As per the monthly data on India's international trade in services for July 2022, 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 exports during April-July 2022-23 stood at 94.75 billion, and the imports totaled USD 58.94 billion during the period.
The RBI release further noted that 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.
Meanwhile, India’s services exports touched a record high in 2021-22 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. India’s services exports touched $254.5 billion in 2021-22, up 23.4% from $206.09 billion in 2020-21, according to data by the Reserve Bank of India.
Services exports exceeded the previous high of $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 $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.
India’s overall exports, comprising both services and merchandise touched a record high of $676.2 billion in financial year 2021-2022, up 28.4% from $526.6 billion in 2020-21 and $497.9 billion in 2019-20, respectively. Commerce and industry minister Piyush Goyal had said last month that India’s services sector has achieved the all-time high despite sectors like tourism, aviation and hospitality severely affected due to the Covid-19 pandemic.
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.
(With inputs from PTI)
