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TMI BlogIndia’s exports in February 2022 up by 25.41 percent to USD 57.03 Billion over the same month last yearX X X X Extracts X X X X X X X X Extracts X X X X ..... India’s exports in February 2022 up by 25.41 percent to USD 57.03 Billion over the same month last year - News and Press Release Dated:- 14-3-2022 - News - India s exports in February 2022 up by 25.41 percent to USD 57.03 Billion over the same month last year Overall exports (Merchandise and Services combined) in April-February 2021-22 shoot up by 36 percent to $ 601.77 Billion over the same period last fiscal Total Merchandise Exports in April-February 2021-22 soar close to $ 375 Billion, Total Services Exports during current FY go past $ 226 Billion INDIA S FOREIGN TRADE: February 2022 India s overall exports (Merchandise and Services combined) in February 2022* are estimated to be USD 57.03 Billion, exhibiting a positive growth of 25.41 per cent over the same period last year and a positive growth of 27.07 per cent over February 2020. Overall imports in February 2022* are estimated to be USD 69.35 Billion, exhibiting a positive growth of 35.64 per cent over the same period last year and a positive growth of 44.62 per cent over February 2020 Table 1: Trade during February 2022* February 2022 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (USD Billion) February 2021 (USD Billion) February 2020 (USD Billion) Growth vis- -vis February 2021 (%) Growth vis- -vis February 2020 (%) Merchandise Exports 34.57 27.63 27.74 25.10 24.60 Imports 55.45 40.75 37.90 36.07 46.28 Trade Balance -20.88 -13.12 -10.16 -59.18 -105.45 Services* Exports 22.46 17.84 17.14 25.90 31.06 Imports 13.91 10.38 10.05 33.95 38.39 Net of Services 8.56 7.46 7.09 14.69 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20.68 Overall Trade (Merchandise+ Services)* Exports 57.03 45.48 44.88 25.41 27.07 Imports 69.35 51.13 47.95 35.64 44.62 Trade Balance -12.32 -5.65 -3.07 -117.90 -301.25 * Note: The latest data for services sector released by RBI is for January 2022. The data for February 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 February 2022* India s overall exports (Merchandise and Services combined) in April-February 2021-22* are estimated to be USD 601.77 Billion, exhibiting a positive growth of 36.19 per cent over the same period last year and a positive growth of 23.44 per cent over April-February 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19-20. Overall imports in April-February 2021-22* are estimated to be USD 683.01 Billion, exhibiting a positive growth of 51.51 per cent over the same period last year and a positive growth of 21.66 per cent over April-February 2019-20. Table 2: Trade during April-February 2021-22* April-February 2021-22 (USD Billion) April-February 2020-21 (USD Billion) April-February 2019-20 (USD Billion) Growth vis- -vis April-February 2020-21 (%) Growth vis- -vis April-February 2019-20 (%) Merchandise Exports 374.81 256.55 291.87 46.09 28.42 Imports 550.56 345.54 443.24 59.33 24.21 Trade Balance -175.75 -88.99 -151.37 -97.51 -16.11 Services* ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Exports 226.96 185.29 195.63 22.49 16.02 Imports 132.45 105.26 118.18 25.83 12.07 Net of Services 94.51 80.03 77.45 18.09 22.03 Overall Trade (Merchandise+ Services)* Exports 601.77 441.84 487.50 36.19 23.44 Imports 683.01 450.80 561.42 51.51 21.66 Trade Balance -81.24 -8.95 -73.92 -807.24 -9.90 * Note: The latest data for services sector released by RBI is for January 2022. The data for February 2022 is an estimation, which will be revised based on RBI s subsequent release. (ii) Data for 2019, 2020 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d April to September 2021 are revised on pro-rata basis using quarterly balance of payments data. Fig 2: Overall Trade during April-February 2022* MERCHANDISE TRADE Merchandise exports in