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India's services exports jump ~20% and Merchandise Exports jump ~8% in July 22!
2022-23 में Overall Exports कितना होगा?
Trade Deficit is close to ~$100 Billion

The Reserve Bank of India released the monthly data on India's international trade in services for July 2022 on 1st September.

According to the data, India's services exports went up by 20.2 per cent on an annual basis to $23.26 billion in July 2022.
The July number is lower compared to that in June 2022. A month ago, services exports had come in a higher $25.29 billion.

The data showed that imports increased 22.3 per cent to $13.92 billion in July. A month ago in June, imports had come in at $15.76 billion.
During April-July of 2022-23 fiscal, the exports stood at $94.75 billion. For the same period, the imports totalled $58.94 billion.

Monthly data on services are provisional. They usually see a revision when the Balance of Payments (BoP) data are released on a quarterly basis.

Meanwhile, India’s services exports touched a record high in 2021-22 largely led by software services, and professional and management consulting services, even as contact sectors like travel, recreational services, and construction remained affected due to the pandemic. India’s services exports touched $254.4 billion in 2021-22, up 23.4% from $206.09 billion in 2020-21, according to data by the Reserve Bank of India.

Services exports exceeded the previous high of $213 billion in 2019-20

Additionally, services exports hit an all-time monthly high of $26.9 billion in March 2022

Telecommunications, computer, and information services, other business services and transport are the top contributors in services exports during April-December 2021 (latest available)

India is expecting to make significant gains in the services exports sector in view of the comprehensive trade deals signed with the UAE and Australia. It is also negotiating free trade comprehensive agreements with the European Union, the UK, Canada, and Israel.

In July, India's merchandise export stood at $38.44 billion 8% from 35.51 billion in the same month last year, while merchandise imports increased by 43.57% yoy to $66.26 billion. Following this, India's trade deficit in July 2022 was $27.82 billion.

Commerce Secretary BVR Subrahmanyam expects the trade deficit which is close to $100 billion between April to July of the current fiscal, to moderate in the coming months. He believes the country's trade deficit will not cross the discomfort level.

Subrahmanyam said, the trade deficit is likely to moderate in the coming months due to softening of prices of oil and other commodities in the global market.

In the first four months of FY23 (April - July), the merchandise export $159.59 billion up by 21.77%, and merchandise imports stood at $256.13 rising by 47.95 year-on-year. This led trade deficit of $96.54 billion from April -July 2022-23.

India’s overall exports, comprising both services and merchandise touched a record high of $676.2 billion in financial year 2021-2022, up 28.4% from $526.6 billion in 2020-21 and $497.9 billion in 2019-20, respectively

India's merchandise exports may range between $470-480 billion in the current financial year FY23 compared to $422 billion in the previous fiscal

Services sector is likely to contribute another 280 billion during fiscal 2022-23.

Goyal said the focus on exports has been one of the most defining features of the government's efforts to make India a developed country by 2047. He said, "we aspire to achieve 2 trillion dollars worth of exports by 2030."