India’s overall exports (Merchandise and Services combined) in August 2022* are estimated to be USD 57.47 Billion, exhibiting a positive growth of 6.75 per cent over the same period last year. Overall imports in August 2022* are estimated to be USD 75.84 Billion, exhibiting a positive growth of 33.15 per cent over the same period last year.

Table 1: Trade during August 2022*

 Note: The latest data for services sector released by RBI is for July 2022. The data for August 2022 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for April-August 2021 has been revised on pro-rata basis using quarterly balance of payments data.

Fig 1: Overall Trade during August 2022*

India’s overall exports (Merchandise and Services combined) in April-August 2022* are estimated to be USD 311.82 Billion, exhibiting a positive growth of 19.72 per cent over the same period last year. Overall imports in April-August 2022* are estimated to be USD 390.91 Billion, exhibiting a positive growth of 43.78 per cent over the same period last year.

Table 2: Trade during April-August 2022*

 Note: The latest data for services sector released by RBI is for July 2022. The data for August 2022 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for April-August 2021 has been revised on pro-rata basis using quarterly balance of payments data.

Fig 2: Overall Trade during April-August 2022*

MERCHANDISE TRADE

• Merchandise exports in August 2022 were USD 33.92 Billion, as compared to USD 33.38 Billion in August 2021, exhibiting a positive growth of 1.62 per cent.
• Merchandise imports in August 2022 were USD 61.90 Billion, which is an increase of 37.28 per cent over imports of USD 45.09 Billion in August 2021.
• The merchandise trade deficit in August 2022 was estimated at USD 27.98 Billion as against USD 11.71 Billion in August 2021, which is an increase of 138.88 per cent.

Fig 3: Merchandise Trade during August 2022

• Merchandise exports for the period April-August 2022 were USD 193.51 Billion as against USD 164.44 Billion during the period April-August 2021, registering a positive growth of 17.68 per cent.
• Merchandise imports for the period April-August 2022 were USD 318.03 Billion as against USD 218.22 Billion during the period April-August 2021, registering a positive growth of 45.74 per cent.
• The merchandise trade deficit for April-August 2022 was estimated at USD 124.52 Billion as against USD 53.78 Billion in April-August 2021, which is an increase of 131.52 per cent.

Fig 4: Merchandise Trade during April-August 2022

Non-petroleum and non-gems & jewellery exports in August 2022 were USD 24.88 Billion, registering a negative growth of (-) 1.64 per cent over non-petroleum and non-gems & jewellery exports of USD 25.29 Billion in August 2021.

Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 37.53 Billion in August 2022 with a positive growth of 40.63 per cent over Non-petroleum, non-gems & jewellery imports of USD 26.69 Billion in August 2021.

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

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

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

Non-petroleum and non-gems & jewellery exports during April-August 2022 was USD 135.57 Billion, an increase of 8.47 per cent over non-petroleum and non-gems & jewellery exports of USD 124.99 Billion in April-August 2021.

Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 185.05 Billion in April-August 2022, recording a positive growth of 37.64 per cent, as compared to Non-petroleum, non-gems & jewellery imports of USD 134.44 Billion in April-August 2021.

Table 4: Trade excluding Petroleum and Gems & Jewellery during April-August 2022

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

Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-August 2022

SERVICES TRADE

• The estimated value of services export for August 2022* is USD 23.54 Billion, exhibiting a positive growth of 15.12 per cent vis-a-vis August 2021 (USD 20.45 Billion).
• The estimated value of services import for August 2022* is USD 13.94 Billion exhibiting a positive growth of 17.47 per cent vis-à-vis August 2021 (USD 11.87 Billion).
• The services trade balance in August 2022* is estimated at USD 9.60 Billion, which is an increase of 11.86 per cent over August 2021 (USD 8.59 Billion).

Fig 7: Services Trade during August 2022*

• The estimated value of services export for April-August 2022* is USD 118.30 Billion, exhibiting a positive growth of 23.20 per cent vis-a-vis April-August 2021 (USD 96.03 Billion).
• The estimated value of services imports for April-August 2022* is USD 72.88 Billion exhibiting a positive growth of 35.81 per cent vis-à-vis April-August 2021 (USD 53.67 Billion).
• The services trade balance for April-August 2022* is estimated at USD 45.42 Billion as against USD 42.36 Billion in April-August 2021, which is an increase of 7.22 per cent.

