Table 1: Trade during May 2024*
May 2024
(USD Billion)
May 2023
(USD Billion)
Merchandise
Exports
38.13
34.95
Imports
61.91
57.48
Services*
Exports
30.16
26.99
Imports
17.28
15.88
Total Trade
(Merchandise +Services) *
Exports
68.29
61.95
Imports
79.20
73.36
Trade Balance
-10.90
-11.41
* Note: The latest data for services sector released by RBI is for April2024. The data for May 2024 is an estimation, which will be revised based on RBI’s subsequent release.
Fig 1: Total Trade during May 2024*
India’s total exports during April-May2024* is estimated at USD 133.61 Billion registering a positive growth of 9.21 percent. Total imports during April-May 2024* is estimated at USD 149.92 Billion registering a growth of 9.93 percent.
Table 2: Trade during April-May 2024*
April-May 2024
(USD Billion)
April-May 2023
(USD Billion)
Merchandise
Exports
73.12
69.57
Imports
116.01
106.54
Services*
Exports
60.49
52.77
Imports
33.91
29.84
Total Trade
(Merchandise +Services) *
Exports
133.61
122.35
Imports
149.92
136.38
Trade Balance
-16.31
-14.03
Fig 2: Total Trade during April-May 2024*
MERCHANDISE TRADE
Merchandise exports during May 2024 were USD 38.13 Billion as compared to USD 34.95 Billion in May 2023.
Merchandise imports during May 2024 were USD 61.91 Billion as compared to USD 57.48 Billion in May 2023.
Fig 3: Merchandise Trade during May 2024
Merchandise exports during April-May 2024 were USD 73.12 Billion as compared to USD 69.57Billion during April-May 2023.
Merchandise imports during April-May 2024 were USD 116.01 Billion compared to USD 106.54 Billion during April-May 2023.
Merchandise trade deficit during April-May 2024 was USD 42.89 Billion compared to USD 36.97 Billion during April-May 2023.
Fig4: Merchandise Trade during April-May 2024
Non-petroleum and non-gems & jewellery exports in May 2024 were USD 28.60Billion compared to USD 26.27Billion in May 2023.
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in May 2024 were USD 36.59Billion compared to USD 36.31Billion in May 2023.
Table 3: Trade excluding Petroleum and Gems &Jewellery during May 2024
May 2024
(USD Billion)
May 2023
(USD Billion)
Non- petroleum exports
31.36
29.10
Non- petroleum imports
41.97
41.91
Non-petroleum &Non-Gems & Jewellery exports
28.60
26.27
Non-petroleum &Non-Gems & Jewellery imports
36.59
36.31
Note: Gems &Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones
Fig 5: Trade excluding Petroleum and Gems &Jewellery during May 2024
Non-petroleum and non-gems & jewellery exports in April-May 2024 were USD 54.71 Billion, compared to USD 52.05 Billion in April-May 2023.
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-May 2024 were USD 69.31 Billion, compared to USD 68.44 Billion in April-May 2023.
Table 4: Trade excluding Petroleum and Gems &Jewellery during April-May 2024
April-May 2024
(USD Billion)
April-May 2023
(USD Billion)
Non- petroleum exports
59.73
57.30
Non- petroleum imports
79.60
77.27
Non-petroleum &Non Gems & Jewellery exports
54.71
52.05
Non-petroleum &Non Gems & Jewellery imports
69.31
68.44
Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones
Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-May 2024
SERVICES TRADE
The estimated value of services export for May 2024* is USD 30.16 Billion as compared to USD 26.99Billion in May 2023.
The estimated value of services imports for May 2024* is USD 17.28 Billion as compared to USD 15.88Billion in May 2023.
Fig 7: Services Trade during May 2024*
The estimated value of service exports during April-May 2024* is USD 60.49 Billion as compared to USD 52.77 Billion in April-May 2023.
The estimated value of service imports during April-May 2024* is USD 33.91 Billion as compared to USD 29.84 Billion in April-May 2023.
The services trade surplus for April-May 2024* is USD 26.58 Billion as compared to USD 22.94 Billion in April-May 2023.
Fig 8: Services Trade during April-May 2024*
Exports of Coffee (64.23%), Tobacco (58.38%), Electronic Goods (22.97%), Meat, dairy & poultry products (22.95%), Fruits & Vegetables (20.75%), Handicrafts excl. handmade carpet (20.63%), Tea (19.57%), Carpet (17.55%), Plastic & Linoleum (16.6%), Petroleum Products (15.75%), Cereal preparations & miscellaneous processed items (14.31%), Drugs & Pharmaceuticals (10.45%), RMG of all Textiles (9.84%), Cotton Yarn/Fabs./made-ups, Handloom Products etc. (9.75%), Engineering Goods (7.39%), Oil seeds (5.75%), Man-made Yarn/Fabs./made-ups etc. (4.65%), Organic & Inorganic Chemicals (3.21%), Rice (2.76%) and Mica, Coal & Other Ores, Minerals including processed minerals (1.08%) record positive growth during May 2024 over the corresponding month of last year.
