corporate law
In June 2022, India’s total exports, encompassing both merchandise and services, rose by 22.95% year-over-year, reaching an estimated value of USD 64.91 billion. For the first quarter of FY 22-23 (April-June 2022), exports totaled an estimated USD 189.93 billion, representing a 25.16% increase compared to the same quarter of the previous year.
During June 2022, total imports were estimated at USD 82.42 billion, reflecting a significant growth of 55.72% compared to June 2021. The overall imports for the first quarter of FY 22-23 stood at USD 235.11 billion, marking a 49.41% rise year-over-year. The trade balance for June 2022 showed a deficit of USD 17.51 billion, a considerable increase from the deficit of USD 0.14 billion in June 2021.
| Category | June 2022 (USD Billion) | June 2021 (USD Billion) | Year-on-Year Growth (%) |
|---|---|---|---|
| Merchandise Exports | 40.13 | 32.49 | 23.52 |
| Merchandise Imports | 66.31 | 42.09 | 57.55 |
| Trade Balance | -26.18 | -9.60 | -172.72 |
| Services Exports | 24.77 | 20.30 | 22.04 |
| Services Imports | 16.11 | 10.84 | 48.62 |
| Net Services Balance | 8.67 | 9.46 | -8.41 |
| Overall Trade | 64.91 | 52.79 | 22.95 |
| Overall Imports | 82.42 | 52.93 | 55.72 |
| Overall Trade Balance | -17.51 | -0.14 | -12596.34 |
*Note: The figures for June 2022 are estimates. The data for services is based on the latest release from the Reserve Bank of India (RBI) for May 2022 and will be adjusted once further data is available. Annual changes for April-June 2021 have been pro-rated based on quarterly balance of payments data.
Merchandise exports for June 2022 reached USD 40.13 billion compared to USD 32.49 billion in June 2021, reflecting a growth rate of 23.52%. In the same month, merchandise imports surged to USD 66.31 billion, marking a year-over-year increase of 57.55%. Consequently, the merchandise trade deficit widened to USD 26.18 billion from USD 9.60 billion in June 2021.
For the three months ending June 2022, merchandise export figures were recorded at USD 118.96 billion, up from USD 95.54 billion in the same timeframe of the prior year, showing an increase of 24.51%. Meanwhile, imports rose to USD 189.76 billion, compared to USD 126.96 billion, representing a growth of 49.47%. The trade deficit for this period reached USD 70.80 billion versus USD 31.42 billion from the previous year.
Non-Petroleum and Non-Gems & Jewellery Exports:
| Category | June 2022 (USD Billion) | June 2021 (USD Billion) | Year-on-Year Growth (%) |
|---|---|---|---|
| Non-Petroleum Exports | 31.48 | 28.54 | 10.30 |
| Non-Petroleum Imports | 45.01 | 31.41 | 43.30 |
| Non-Petroleum & Non-Gems & Jewellery Exports | 27.94 | 25.71 | 8.65 |
| Non-Petroleum & Non-Gems & Jewellery Imports | 38.53 | 27.86 | 38.30 |
In June 2022, the estimated services exports were valued at USD 24.77 billion, marking a 22.04% increase from USD 20.30 billion in June 2021. Services imports for the month were estimated at USD 16.11 billion, showing a significant growth of 48.62% compared to the prior year's USD 10.84 billion.
For the quarterly period of April-June 2022, services exports amounted to USD 70.97 billion, up 26.25% from USD 56.22 billion in the same quarter of the previous year. Conversely, services imports reached USD 45.35 billion, representing a 49.15% increase compared to USD 30.41 billion from April-June 2021. The trade balance for services during this quarter was USD 25.62 billion, slightly lower than USD 25.81 billion recorded in the previous year.
India's foreign trade in June 2022 displayed substantial growth across both exports and imports, signaling a robust rebound in trade activities. The country continues to witness significant growth in specific commodity sectors such as petroleum products, electronics, textiles, and services. Continued monitoring and strategic planning will be essential for maintaining this upward trajectory in international trade.