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98 Economic Survey 2021-22
Table 3: India’s Merchandise Trade Balance with Major Countries
(US$ Billion)
Exports Imports Trade Balance
S. Country Apr-Nov Apr-Nov Apr-Nov Apr-Nov Apr-Nov 20 Apr-Nov
No 20 21 (P) 20 21 (P) 21 (P)
1 U S A 31.3 49.0 16.3 27.4 15.0 21.6
2 Bangladesh 5.1 9.2 0.6 1.3 4.4 7.9
3 Nepal 3.5 6.0 0.4 1.0 3.1 5.0
4 Turkey 2.3 5.1 0.9 1.3 1.4 3.8
5 Netherland 3.8 6.9 1.9 2.8 1.9 4.1
6 U K 4.6 6.8 2.6 4.3 2.0 2.5
7 Italy 2.6 5.4 2.2 3.2 0.4 2.1
8 Korea 2.9 4.8 7.1 11.1 -4.2 -6.3
9 Qatar 0.8 1.2 4.6 7.7 -3.8 -6.5
10 U A E 9.7 17.5 13.1 27.9 -3.4 -10.4
11 Saudi Arab 3.6 5.8 9.2 19.2 -5.6 -13.4
12 Iraq 1.0 1.3 7.6 18.5 -6.6 -17.2
13 Switzerland 0.9 0.9 5.8 17.8 -4.9 -16.9
14 China 13.6 15.6 38.8 59.0 -25.2 -43.4
Source: Department of Commerce
Note: P: Provisional
TRADE IN SERVICES
Services Exports
3.30 India has maintained its impressive performance in world services trade in the post
COVID-19 period. Despite pandemic induced global restrictions and weak tourism revenues,
India’s services exports recorded growth of 18.4 per cent to US$ 177.7 billion during 2021-22
(April-December), over corresponding period a year earlier (Table 4) and 11.0 per cent growth
over 2019-20 (April-December), surpassing the pre-pandemic levels. This is mainly on account
3
of top three computer, business and transportation services that constitute more than 80 per cent
of total services exports. After registering a slump in Q1: FY 21, services exports remained
resilient since Q2: FY 21 onwards and rose consistently to reach to US$ 60 billion in Q3: FY 22
(Figure 10).
Table 4: Services Trade Performance
(US$ Billion)
2020-21 2021-22
2019-20 2020-21
(Apr-Dec) (Apr-Dec)* (P)
Services Exports 213.2 206.1 150.1 177.7
Services Imports 128.3 117.5 85.0 103.3
Source: Reserve Bank of India and Department of Commerce
Note: *: The data for December 2021 is an estimation; P: Provisional
3 The data for December 2021 is an estimation, which will be revised based on RBI's subsequent release. The latest data for services sector
released by RBI is till November 2021.