Fig 8: Services Trade during April-August 2022*

Table 5: Export Growth in Commodity Groups in August 2022

Sl. No.	Commodities	(Values in Million USD)		% Change
		AUG'21	AUG'22	AUG'22
	Commodity groups exhibiting positive growth
1	Tobacco	72.29	127.51	76.39
2	Oil Meals	45.48	78.99	73.68
3	Electronic Goods	1146.43	1729.13	50.83
4	Rice	725.45	1041.72	43.60
5	Petroleum Products	4655.35	5714.76	22.76
6	Meat, dairy & poultry products	274.88	336.07	22.26
7	Cereal preparations & miscellaneous processed items	180.79	217.60	20.36
8	Coffee	76.71	89.80	17.06
9	Organic & Inorganic Chemicals	2230.85	2531.28	13.47
10	Fruits & Vegetables	223.28	251.97	12.85
11	Leather & leather products	385.93	428.02	10.91
12	Tea	75.38	82.78	9.82
13	Ceramic products & glassware	294.90	319.87	8.47
14	Drugs & Pharmaceuticals	2008.88	2144.64	6.76
15	Other cereals	60.87	63.57	4.44
16	Spices	312.78	324.03	3.60
17	Jute Mfg. including Floor Covering	41.57	42.10	1.27
18	Oil seeds	78.35	79.18	1.06
Sl. No.	Commodities  Source:  pib.gov.in
		14 Sep, 2022 Size of Indian dairy market to jump over 2-fold to Rs 30 trn by 2027: NDDB. The size of the Indian dairy market is estimated to jump over two fold to Rs 30 lakh crore by 2027, driven by growth in both volume and value terms, NDDB Chairman Meenesh Shah said on Tuesday.   He also asserted that the government is not 'insensitive' and it will protect the interest of 8 crore dairy farmers while signing free trade agreements (FTAs) with other countries.   Shah said the size of Indian dairy market stood at Rs 13 trillion in 2021 and it is expected to reach Rs 30 trillion by 2027.   The growth would come from increase in production of milk and other dairy products as well as value appreciation, he added.   Shah, the chairman of National Dairy Development Board (NDDB), was addressing a press conference at the International Dairy Federation World Dairy Summit (IDF WDS) 2022, being organised at the India Expo Centre and Mart here during September 12-15.   When asked about the impact on dairy sector from proposed FTAs with many countries including the UK, Shah said about 8 crore farmers derive income from the dairy sector.   The government is not 'insensitive' and will not take any decision that will be detrimental to Indian dairy farmers, he added.   Asked about the impact of Lumpy Skin Disease (LSD) that has spread in at least 10 states/Union Territories, Shah said the goat pox vaccine is absolutely effective that has helped in controlling the disease in Gujarat.   R S Sodhi, managing director of Gujarat Cooperative Milk Marketing Federation (GCMMF), which markets dairy products under the Amul brand, had on Monday said India's milk production is expected to jump three-fold to 628 million tonnes in the next 25 years.   The country's milk production was 210 million tonnes in 2021.   'Milk production in India is projected to grow at a CAGR of 4.5 per cent to reach 628 million tonnes in next 25 years,' he had said.   India's share in global production is estimated to nearly double to 45 per cent in the next 25 years from 23 per cent now.   The demand for milk is projected to rise to 517 million tonnes in the next 25 years, leaving an export surplus of 111 million tonnes, Sodhi had said.  Source:  business-standard.com
14 Sep, 2022 CEPA may help double India s exports to Bangladesh, narrow gap with China. A planned Comprehensive Economic Partnership Agreement (CEPA) with Bangladesh could double India’s exports to the country to over $32 billion, according to an analysis of trade data between the countries.   Prime Minister Narendra Modi, during Bangladesh Prime Minister Sheikh Hasina’s visit earlier this month, said discussions on a bilateral CEPA would start soon.   India exported goods worth $16.15 billion to Bangladesh in FY22, an increase of more than 66 percent from $9.69 billion in the year before. This makes Bangladesh the fourth-largest destination for Indian exports. Cotton, cereals, and mineral oils and their products were the top three items that India exported to Bangladesh in FY22.   Imports from Bangladesh climbed 81 percent to $1.97 billion in FY22 from $1.09 billion in FY21, making India its seventh-largest export destination. Non-knitted apparel and clothing accessories, vegetable and animal fats, and knitted apparel and clothing accessories took the top three spots for imports from Bangladesh.   India would be able to double its merchandise exports if Bangladesh reduces the peak tariff on 415 goods in which India has export competitiveness, according to an analysis by the MVIRDC World Trade Center, Mumbai (WTC Mumbai).   