Service exports jump 20.2% to USD 23.26 bn in July

New Delhi, Sept 2 (KNN) The service exports from India rose by 20.2 per cent year-on-year to USD 23.26 billion in July, however they are marginally lower than USD 25.29 billion in June, RBI data released on Thursday informed.

According to the monthly data on India's international trade in services for July this fiscal, the imports rose 22.3 per cent to USD 13.92 billion in July, while in June, the imports stood at USD 15.76 billion.

“The monthly data on services are provisional and are likely to undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis,” RBI release stated.

India’s service exports in 2021-22 USD 254.5 billion in 2021-22, up 23.4 per cent from USD 206.09 billion in 2020-21.

They were 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.

Services exports surpasses the previous high of USD 213 billion in 2019-20, according to the release by the ministry of commerce and industry in the month of May.

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

Commerce minister, Piyush Goyal had recently pointed out that 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.  (KNN Bureau)