February 2022 were USD 34.57 Billion, as compared to USD 27.63 Billion in February 2021, exhibiting a positive growth of 25.10 per cent. As compared to February 2020, exports in February 2022 exhibited a positive growth of 24.60 per cent. Merchandise imports in February 2022 were USD 55.45 Billion, which is an increase of 36.07 per cent over imports of USD 40.75 Billion in February 2021. Imports in February 2022 have registered a positive growth of 46.28 per cent in comparison to February 2020. The merchandise trade balance for February 2022 was estimated at USD (-) 20.88 Billion as against USD (-) 13.12 Billion in February 2021, which is a decline of (-) 59.18 per cent. As compared to February 2020 (USD (-) 10.16 Billion), trade balance in February 2022 exhibited a negative growth of (-) 105.45 per cent. Fig 3: Merchandise Trade during February 2022 Merchandise exports for the period April-February 2021-22 was USD 374.81 Bill ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion as against USD 256.55 Billion during the period April-February 2020-21, registering a positive growth of 46.09 per cent. As compared to April-February 2019-20, exports in April-February 2021-22 exhibited a positive growth of 28.42 per cent. Merchandise imports for the period April-February 2021-22 was USD 550.56 Billion as against USD 345.54 Billion during the period April-February 2020-21, registering a positive growth of 59.33 per cent. Imports in April-February 2021-22 have registered a positive growth of 24.21 per cent in comparison to April-February 2019-20. The merchandise trade balance for April-February 2021-22 was estimated at USD (-) 175.75 Billion as against USD (-) 88.99 Billion in April-February 2020-21, which is a decline of (-) 97.51 per cent. As compared to April-February 2019-20 (USD (-) 151.37 Billion), trade balance in April-February 2021-22 exhibited a negative growth of (-) 16.11 per cent. Fig 4: Merchandise Trade during April-February 2021-22 Non-petroleum and non-gems jewellery exports in February 2022 were USD 26.75 Billion, registering a positive growth of 19.01 per cent over non-petroleum and non-gems jeweller ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y exports of USD 22.48 Billion in February 2021 and a positive growth of 25.72 per cent over non-petroleum and non-gems jewellery exports of USD 21.28 Billion in February 2020. Non-petroleum, non-gems jewellery (gold, silver precious metals) imports were USD 31.70 Billion in February 2022 with a positive growth of 32.04 per cent over Non-petroleum, non-gems jewellery imports of USD 24.01 Billion in February 2021 and a positive growth of 42.72 per cent over Non-petroleum, non-gems jewellery imports of USD 22.21 Billion in February 2020. Table 3: Trade excluding Petroleum and Gems Jewellery during February 2022 February 2022 (USD Billion) February 2021 (USD Billion) February 2020 (USD Billion) Growth vis- -vis February 2021 (%) Growth vis- -vis February 2020 (%) Non- petroleum exports 29.92 25.16 24.30 18.90 23.12 Non- petroleum imports 40.16 31.72 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 27.12 26.63 48.08 Non-petroleum Non Gems Jewellery exports 26.75 22.48 21.28 19.01 25.72 Non-petroleum Non Gems Jewellery imports* 31.70 24.01 22.21 32.04 42.72 Note: Gems Jewellery Imports include Gold, Silver Pearls, precious Semi-precious stones Fig 5: Trade excluding Petroleum and Gems Jewellery during February 2022 Non-petroleum and non-gems jewellery exports during April-February 2021-22 was USD 283.99 Billion, an increase of 33.99 per cent over non-petroleum and non-gems jewellery exports of USD 211.95 Billion in April-February 2020-21 and an increase of 29.55 per cent over non-petroleum and non-gems jewellery exports of USD 219.22 Billion in April-February 2019-20. Non-petroleum, non-gems jewellery (gold, silver precious metals) imports were USD 332.94 Billion in April-February 2021-22, recording a