Reduced tariffs   'India meets hardly 22 percent of the total import demand of Bangladesh in these 415 goods, as the 25 percent peak import tariff levied by Bangladesh acts as an impediment for Indian exports,' MVIRDC said in a report. The goods include woven fabrics, denim, iron and steel articles, fresh grapes, electric conductors, gems & jewellery, and plastic products.   Currently, India exports $2.4 billion worth of these products to Bangladesh. However, reduced tariffs under CEPA could help Indian exporters to meet the $17.5 billion demand these 415 goods have in the neighbouring country.   The CEPA could also boost India’s share in Bangladesh’s total imports, which currently lags behind its other neighbour, China.   The shares of India and China in Bangladesh’s imports were almost equal at the beginning of the century. India’s share was even higher in 2003. However, China has gone ahead ever since, according to data from the Observatory of Economic Complexity (OEC), an online data distribution and visualisation platform.   China’s share rose to 31 percent in 2020, while India was at 16 percent.   Data compiled from Bangladesh Bank shows that China has also overtaken India when it comes to investments in Bangladesh. India’s annual investments were higher than China’s till 2017, after which China poured in more money than India, except in 2020.   In 2021, China’s investments in Bangladesh were more than triple the value of India’s investments.  Source:  moneycontrol.com
14 Sep, 2022 APEDA: Agricultural & Processed Food Products Exports Increases 30% to $9.6 bn in April-July. According to an official statement issued on Monday, the India's agricultural and processed food product exports increased by 30% to USD 9.6 billion between April and July of this fiscal year. The agriculture and processed food products basket has a USD 23.56 billion export target for 2022-23, according to the commerce ministry.   According to data from the Directorate General of Commercial Intelligence and Statistics (DGCI&S), exports of fruits and vegetables increased by 4% during the period. Basmati rice exports increased by 29.13 percent in the first four months of 2022-23, rising from USD 1.21 billion in April-July 2021 to USD 1.56 billion in April-July 2022.   Non-Basmati rice exports increased by 9.24 percent to USD 2.08 billion during the review period. Similarly, dairy product exports increased by 61.91 percent to USD 247 million in the first four months of the current fiscal year.   About APEDA: APEDA is the Agricultural and Processed Food Products Export Development Authority which was initiated by the Government of India under the Agricultural and Processed Food Products Export Development Authority Act.   The Act was passed by the Parliament of India in December 1985. From 13th January 1986, the act came into effect by a notification which was issued in the Gazette of India. The Authority replaced the Processed Food Export Promotion Council (PFEPC).   In line with the Agricultural and Processed Food Products Export Development Authority Act, 1985 have been appointed to the Authority:   Improvement in Packing of the Scheduled products;   Improvement in Marketing of the Scheduled products outside India;   Developing scheduled products and promoting of export-oriented production;   Connected with the scheduled products, training in various aspects of the industries;   Collection of statistics from the owner of the factories, or formation engaged in the processing, packaging, production, marketing or export of the scheduled products or from some other people as prescribed on any matter related to the scheduled products and publication of the statistics collected or of any portions thereof or extracts therefrom;  Source:  krishijagran.com
14 Sep, 2022 CECPA fosters trade ties between India and Mauritius: PM Pravind Jugnauth. The Comprehensive Economic Cooperation and Partnership Agreement (CECPA) offers new opportunities for trade, investments, and services activities between Mauritius and India and can accelerate our economic growth, said Mauritius Prime Minister Pravind Kumar Jugnauth on Tuesday.   'The CECPA will act as a support to Mauritius in the wake of ongoing global challenges, Jugnauth said, adding that, 'India has been a partner and a friend like no other to Mauritius.' as he launched the CECPA forum in Pointe aux Piments, Le Matinal reported.   