India’s Services Exports Achieve USD 250 Billion in FY 2022

India’s Services exports for the first time achieved the targeted $ 250 Billion during April-March 2021-22*, exhibiting a positive growth of 21.31 per cent over the fiscal 2020-21. For the month of March 2022, the estimated value of Services export is USD 22.52 Billion, exhibiting a positive growth of 8.31 per cent vis-a-vis March 2021.

India’s overall exports (Merchandise and Services) touched an all-time high of USD 669.65 Billion in April-March 2021-22, jumping by 34.50 per cent over the same period last year. For the last month, March 2022, India’s exports grew by 15.51 per cent in March 2022 to USD 64.75 Billion over the same period last year.

Addressing a press conference here today, the Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal said India has achieved this exports high despite the slowdown in economy worldwide due to the Covid-19 pandemic and the recent geopolitical developments in Europe.

“Services sector has achieved the all-time high despite Services like Tourism, Aviation and Hospitality industry being severely affected due to the Covid-19 pandemic,” he said.

Shri Goyal said India has been able to exceed the overall exports target of $ 650 Billion due to the visionary leadership of the Prime Minister Shri Narendra Modi that we turn India into an export focussed economy. “The PM himself conducted meetings with India’s 180 missions abroad. Hectic parleys were held with the Export Promotion Councils and then the bar was set high, and yet doable,” he said.

Shri Goyal said if we have to make India a developed nation, we will have to increase our international engagement. Government has struck vital trade deals with the UAE and Australia towards this end, he said, adding more FTAs and Comprehensive Trade Agreements are in the works with the EU, UK, Canada and Israel.

“Starting from ‘whole of the Government’ approach, today ‘Whole of the Nation’ has joined hands to make India emerge as a trusted partner at the international level, dedicating itself to turn into an economy that provides quality goods and services to the world,” he said.

Following are details of India’s Trade Data statistics:

• India’s overall exports (Merchandise and Services combined) in April-March 2021-22* are estimated to be USD 669.65 Billion, exhibiting a positive growth of 34.50 per cent over the same period last year and a positive growth of 27.18 per cent over April-March 2019-20. Overall imports in April-March 2021-22* are estimated to be USD 756.68 Billion, exhibiting a positive growth of 47.80 per cent over the same period last year and a positive growth of 25.49 per cent over April-March 2019-20.

Table 2: Trade during April-March 2021-22*

* Note: The latest data for services sector released by RBI is for February 2022. The data for March 2022 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for 2019, 2020 and April to December 2021 are revised on pro-rata basis using quarterly balance of payments data.

Fig 2: Overall Trade during April-March 2022*

• India’s overall exports (Merchandise and Services combined) in March 2022* are estimated to be USD 64.75 Billion, exhibiting a positive growth of 15.51 per cent over the same period last year and a positive growth of 65.80 per cent over March 2020. Overall imports in March 2022* are estimated to be USD 73.90 Billion, exhibiting a positive growth of 20.83 per cent over the same period last year and a positive growth of 77.82 per cent over March 2020.

Table 1: Trade during March 2022*

* Note: The latest data for services sector released by RBI is for February 2022. The data for March 2022 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for 2019, 2020 and April to December 2021 are revised on pro-rata basis using quarterly balance of payments data.

Fig 1: Overall Trade during March 2022*

MERCHANDISE TRADE

• Merchandise exports in March 2022 were USD 42.22 Billion, as compared to USD 35.26 Billion in March 2021, exhibiting a positive growth of 19.76 per cent. As compared to March 2020, exports in March 2022 exhibited a positive growth of 96.48 per cent.
• Merchandise imports in March 2022 were USD 60.74 Billion, which is an increase of 24.21 per cent over imports of USD 48.90 Billion in March 2021. Imports in March 2022 have registered a positive growth of 93.00 per cent in comparison to March 2020.
• The merchandise trade balance for March 2022 was estimated at USD (-) 18.51 Billion as against USD (-) 13.64 Billion in March 2021, which is a decline of (-) 35.72 per cent. As compared to March 2020 (USD (-) 9.98 Billion), trade balance in March 2022 exhibited a negative growth of (-) 85.51 per cent.