positive growth of 44.82 per cent, as compared to Non-petroleum, non-g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ems jewellery imports of USD 229.89 Billion in April-February 2020-21 and a positive growth of 22.38 per cent over USD 272.05 Billion in April-February 2019-20. Table 4: Trade excluding Petroleum and Gems Jewellery during April-February 2021-22 April-February 2021-22 (USD Billion) April-February 2020-21 (USD Billion) April-February 2019-20 (USD Billion) Growth vis- -vis April-February 2020-21 (%) Growth vis- -vis April-February 2019-20 (%) Non- petroleum exports 319.31 234.36 253.10 36.25 26.16 Non- petroleum imports 408.83 273.12 322.74 49.69 26.68 Non-petroleum Non Gems Jewellery exports 283.99 211.95 219.22 33.99 29.55 Non-petroleum Non Gems Jewellery imports* 332.94 229. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 89 272.05 44.82 22.38 Note: Gems Jewellery Imports include Gold, Silver Pearls, precious Semi-precious stones Fig 6: Trade excluding Petroleum and Gems Jewellery during April-February 2021-229 SERVICES TRADE The estimated value of services export for February 2022* is USD 22.46 Billion, exhibiting a positive growth of 25.90 per cent vis-a-vis February 2021 (USD 17.84 Billion) and a positive growth of 31.06 per cent vis- -vis February 2020 (USD 17.14 Billion). The estimated value of services import for February 2022* is USD 13.91 Billion exhibiting a positive growth of 33.95 per cent vis- -vis February 2021 (USD 10.38 Billion) and a positive growth of 38.39 per cent vis- -vis February 2020 (USD 10.05 Billion). The services trade balance in February 2022* is estimated at USD 8.56 Billion, which is an increase of 14.69 per cent over February 2021 (USD 7.46 Billion) and an increase of 20.68 per cent over February 2020 (USD 7.09 Billion). Fig 7: Services Trade during February 2022* The estimated value of services export for April-February 2021 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -22* is USD 226.96 Billion, exhibiting a positive growth of 22.49 per cent vis-a-vis April-February 2020-21 (USD 185.29 Billion) and a positive growth of 16.02 per cent vis- -vis April-February 2019-20 (USD 195.63 Billion). The estimated value of services imports for April-February 2021-22* is USD 132.45 Billion exhibiting a positive growth of 25.83 per cent vis- -vis April-February 2020-21 (USD 105.26 Billion) and a positive growth of 12.07 per cent vis- -vis April-February 2019-20 (USD 118.18 Billion). The services trade balance for April-February 2021-22* was estimated at USD 94.51 Billion as against USD 80.03 Billion in April-February 2020-21, which is an increase of 18.09 per cent. As compared to April-February 2019-20 (USD 77.45 Billion), net of services in April-February 2021-22* exhibited a positive growth of 22.03 per cent. Fig 8: Services Trade during April-February 2021-22* Table 5: Export Growth in Commodity Groups in February 2022 Sl. No. Commodities (Values in Million USD) % Change FEB'21 FEB'22 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FEB'22 Commodity groups exhibiting positive growth 1 Petroleum Products 2471.16 4649.31 88.14 2 Electronic Goods 1104.69 1486.24 34.54 3 Cotton Yarn/Fabs./made-ups, Handloom Products etc. 947.64 1260.43 33.01 4 Engineering Goods 7059.91 9321.78 32.04 5 Leather leather products 298.71 389.50 30.39 6 Coffee 72.38 93.83 29.64 7 Plastic Linoleum 631.19 798.20 26.46 8 Organic Inorganic Chemicals 1930.21 2420.16 25.38 9 Cereal preparation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s miscellaneous processed items 172.44 208.18 20.73 10 RMG of all Textiles 1348.55 1600.20 18.66 11 Gems Jewellery 2682.08 3165.31 18.02 12 Jute Mfg. including Floor Covering 41.91 49.42 17.91 13 Meat, dairy poultry products 307.91 362.83 17.84 14 Man-made Yarn/Fabs./made-ups etc. 412.09 479.38 16.33 15 Mica, Coal Other Ores, Minerals including processed minerals 356.28 413.13 15.96 16 Marine Products 439.86 506.16 15.07 17 Tobacco 69.15 77.99 12.78 18 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Fruits Vegetables 281.07 305.26 8.61 19 Tea 60.14 63.71 5.94 20 Other cereals 99.27 104.30 5.06 21 Rice 918.94 926.16 0.79 Sl. No. Commodities (Values in Million USD) % Change FEB'21 FEB'22 FEB'22 Commodity Groups exhibiting negative growth 22 Oil Meals 230.77 70.45 -69.47 23 Iron Ore 465.88 203.51 -56.32 24 Spices 348.86 291.17 -16.54 25 Handicrafts excl. handmade carpet 179.32 160. