India’s merchandise & services exports jump 11.51% YoY in July

(Representative image: Reuters)

India’s overall exports -- merchandise and services combined -- are estimated to have grown 11.51 percent year-on-year in July 2022, at around $61.18 billion, the Ministry of Commerce and Industry said in a press release on August 12. For the same period, the overall imports are estimated to be $82.22 billion, up 42.90% over the same period last year.

India’s merchandise exports rose by 2.14 percent year-on-year to $36.27 billion in July 2022 as compared to $35.51 billion in the corresponding month of the last year, on account of healthy performance by sectors like tobacco, electronic goods, coffee, rice, cereal, and miscellaneous processed items and oil seeds.

The country’s merchandise imports in July 2022 surged to $66.27 billion, which is an increase of 43.61 percent over imports of $46.15 billion in July 2021, according to data released by the Commerce Ministry. The surge was driven by silver, project goods, cotton raw and waste, coal, coke and briquettes, etc, textile yarn fabric, and make-up articles.

Meanwhile, the merchandise trade deficit in July widened to $30 billion increasing 182.10 per cent from $10.63 in July 2021.

Further, as per government data, the country's overall exports (merchandise and services combined) in April-July 2022 are estimated at $253.84 billion, an increase of 22.85 as compared to the figures in the corresponding period last year. The overall imports, on the other hand, are estimated at $317.40 billion, exhibiting a positive growth of 47.68 percent as compared to the figures from the same period last year.

The value of non-petroleum and non-gems and jewellery exports in July this year was $26.62 billion, registering a positive growth of 1.55 percent as against $26.21 billion in the same month last year. The cumulative value of non-petroleum exports in April -May 2022-23 was $61.09 billion, an increase of 12.9 percent over $54.11 billion in the corresponding period in the previous year.

Non-petroleum, non-gems and jewellery (gold, silver & precious metals) imports increased 42.91 percent to $38.45 billion in July 2022 as against $26.90 billion in July 2021.

The estimated value of services export for the month stood at $24.91 billion, up by 28.69 percent from $19.36 billion in July 2021. The estimated value of services import for July is $15.95 billion, up 40.02 percent from $11.39 billion in July 2021.

The services trade balance during July is estimated at $8.96 billion, up by 12.49 percent over July 2021 figure of $7.97 billion.