per cent over October2019 (USD 7.16Billion). OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade balance for October 2021* is estimated atUSD (-) 11.58Billion as compared to USD(-) 1.47Billion in October 2020, a decline of (-) 685.57per cent. In comparison to October 2019(USD (-) 4.59Billion), trade balance in October 2021 exhibited a negative growth of(-) 152.36per cent. *Note: The latest data for services sector released by RBI is for September 2021. The data for October 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) OCTOBER APRIL-OCTOBER EXPORTS(in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cluding re-exports) 2019-20 1,86,358.06 13,00,244.23 2020-21 1,83,060.60 11,24,418.69 2021-22 2,67,056.26 17,30,104.50 %Growth 2021-22/ 2020-21 45.88 53.87 %Growth 2021-22/ 2019-20 43.30 33.06 IMPORTS 2019-20 2,69,852.86 20,05,403.85 2020-21 2,50,299.93 13,89,331.98 2021-22 4,14,832.20 24,55,722.54 %Growth 2021-22/ 2020-21 65.73 76.76 %Growth 2021-22/ 2019-20 53.73 22.46 TRADE BALANCE 2019-20 -83,494.80 -7,05,159.62 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2020-21 -67,239.33 -2,64,913.29 2021-22 -1,47,775.94 -7,25,618.04 SERVICES TRADE EXPORTS IMPORTS (SERVICES) : (US $ Billion) (PROVISIONAL) September 2021 April- September 2021 EXPORTS (Receipts) 20.68 114.99 IMPORTS (Payments) 12.21 65.20 TRADE BALANCE 8.47 49.80 EXPORTS IMPORTS (SERVICES): (Rs. Crore) (PROVISIONAL) September 2021 April- September 2021 EXPORTS (Receipts) 1,52,129.11 8,50,038.34 IMPORTS (Payments) 89,850.34 4,81,952.26 TRADE BALANCE 62,278.77 3,68,086.08 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Source: RBI Press Release dated 1 st November 2021 *Link for quick estimates - 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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