Imports of Project goods (-44.31%), Coal, Coke & Briquettes, etc.(-26.55%),Cotton Raw & Waste(-24.46%),Sulphur & Unroasted Iron Pyrts(-20.92%), Fertilisers, Crude & manufactured(-20.42%), Leather & leather products(-20.05%), Chemical material & products (-9.81%), Gold (-9.76%), Wood & Wood products(-7.2%),Iron & Steel (-6.65%),Dyeing/tanning/colouring mtrls.(-5.1%),Newsprint(-4.49%), Textile yarn Fabric, made-up articles(-1.15%) and Organic & Inorganic Chemicals(-0.49%) record negative growth during May 2024 over the corresponding month of last year.
Services exports is estimated to grow by 14.63percent during April-May 2024* over April-May 2023.
Top 5 export destinations, in terms of change in value, exhibiting positive growth in May 2024 vis a vis May 2023 are U S A (13.06%), Netherland (43.92%), U Arab Emts (19.43%), Malaysia (86.95%) and U K (33.54%).
Top 5 export destinations, in terms of change in value, exhibiting positive growth in April-May 2024 vis a vis April-May 2023 are U S A (12.66%), Netherland (40.87%), U Arab Emts (16.16%), Singapore (36.65%) and Malaysia (64.03%).
Top 5 import sources, in terms of change in value, exhibiting growth in May 2024 vis a vis May 2023 are U Arab Emts (49.93%), Iraq (58.68%), Russia (18.02%), Angola (1274.95%) and Indonesia (23.36%).
Top 5 import sources, in terms of change in value, exhibiting growth in April-May 2024 vis a vis April-May2023 are Russia (19.89%), U Arab Emts (28.83%), Iraq (34.12%), Switzerland (26.43%) and Angola (256.01%).
QUICK ESTIMATES FOR SELECTED MAJOR COMMODITIES FOR MAY 2024
TRADE: EXPORT
Sl. No.
Commodities
Values in Million USD
% Change
MAY'23
APR'23-MAY'23
MAY'24
APR'24-MAY'24
MAY'24
APR'24-MAY'24
1
Tea
54.07
101.82
64.66
124.70
19.57
22.47
2
Coffee
112.97
231.44
185.54
322.80
64.23
39.48
3
Rice
977.28
1977.53
1004.29
1956.36
2.76
-1.07
4
Other cereals
104.45
167.98
19.37
41.58
-81.45
-75.25
5
Tobacco
91.27
196.12
144.56
263.26
58.38
34.24
6
Spices
453.07
814.37
361.17
766.79
-20.28
-5.84
7
Cashew
28.17
55.25
20.91
43.23
-25.79
-21.75
8
Oil Meals
150.98
349.47
113.00
246.22
-25.16
-29.54
9
Oil seeds
103.85
239.99
109.82
222.54
5.75
-7.27
10
Fruits & Vegetables
245.10
558.37
295.97
589.12
20.75
5.51
11
Cereal preparations & miscellaneous processed items
230.77
464.74
263.79
509.45
14.31
9.62
12
Marine Products
599.27
1166.89
575.84
1070.03
-3.91
-8.30
13
Meat, dairy & poultry products
307.75
647.93
378.37
699.81
22.95
8.01
14
Iron Ore
288.90
643.75
268.76
414.63
-6.97
-35.59
15
Mica, Coal & Other Ores, Minerals including processed minerals
382.48
773.46
386.60
727.79
1.08
-5.90
16
Leather & leather products
369.18
695.97
361.31
664.62
-2.13
-4.51
17
Ceramic products & glassware
373.07
736.78
360.19
700.17
-3.45
-4.97
18
Gems &Jewellery
2823.14
5248.45
2759.94
5017.83
-2.24
-4.39
19
Drugs & Pharmaceuticals
2084.06
4346.03
2301.88
4730.66
10.45
8.85
20
Organic & Inorganic Chemicals
2237.01
4375.35
2308.75
4805.17
3.21
9.82
21
Engineering Goods
9300.75
18250.12
9988.43
18653.96
7.39
2.21
22
Electronic Goods
2414.22
4521.83
2968.66
5619.97
22.97
24.29
23
Cotton Yarn/Fabs./made-ups, Handloom Products etc.
919.88
1807.70
1009.61
1956.46
9.75
8.23
24
Man-made Yarn/Fabs./made-ups etc.