During the event being held to commemorate the 75th anniversary of the establishment of diplomatic relations between India and Mauritius, PM Jugnauth expressed gratitude to the Government of India and Prime Minister Narendra Modi for his unwavering commitment to making the trade pact CECPA a reality, which he emphasised is the first Agreement that India has signed with an African country.   'The CECPA forms part of a broader strategy between the Governments to broaden our economic horizons and plays an integral part in facilitating cross-border trade and investment,' he stated.   Speaking of the event, he said that the initiative aims at elevating the economic and cultural ties between Mauritius and India as well as celebrating the diplomatic relationships between the two countries.   This event, he said, 'further highlights our long-lasting friendship and the deep-rooted ties shared by our people.'   According to Le Matinal, Jugnauth further highlighting the technical, financial, and diplomatic support India has provided to Mauritius, said that the successful completion of recent projects namely the Metro Express, the New Supreme Court, and the New ENT hospital was possible due to the support India has provided.   He said, 'Government is investing massively in the upgrading of infrastructure to make sure businesses operate in the best environment as well as pave the way to a sustainable, intensive, and modern economy.'   'The country's economic progress has allowed Government to engage in a resolute fight against poverty and inequality and is now able to invest in social welfare.,' he said while reiterating his ambition of striving to ensure that citizens emerge as winners from this growth, Le Matinal reported.   While underlining EDB's key role in charting the future that we want, PM Jugnauth urged all businesses to fully avail of its expertise. He appreciated the friendship and mutual respect between Mauritius and India and reiterated that together both countries can build a prosperous future, Le Matinal reported.   Foreign Affairs Minister, Alan Ganoo described India as a staunch supporter of Mauritius and asserted that India like other privileged partners has accompanied us in our endeavors to emerge as a Small Island State and become a committed partner in our socio-economic development.   He laid emphasis on the numerous developmental activities and other projects ranging from the social to the cultural, encompassing education, capacity-building, trade, and security, for which Mauritius benefited from Indian assistance.   Ganoo said that CECPA is a pivotal milestone that will pave the way for even greater economic cooperation between our two countries and will enhance our economic ties and develop a unique strategic partnership.   'Indian investors can use Mauritius as a gateway for production and subsequent exports to the African market,' he said while recalling that Mauritius has duty-free access to a market of 650 million consumers by virtue of its membership in COMESA and SADC, Le Matinal reported.   'And with the entry into force of the Africa Continental Free Trade Area Mauritius has now preferential access to a market of approximately 1.3 billion people across 55 countries with a combined GDP valued around USD 3.5 trillion,' he said.   The Finance Minister of Mauritius, Renganaden Padayachy, pointed out that the Governments of Mauritius and India have worked together to come up with a historical agreement that is mutually beneficial to both our nations.   'The CECPA is instrumental in opening new opportunities for the country's businesses and added that our economic operators can tap into new opportunities in a market of nearly 1.4 billion people,' he highlighted.   The CECPA forms part of the Government's strategy to strengthen the resilience of our economy through the diversification of our markets, and aims at achieving development that transforms both the lives of people and the economy, Padayachy added.   On being asked about the decision of the Grand Peninsula to limit its rice exports, Padayachy said, 'In general, in this kind of situation, we do negotiations... the Prime Minister has a privileged link with the Indian Prime Minister.'   'And to reassure that there is no shortage in Mauritius so far,' he added.   Speaking at the event, the High Commissioner of India K Nandini Singla said that the CECPA will help to enhance the prosperity and wellbeing of the people of both countries.   'The CECPA holds tremendous potential to boost bilateral trade and is an ideal platform to explore new opportunities in Africa,' she said, adding, 'India has always been one of the top three trading partners of Mauritius after independence while Mauritius has been among the top three sources of FDI into India.'   