Page 20 - Policy Economic Report - June 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

India’s external position

India’s forex reserves

• According to latest data released by Reserve Bank of India, India’s forex reserves contracted by $2.92
billion to $652.9 billion as of June 14, 2024.

• According to the Weekly Statistical Supplement released by the RBI, foreign currency assets (FCAs)
decreased by $2.1 billion to $574.2 billion

• Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units
like the euro, pound and yen held in the foreign exchange reserves.

• Gold reserves dropped by $1.02 billion to $55.97 billion, whereas SDRs were down by $54 million to
$18.11 billion.

• Reserve position in the IMF increased by $245 million to $4.58 billion.

India’s foreign trade position

• India’s total exports (Merchandise and Services combined) for May 2024 is estimated at USD 68.29
Billion, registering a 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 growth of 7.95 percent vis-à-vis May 2023.

Table 2: Trade during May 2024

May 2024 May 2023
(USD Billion) (USD Billion)

Merchandise Exports 38.13 34.95

Imports 61.91 57.48

Services Exports 30.16 26.99

Imports 17.28 15.88

Overall Trade Exports 68.29 61.95
(Merchandise Imports 79.20 73.36
+Services)

Trade Balance -10.90 -11.41
Source- Ministry of Commerce & Industry

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