India’s overall exports in May 2023 stands at US$ 60.29 Billion

Newdelhi:15/6/23:India’s overall exports (Merchandise and Services combined) in May 2023* is estimated to be USD 60.29 Billion, exhibiting a negative growth of (-) 5.99 per cent over May 2022. Overall imports in May 2023* is estimated to be USD 70.64 Billion, exhibiting a negative growth of (-) 7.45 per cent over May 2022.

Table 1: Trade during May 2023*

* Note: The latest data for services sector released by RBI is for April 2023. The data for May 2023 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for April-May 2022 has been revised on pro-rata basis using quarterly balance of payments data

Fig 1: Overall Trade during May 2023*

India’s overall exports (Merchandise and Services combined) in April-May 2023 is estimated to exhibit a negative growth of (-) 5.48 per cent over April-May 2022. Overall imports in April-May 2023 is estimated to exhibit a negative growth of (-) 9.63 per cent over April-May 2022.

Table 2: Trade during April-May 2023*

Fig 2: Overall Trade during April-May 2023*

MERCHANDISE TRADE

• Merchandise exports in May 2023 were USD 34.98 Billion, as compared to USD 39.00 Billion in May 2022.
• Merchandise imports in May 2023 were USD 57.10 Billion, as compared to USD 61.13 Billion in May 2022.

Fig 3: Merchandise Trade during May 2023

Merchandise exports for the period April-May 2023 were USD 69.72 Billion as against USD 78.70 Billion during April-May 2022.

Merchandise imports for the period April-May 2023 were USD 106.99 Billion as against USD 119.18 Billion during April-May 2022.

The merchandise trade deficit for April-May 2023 was estimated at USD 37.26 Billion as against USD 40.48 Billion during April-May 2022.

Fig 4: Merchandise Trade during April-May 2023

Non-petroleum and non-gems & jewellery exports in May 2023 were USD 26.22 Billion, compared to USD 27.30 Billion in May 2022.

Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in May 2023 were USD 35.88 Billion, compared to USD 35.29 Billion in May 2022.

Table 3: Trade excluding Petroleum and Gems & Jewellery during May 2023

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

Fig 5: Trade excluding Petroleum and Gems & Jewellery during May 2023

Non-petroleum and non-gems & jewellery exports during April-May 2023 was USD 52.04 Billion, as compared to USD 55.67 Billion in April-May 2022.

Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 67.36 Billion in April-May 2023 as compared to USD 71.29 Billion in April-May 2022.

Table 4: Trade excluding Petroleum and Gems & Jewellery during April-May 2023

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

Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-May 2023

SERVICES TRADE

• The estimated value of services export for May 2023* is USD 25.30 Billion, as compared to USD 25.13 Billion in May 2022.
• The estimated value of services import for May 2023* is USD 13.53 Billion as compared to USD 15.20 Billion in May 2022.

Fig 7: Services Trade during May 2023*

The estimated value of services export for April-May 2023* is USD 51.14 Billion as compared to USD 49.17 Billion in April-May 2022.

The estimated value of services imports for April-May 2023* is USD 27.16 Billion as compared to USD 29.25 Billion in April-May 2022.

The services trade surplus for April-May 2023* is estimated at USD 23.98 Billion as against USD 19.92 Billion in April-May 2022.

Fig 8: Services Trade during April-May 2023

India’s trade performance, after witnessing very strong growth in 2022-23 has shown declining trends as compared to high base of last year as the pace of growth in global merchandise exports moderated significantly in 2023, as persisting geopolitical tensions and monetary tightening induced recessionary fears have led to a decline in consumer spending across advanced nations.