India’s Foreign Trade for the month of March 2022

By:
Categories: Press Release

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 on April 13, 2022, 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 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 : Trade during March 2022*

March 2022

(USD Billion)

March 2021

(USD Billion)

March 2020

(USD Billion)

Growth vis-à-vis March 2021 (%)

Growth vis-à-vis March 2020 (%)

Merchandise

Exports 42.22 35.26 21.49 19.76 96.48
Imports 60.74 48.90 31.47 24.21

93.00

Trade Balance

-18.51 -13.64 -9.98 -35.72 -85.51
Services* Exports 22.52 20.80 17.56 8.31

28.25

Imports

13.16 12.26 10.09 7.33 30.46
Net of Services 9.36 8.53 7.47 9.71

25.28

Overall Trade (Merchandise+Services)*

Exports

64.75 56.05 39.05 15.51 65.80
Imports 73.90 61.16 41.56 20.83

77.82

Trade Balance

-9.15 -5.11 -2.51 -79.18

-265.14

* 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.

The Statistics of Quick Estimates for March 2022 can be accessed at: https://static.pib.gov.in/WriteReadData/specificdocs/documents/2022/apr/doc202241341901.pdf

The Complete Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1816577

Your Thoughts