India’s Total Exports in May 2024 Reach USD 68.29 Billion

India’s total exports (Merchandise and Services combined) for May 2024* is estimated at USD 68.29 Billion, registering a positive growth of 10.25 percent vis-à-vis May 2023.Total imports (Merchandise and Services combined) for May 2024* is estimated at USD 79.20 Billion, registering a positive growth of 7.95 percent vis-à-vis May 2023.
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.