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India's services exports dip 1.3% in March, imports down by 2.1%

Despite ongoing global challenges, India's services exports for fiscal year 2023-24 are estimated at USD 339.62 billion, with imports standing at USD 177.56 billion, contributing to an overall export projection of USD 776.68 billion, a slight increase from the previous fiscal year's USD 776.40 billion.

- Mumbai - UPDATED: May 2, 2024, 09:21 PM - 2 min read

India's services exports dip 1.3% in March, imports down by 2.1%

According to data released by the Reserve Bank on Thursday, India's services exports experienced a slight decline of 1.3 percent in March, totaling USD 30 billion, while imports decreased by 2.1 percent to USD 16.61 billion.

The RBI's report on India's international trade in services revealed a trade surplus of USD 13.4 billion for March 2024. Notably, both exports and imports of services had shown positive growth in the preceding two months.

Figures from the commerce ministry indicate that services exports for the fiscal year 2023-24 are estimated at USD 339.62 billion, with imports standing at USD 177.56 billion. This results in a trade surplus of USD 162 billion for the year.

Despite ongoing global challenges, the combined exports of merchandise and services are projected to reach USD 776.68 billion in the fiscal year 2023-24, a marginal increase from the previous year's USD 776.40 billion.