India’s total exports estimated to grow at 10.25 % in May 2024; cumulative overall exports during April-May 2024 estimated to grow at 9.21%
India’s total exports estimated to grow at 10.25 % in May 2024; cumulative overall exports during April-May 2024 estimated to grow at 9.21%
May 2024
April-May 2024
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
Fig 3: Merchandise Trade during May 2024
Fig4: Merchandise Trade during April-May 2024
Table 3: Trade excluding Petroleum and Gems &Jewellery during 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
Table 4: Trade excluding Petroleum and Gems &Jewellery during 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
Fig 7: Services Trade during May 2024*
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.
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.
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
Cotton Raw & Waste
58.09
103.39
43.88
81.79
-24.46
-20.89
2
Vegetable Oil
1140.09
2218.38
1453.12
2790.55
27.46
25.79
3
Pulses
131.84
282.79
370.91
781.99
181.34
176.53
4
Fruits & vegetables
218.28
417.87
224.80
479.60
2.99
14.77
5
Pulp and Waste paper
136.50
283.04
167.90
311.22
23.01
9.96
6
Textile yarn Fabric, made-up articles
188.24
349.50
186.08
347.92
-1.15
-0.45
7
Fertilisers, Crude & manufactured
1180.48
1831.76
939.37
1536.57
-20.42
-16.12
8
Sulphur & Unroasted Iron Pyrites
6.59
28.89
5.21
11.51
-20.92
-60.14
9
Metaliferrous ores & other minerals
925.04
1483.98
966.33
1557.61
4.46
4.96
10
Coal, Coke & Briquettes, etc.
4492.28
7998.80
3299.74
6395.68
-26.55
-20.04
11
Petroleum, Crude & products
15574.12
29267.92
19948.63
36411.05
28.09
24.41
12
Wood & Wood products
581.68
1119.50
539.77
1001.69
-7.20
-10.52
13
Leather & leather products
95.04
156.66
75.98
138.07
-20.05
-11.87
14
Organic & Inorganic Chemicals
2561.36
4894.29
2548.81
4754.82
-0.49
-2.85
15
Dyeing/tanning/colouring materials
354.07
688.19
336.03
661.35
-5.10
-3.90
16
Artificial resins, plastic materials, etc.
1883.78
3782.11
1888.33
3591.90
0.24
-5.03
17
Chemical material & products
1057.05
2044.72
953.30
1865.00
-9.81
-8.79
18
Newsprint
39.72
63.85
37.94
65.09
-4.49
1.94
19
Pearls, precious & Semi-precious stones
1878.65
3986.89
1909.50
3572.58
1.64
-10.39
20
Iron & Steel
1824.30
3530.95
1703.00
3269.02
-6.65
-7.42
21
Non-ferrous metals
2047.76
3816.11
2070.52
3848.63
1.11
0.85
22
Machine tools
397.19
726.64
445.82
846.00
12.24
16.43
23
Machinery, electrical & non-electrical
4138.33
8069.01
4148.68
7940.30
0.25
-1.60
24
Transport equipment
2341.05
4486.76
3087.28
5227.74
31.88
16.51
25
Project goods
56.78
88.97
31.62
69.35
-44.31
-22.05
26
Professional instrument, Optical goods, etc.
628.86
1205.43
643.79
1269.67
2.37
5.33
27
Electronic goods
6702.87
13111.28
7149.18
14200.43
6.66
8.31
28
Medicinal & Pharmaceutical products
702.49
1279.88
763.43
1447.01
8.67
13.06
29
Gold
3693.47
4701.47
3333.03
6447.66
-9.76
37.14
30
Silver
27.15
140.04
137.93
272.07
407.99
94.28
Sub-Total
55063.15
102159.08
59409.91
111193.87
7.89
8.84
GRAND TOTAL
57481.42
106537.53
61914.33
116009.84
7.71
8.89
Note 1: Imports include Re-Imports.