She further stated that Mauritius is at the intersection of three priority areas of India, namely the neighbourhood first policy, the focus on the Indian Ocean region, and on Africa. 'We look forward to Mauritius continuing to be a cherished partner in our growth story,' Singla concluded.   During the event held in collaboration with the Ministry of Foreign Affairs, Regional Integration and International Trade, the Ministry of Finance, Economic Planning, and Development, the Economic Development Board (EDB), and the High Commission of India, a booklet penned by the EDB, entitled 'Mauritius-India CECPA: A guide to Business Development, was launched, Le Matinal reported.   Various personalities including the Minister of Land Transport and Light Rail, Minister of Foreign Affairs, Regional Integration and International Trade, Alan Ganoo, the Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy, and the High Commissioner of India, K Nandini Singla, were present on the occasion.  Source:  business-standard.com
14 Sep, 2022 India's August sunflower oil imports up 89.6 per cent; Russia, Argentina major suppliers. After the Ukraine crisis, Russia and Argentina have emerged as major suppliers of sunflower oil to India as imports of the cooking oil jumped 89.6 per cent to 1.35 lakh tonnes in August, according to Solvent Extractors Association. India, the world's leading vegetable oil buyer, is dependent on imports of sunflower oil, which constitutes 16 per cent of the total edible oil imports.   Before the Russia-Ukraine crisis, 70 per cent of the sunflower oil imported by India used to come from Ukraine, while 20 per cent from Russia. But imports have been severely affected after the invasion of Ukraine by Russia in late February this year.   'Russia and Argentina turn to be major suppliers of sunflower oil to India,' industry body Solvent Extractors Association (SEA) said in a statement.   In August this year, India imported about 1,35,000 tonnes of sunflower oil mainly from Russia, and Argentina and a small quantity from Turkey, which was 89.6 per cent higher than 71,340 tonnes in the same month of the previous year, it said.   Of the total sunflower oil imports, the shipments from Russia increased to 72,780 tonnes in August this year, from 28,840 tonnes in the year-ago period.   Similarly, the import of sunflower oil from Argentina increased to 30,600 tonnes in August this year from 12,500 tonnes in the year-ago period. About 14,588 tonnes has been imported from Turkey in August.   Whereas in August 2021, the country had imported 30,000 tonnes of sunflower oil from Ukraine, the SEA data showed.   According to SEA, India's major imports comprise palm oil and its shipment jumped by 32.64 per cent to 9,94,997 tonnes in August this year, as against 7,50,134 tonnes in the year-ago period.   Among palm oil products, the import of RBD palmolein rose 7.84 per cent to 2.02 lakh tonnes in August this year, from 1.87 lakh tonnes in the year-ago period.   The import of CPO rose sharply by 42 per cent to 7.82 lakh tonnes from 5.50 lakh tonnes, while that of crude palm kernel oil (CPKO) declined to 10200 tonnes from 11,903 tonnes in the said period. Among soft oils, the import of soyabean oil increased 2.44 lakh tonnes in August this year, as against 1.82 lakh tonnes in the same period of the previous year.   Sunflower oil too falls under the soft oil category.   The country's total vegetable oil imports also increased by 33 per cent to 14,01,233 tonnes in August this year, compared to 10,53,810 tonnes in the year-ago period.   According to the SEA, import of RBD palmolein remained higher than the last year's level mainly due to the high export levy on crude palm oil (CPO) and lower duty on RBD Palmolein which favoured Indonesian exporters to discount RBD Palmolein to push its export. RBD palmolein constitutes 12 per cent of total India's import of edible oils, which was just two per cent last year, it said.   Also, the falling international prices of edible oils in the last four months favoured India which is dependent on imports of edible oils to meet much of its domestic demand, it added.   The SEA said edible oils stock as of September 1 this year, was estimated to have been at 6.11 lakh tonnes and about 18.25 lakh tonnes were in the pipeline.   India imports palm oil mainly from Indonesia and Malaysia, and a small quantity of crude soft oil, including soyabean oil from Argentina.  Source:  economictimes.indiatimes.com
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