Services exports down 5.8% in July; imports fall 18.2%

Services exports down 5.8% in July; imports fall 18.2%

Mumbai: The country’s services exports in July were worth $10.40 billion, a fall of 5.8% compared to June.

The country’s total receipts from services exported were $11.04 billion in June, 2011, according to data released by the Reserve Bank on Thursday.

Imports of services also fell 18.2% in July to $5.89 billion, compared to $7.20 billion in June.

Overall, the services sector contributes over 50% to India’s GDP.

During the April-July period this fiscal, the country’s cumulative exports of services amounted to $44.74 billion.

Imports of services, meanwhile, stood at $27.07 billion during the first four months of 2011-12.

RBI has recently started releasing provisional aggregate monthly data on the country’s international trade in services, with a lag of 45 days.

For the first time, the data for April, 2011 was released on 15 June.

This provisional data will undergo a revision once the balance of payments (BoP) data is compiled on a quarterly basis, which will be released with a lag of a quarter, the RBI said.