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: IMPORT
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
Cotton Raw & Waste
478.35
849.89
365.90
682.10
-23.51
-19.74
2
Vegetable Oil
9387.85
18232.11
12118.03
23273.01
29.08
27.65
3
Pulses
1085.59
2323.72
3093.09
6521.73
184.92
180.66
4
Fruits & vegetables
1797.41
3434.43
1874.66
3999.84
4.30
16.46
5
Pulp and Waste paper
1123.97
2325.90
1400.13
2595.54
24.57
11.59
6
Textile yarn Fabric, made-up articles
1550.03
2872.74
1551.75
2901.58
0.11
1.00
7
Fertilisers, Crude & manufactured
9720.49
15062.35
7833.71
12814.69
-19.41
-14.92
8
Sulphur & Unroasted Iron Pyrites
54.25
237.16
43.44
96.02
-19.93
-59.51
9
Metaliferrous ores & other minerals
7617.10
12201.53
8058.49
12990.14
5.79
6.46
10
Coal, Coke & Briquettes, etc.
36990.90
65751.67
27517.52
53339.54
-25.61
-18.88
11
Petroleum, Crude & products
128242.46
240560.06
166357.38
303663.80
29.72
26.23
12
Wood & Wood products
4789.71
9200.97
4501.34
8354.01
-6.02
-9.21
13
Leather & leather products
782.59
1288.02
633.63
1151.50
-19.03
-10.60
14
Organic & Inorganic Chemicals
21091.10
40225.98
21255.23
39654.66
0.78
-1.42
15
Dyeing/tanning/colouring materials
2915.53
5656.03
2802.26
5515.65
-3.89
-2.48
16
Artificial resins, plastic materials, etc.
15511.64
31081.93
15747.30
29956.09
1.52
-3.62
17
Chemical material & products
8704.07
16805.03
7949.83
15553.92
-8.67
-7.44
18
Newsprint
327.11
525.02
316.41
542.88
-3.27
3.40
19
Pearls, precious & Semi-precious stones
15469.46
32761.41
15923.88
29795.00
2.94
-9.05
20
Iron & Steel
15021.87
29019.93
14201.85
27263.41
-5.46
-6.05
21
Non-ferrous metals
16861.94
31366.05
17266.69
32097.20
2.40
2.33
22
Machine tools
3270.61
5972.79
3717.80
7055.56
13.67
18.13
23
Machinery, electrical & non-electrical
34076.37
66316.12
34597.05
66221.42
1.53
-0.14
24
Transport equipment
19276.98
36876.28
25745.71
43598.39
33.56
18.23
25
Project goods
467.56
731.57
263.65
578.35
-43.61
-20.94
26
Professional instrument, Optical goods, etc.
5178.21
9907.35
5368.77
10589.02
3.68
6.88
27
Electronic goods
55193.68
107755.96
59619.12
118430.73
8.02
9.91
28
Medicinal & Pharmaceutical products
5784.53
10520.35
6366.50
12067.99
10.06
14.71
29
Gold
30413.23
38680.91
27795.08
53772.97
-8.61
39.02
30
Silver
223.58
1149.48
1150.21
2268.98
414.45
97.39
Sub-Total
453408.16
839692.71
495436.41
927345.74
9.27
10.44
GRAND TOTAL
473321.02
875683.13
516321.52
967510.51
9.08
10.49
Note 1: Grand total is inclusive of component ‘Other’.
Note 2: The figures for MAY’24 are provisional.
QUICK ESTIMATES FOR SELECTED COUNTRIES FOR MAY 2024
TRADE: EXPORT
Sl. No.
