According to Reserve Bank data, India’s service exports climbed by 20.2% year-on-year to US$ 23.26 billion in July. According to monthly data on India’s international trade in services for July 2022, imports increased 22.3% to US$ 13.92 billion. Imports totalled US$ 15.76 billion in June.
During the period April-July 2022-23, exports totalled US$ 94.75 billion, while imports totalled US$ 58.94 billion. The monthly numbers on services are provisional and are likely to be revised when the quarterly Balance of Payments (BoP) data are announced, according to the RBI.
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.
Also, services exports hit an all-time monthly high of $26.9 billion in March 2022, said the release. Telecommunications, computer, and information services, other business services and transport are the top contributors in services exports during April-December 2021 (latest available). Component-wise Services, said the release.