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 93 -10.26 26 Cashew 37.29 33.58 -9.96 27 Oil seeds 101.17 96.76 -4.36 28 Carpet 136.25 130.52 -4.21 29 Ceramic products glassware 284.27 276.91 -2.59 30 Drugs Pharmaceuticals 2001.44 1965.83 -1.78 Table 6: Import Growth in Commodity Groups in February 2022 Sl. No. Commodities (Values in Million USD) % Change FEB'21 FEB'22 FEB'22 Commodity Groups exhibiting positive growth 1 Silver 8.92 482.28 5306.73 2 Fertilisers, Crude ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... manufactured 224.57 1670.20 643.73 3 Sulphur Unroasted Iron Pyrts 12.83 58.37 354.95 4 Pulses 70.41 188.84 168.20 5 Newsprint 10.39 26.91 159.00 6 Coal, Coke Briquettes, etc. 1318.11 2860.22 116.99 7 Metaliferrous ores other minerals 397.30 807.08 103.14 8 Project goods 143.31 262.03 82.84 9 Petroleum, Crude products 9031.45 15280.66 69.19 10 Vegetable Oil 885.21 1361.15 53.77 11 Cotton Raw Waste ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 33.61 47.14 40.26 12 Pearls, precious Semi-precious stones 2408.50 3200.83 32.90 13 Leather leather products 64.64 84.90 31.34 14 Dyeing/tanning/colouring mtrls. 280.23 363.14 29.59 15 Electronic goods 4843.82 6274.39 29.53 16 Iron Steel 1239.36 1605.13 29.51 17 Non-ferrous metals 1226.25 1581.68 28.99 18 Pulp and Waste paper 95.63 118.23 23.63 19 Organic Inorganic Chemicals 2039.23 2438.36 19.57 20 Artificial res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ins, plastic materials, etc. 1458.36 1708.64 17.16 21 Medcnl. Pharmaceutical products 548.06 625.75 14.18 22 Machinery, electrical non-electrical 3184.00 3614.67 13.53 23 Professional instrument, Optical goods, etc. 395.94 436.06 10.13 24 Textile yarn Fabric, made-up articles 178.73 189.56 6.06 25 Chemical material products 848.26 893.38 5.32 26 Machine tools 305.88 320.29 4.71 27 Wood Wood products 488.92 502.97 2.87 Sl. No. Commodities (Values in Million USD) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... % Change FEB'21 FEB'22 FEB'22 Commodity Groups exhibiting negative growth 28 Transport equipment 1890.07 1224.52 -35.21 29 Gold 5290.40 4779.90 -9.65 30 Fruits vegetables 205.69 198.50 -3.50 Table 7: MERCHANDISE TRADE EXPORTS IMPORTS: (Rs. Crore) (PROVISIONAL) FEBRUARY APRIL-FEBRUARY EXPORTS(including re-exports) 2019-20 1,98,328.86 20,60,069.56 2020-21 2,01,049.87 19,02,400.54 2021-22 2,59,269.90 27,87,495.18 %Growth 2021 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -22/ 2020-21 28.96 46.53 %Growth 2021-22/ 2019-20 30.73 35.31 IMPORTS 2019-20 2,70,973.39 31,26,965.99 2020-21 2,96,472.94 25,60,009.18 2021-22 4,15,859.18 40,96,174.90 %Growth 2021-22/ 2020-21 40.27 60.01 %Growth 2021-22/ 2019-20 53.47 31.00 TRADE BALANCE 2019-20 -72,644.53 -10,66,896.42 2020-21 -95,423.07 -6,57,608.64 2021-22 -1,56,589.28 -13,08,679.72 Table 8: SERVICES TRADE EXPORTS IMPORTS (SERVICES) : (US $ Billion) (PROVISIONAL) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... January 2022 April- January 2021-22 EXPORTS (Receipts) 21.57 204.50 IMPORTS (Payments) 13.22 118.54 TRADE BALANCE 8.35 85.95 EXPORTS IMPORTS (SERVICES): (Rs. Crore) (PROVISIONAL) January 2022 April- January 2021-22 EXPORTS (Receipts) 1,60,585.42 15,19,620.78 IMPORTS (Payments) 98,411.80 8,81,050.41 TRADE BALANCE 62,173.62 6,38,570.38 Source: RBI Press Release dated 2 nd March 2022 *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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