Countries
(Values in Million USD)
% Change
MAY’23
APR’23-MAY’23
MAY’24
APR’24-MAY’24
MAY’24
APR’24-MAY’24
1
U S A
6573.41
12467.43
7432.21
14045.46
13.06
12.66
2
U ARAB EMTS
2568.17
4791.93
3067.14
5566.35
19.43
16.16
3
NETHERLAND
1522.98
3264.45
2191.83
4598.54
43.92
40.87
4
U K
1029.22
2146.36
1374.43
2620.39
33.54
22.09
5
CHINA P RP
1284.91
2673.96
1327.99
2581.58
3.35
-3.45
6
SINGAPORE
977.09
1824.50
1022.38
2493.13
4.64
36.65
7
SAUDI ARAB
1034.76
1969.05
1122.29
2072.78
8.46
5.27
8
BANGLADESH PR
862.77
1719.15
978.96
1784.74
13.47
3.82
9
GERMANY
811.67
1607.95
866.38
1641.96
6.74
2.12
10
FRANCE
529.03
1060.44
724.46
1488.79
36.94
40.39
11
MALAYSIA
424.74
901.36
794.06
1478.49
86.95
64.03
12
SOUTH AFRICA
703.32
1431.02
677.94
1389.59
-3.61
-2.90
13
ITALY
860.01
1716.42
689.60
1372.91
-19.82
-20.01
14
NEPAL
678.74
1337.99
607.73
1197.87
-10.46
-10.47
15
BRAZIL
634.57
1276.62
667.38
1152.87
5.17
-9.69
16
TURKEY
585.72
1247.56
681.43
1136.12
16.34
-8.93
17
BELGIUM
733.36
1308.08
472.94
1047.29
-35.51
-19.94
18
MEXICO
441.66
853.36
512.69
999.50
16.08
17.13
19
AUSTRALIA
538.18
1259.39
519.25
956.55
-3.52
-24.05
20
HONG KONG
487.07
1013.19
518.38
928.15
6.43
-8.39
Sub-Total
23281.40
45870.21
26249.47
50553.05
12.75
10.21
GRAND TOTAL
34952.48
69570.93
38132.48
73116.68
9.10
5.10
Note 1: Grand total is inclusive of all countries.
Note 2: The figures for MAY’24 are provisional.
QUICK ESTIMATES FOR SELECTED COUNTRIES FOR MAY 2024
TRADE: IMPORT
Sl. No.
Countries
(Values in Million USD)
% Change
MAY’23
APR’23-MAY’23
MAY’24
APR’24-MAY’24
MAY’24
APR’24-MAY’24
1
CHINA P RP
8250.12
15750.29
8482.59
16276.97
2.82
3.34
2
RUSSIA
6022.50
10307.80
7107.75
12358.18
18.02
19.89
3
U ARAB EMTS
3493.28
6642.07
5237.55
8556.70
49.93
28.83
4
U S A
3761.54
6818.76
3776.69
6983.76
0.40
2.42
5
IRAQ
2369.81
4625.93
3760.46
6204.50
58.68
34.12
6
SAUDI ARAB
2501.24
5613.21
2398.53
5591.29
-4.11
-0.39
7
INDONESIA
1950.79
3710.33
2406.55
4281.00
23.36
15.38
8
SWITZERLAND
2250.04
2945.99
1522.61
3724.72
-32.33
26.43
9
KOREA RP
1594.66
3189.11
1806.73
3352.57
13.30
5.13
10
SINGAPORE
1501.47
3051.37
1633.29
3202.70
8.78
4.96
11
JAPAN
1552.49
3059.08
1549.97
3039.38
-0.16
-0.64
12
GERMANY
1819.30
3244.40
1296.08
2502.57
-28.76
-22.87
13
HONG KONG
1355.82
2438.56
1306.96
2428.74
-3.60
-0.40
14
QATAR
956.75
2013.00
1245.48
2315.09
30.18
15.01
15
SOUTH AFRICA
1015.09
1714.66
1125.75
2140.04
10.90
24.81
16
AUSTRALIA
1450.62
2503.03
998.42
1997.20
-31.17
-20.21
17
MALAYSIA
1027.77
1869.54
993.92
1969.25
-3.29
5.33
18
THAILAND
850.23
1773.29
875.40
1811.10
2.96
2.13
19
TAIWAN
605.62
1244.25
882.77
1778.04
45.76
42.90
20
KUWAIT
743.94
1405.90
933.21
1566.58
25.44
11.43
Sub-Total
45073.07
83920.59
49340.72
92080.38
9.47
9.72
GRAND TOTAL
57481.42
106537.53
61914.33
116009.84
7.71
8.89
Note 1: Grand total is inclusive of all countries.
Note 2: The figures for MAY’24 are provisional.