395.43
788.36
413.82
782.17
4.65
-0.79
25
RMG of all Textiles
1235.81
2446.66
1357.40
2555.79
9.84
4.46
26
Jute Mfg. including Floor Covering
30.38
63.79
28.79
55.91
-5.21
-12.36
27
Carpet
111.23
216.40
130.75
241.84
17.55
11.76
28
Handicrafts excl. handmade carpet
123.37
245.46
148.82
273.82
20.63
11.55
29
Petroleum Products
5854.37
12274.93
6776.29
13390.59
15.75
9.09
30
Plastic & Linoleum
650.79
1297.65
758.81
1424.76
16.60
9.79
Sub-Total
33053.08
65704.59
35866.10
68872.03
8.51
4.82
GRAND TOTAL
34952.48
69570.93
38132.48
73116.68
9.10
5.10
Note 1: Exports include Re-Exports.
Note 2: The figures for MAY’24 are provisional.
Note 3: Grand total is inclusive of component ‘Other
QUICK ESTIMATES FOR SELECTED MAJOR COMMODITIES FOR MAY 2024
TRADE: EXPORT
Sl. No.
Commodities
Values in Rs Crore
% Change
MAY'23
APR'23-MAY'23
MAY'24
APR'24-MAY'24
MAY'24
APR'24-MAY'24
1
Tea
445.25
836.89
539.19
1040.01
21.10
24.27
2
Coffee
930.24
1901.90
1547.24
2692.12
66.33
41.55
3
Rice
8047.28
16251.37
8375.09
16315.86
4.07
0.40
4
Other cereals
860.11
1381.16
161.57
346.74
-81.21
-74.89
5
Tobacco
751.53
1611.53
1205.49
2195.58
60.40
36.24
6
Spices
3730.72
6694.10
3011.91
6395.04
-19.27
-4.47
7
Cashew
232.00
454.08
174.37
360.57
-24.84
-20.59
8
Oil Meals
1243.20
2871.27
942.30
2053.48
-24.20
-28.48
9
Oil seeds
855.11
1971.80
915.79
1855.98
7.10
-5.87
10
Fruits & Vegetables
2018.26
4587.71
2468.14
4913.20
22.29
7.09
11
Cereal preparations & miscellaneous processed items
1900.26
3819.29
2199.82
4248.76
15.76
11.24
12
Marine Products
4934.62
9590.24
4802.14
8923.96
-2.68
-6.95
13
Meat, dairy & poultry products
2534.13
5324.32
3155.34
5836.33
24.51
9.62
14
Iron Ore
2378.90
5289.43
2241.24
3457.93
-5.79
-34.63
15
Mica, Coal & Other Ores, Minerals including processed minerals
3149.48
6356.28
3224.00
6069.73
2.37
-4.51
16
Leather & leather products
3039.94
5720.31
3013.07
5542.82
-0.88
-3.10
17
Ceramic products & glassware
3071.95
6055.14
3003.69
5839.36
-2.22
-3.56
18
Gems &Jewellery
23246.67
43139.29
23015.97
41848.08
-0.99
-2.99
19
Drugs & Pharmaceuticals
17160.82
35713.69
19196.08
39453.54
11.86
10.47
20
Organic & Inorganic Chemicals
18420.26
35959.11
19253.38
40074.95
4.52
11.45
21
Engineering Goods
76585.46
149988.87
83296.39
155572.11
8.76
3.72
22
Electronic Goods
19879.48
37166.23
24756.49
46870.06
24.53
26.11
23
Cotton Yarn/Fabs./made-ups, Handloom Products etc.
7574.63
14856.58
8419.45
16316.75
11.15
9.83
24
Man-made Yarn/Fabs./made-ups etc.
3256.08
6478.96
3450.98
6523.21
5.99
0.68
25
RMG of all Textiles
10176.08
20107.55
11319.73
21315.07
11.24
6.01
26
Jute Mfg. including Floor Covering
250.12
524.21
240.12
466.25
-4.00
-11.06
27
Carpet
915.91
1778.54
1090.33
2016.96
19.04
13.41
28
Handicrafts excl. handmade carpet
1015.87
2017.24
1241.04
2283.61
22.17
13.20
29
Petroleum Products
48206.79
100868.75
56509.45
111676.65
17.22
10.71
30
Plastic & Linoleum
5358.82
10664.45
6327.96
11882.33
18.08
11.42
Sub-Total
272170.00
539980.30
299097.77
574387.07
9.89
6.37
GRAND TOTAL
287810.22
571753.51
317997.81
609787.03
10.49
6.65
Note 1: Grand total is inclusive of component ‘Other’.
Note 2: The figures for MAY’24 are provisional.
QUICK ESTIMATES FOR SELECTED MAJOR COMMODITIES FOR MAY 2024
TRADE: IMPORT
Sl. No.