Fig 3: Merchandise Trade during March 2022

• Merchandise exports for the period April-March 2021-22 was USD 419.65 Billion as against USD 291.81 Billion during the period April-March 2020-21, registering a positive growth of 43.81 per cent. As compared to April-March 2019-20, exports in April-March 2021-22 exhibited a positive growth of 33.92 per cent.
• Merchandise imports for the period April-March 2021-22 was USD 611.89 Billion as against USD 394.44 Billion during the period April-March 2020-21, registering a positive growth of 55.13 per cent. Imports in April-March 2021-22 have registered a positive growth of 28.90 per cent in comparison to April-March 2019-20.
• The merchandise trade balance for April-March 2021-22 was estimated at USD (-) 192.24 Billion as against USD (-) 102.63 Billion in April-March 2020-21, which is a decline of (-) 87.32 per cent. As compared to April-March 2019-20 (USD (-) 161.35 Billion), trade balance in April-March 2021-22 exhibited a negative growth of (-) 19.15 per cent.

Fig 4: Merchandise Trade during April-March 2021-22

• Non-petroleum and non-gems & jewellery exports in March 2022 were USD 30.67 Billion, registering a positive growth of 9.40 per cent over non-petroleum and non-gems & jewellery exports of USD 28.03 Billion in March 2021 and a positive growth of 80.90 per cent over non-petroleum and non-gems & jewellery exports of USD 16.95 Billion in March 2020.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 37.35 Billion in March 2022 with a positive growth of 35.44 per cent over Non-petroleum, non-gems & jewellery imports of USD 27.58 Billion in March 2021 and a positive growth of 99.77 per cent over Non-petroleum, non-gems & jewellery imports of USD 18.70 Billion in March 2020.

Table 3: Trade excluding Petroleum and Gems & Jewellery during March 2022

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 5: Trade excluding Petroleum and Gems & Jewellery during March 2022

• Non-petroleum and non-gems & jewellery exports during April-March 2021-22 was USD 315.11 Billion, an increase of 31.31 per cent over non-petroleum and non-gems & jewellery exports of USD 239.98 Billion in April-March 2020-21 and an increase of 33.42 per cent over non-petroleum and non-gems & jewellery exports of USD 236.17 Billion in April-March 2019-20.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 370.36 Billion in April-March 2021-22, recording a positive growth of 43.85 per cent, as compared to Non-petroleum, non-gems & jewellery imports of USD 257.47 Billion in April-March 2020-21 and a positive growth of 27.38 per cent over USD 290.74 Billion in April-March 2019-20.

Table 4: Trade excluding Petroleum and Gems & Jewellery during April-March 2021-22

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-March 2021-22

SERVICES TRADE

• The estimated value of services export for March 2022* is USD 22.52 Billion, exhibiting a positive growth of 8.31 per cent vis-a-vis March 2021 (USD 20.80 Billion) and a positive growth of 28.25 per cent vis-à-vis March 2020 (USD 17.56 Billion).
• The estimated value of services import for March 2022* is USD 13.16 Billion exhibiting a positive growth of 7.33 per cent vis-à-vis March 2021 (USD 12.26 Billion) and a positive growth of 30.46 per cent vis-à-vis March 2020 (USD 10.09 Billion).
• The services trade balance in March 2022* is estimated at USD 9.36 Billion, which is an increase of 9.71 per cent over March 2021 (USD 8.53 Billion) and an increase of 25.28 per cent over March 2020 (USD 7.47 Billion).

Fig 7: Services Trade during March 2022*

• The estimated value of services export for April-March 2021-22* is USD 250.00 Billion, exhibiting a positive growth of 21.31 per cent vis-a-vis April-March 2020-21 (USD 206.09 Billion) and a positive growth of 17.27 per cent vis-à-vis April-March 2019-20 (USD 213.19 Billion).
• The estimated value of services imports for April-March 2021-22* is USD 144.79 Billion exhibiting a positive growth of 23.20 per cent vis-à-vis April-March 2020-21 (USD 117.52 Billion) and a positive growth of 12.88 per cent vis-à-vis April-March 2019-20 (USD 128.27 Billion).
• The services trade balance for April-March 2021-22* was estimated at USD 105.21 Billion as against USD 88.57 Billion in April-March 2020-21, which is an increase of 18.80 per cent. As compared to April-March 2019-20 (USD 84.92 Billion), net of services in April-March 2021-22* exhibited a positive growth of 23.89 per cent.

Fig 8: Services Trade during April-March 2021-22*

Table 5: Export Growth in Commodity Groups in March 2022

Table 6: Import Growth in Commodity Groups in March 2022

Table 7: MERCHANDISE TRADE

Table 8: SERVICES TRADE