Services exports down 5.6% in sept

Services exports down 5.6% in Sept

India's services exports fell by 5.6 per cent year-on-year to $11.22 billion in September, according to the Reserve Bank of India.

The country's total receipts from services exported stood at $11.89 billion in August, RBI data said. Imports of services also fell marginally by 0.8 per cent in September to $6.80 billion, compared to $6.86 billion in August.

Overall, the services sector contributes over 50 per cent of India's GDP.

During the April-September period this fiscal, the country's cumulative exports of services amounted to $67.87 billion.

Imports, meanwhile, stood at $40.73 billion during the first six months of 2011-12.

The RBI has since this financial year started releasing provisional aggregate monthly data on India's international trade in services, with a lag of 45 days. For the first time, the data for April this year was released on June 15.

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 apex bank said.

SOURCE: financialtimes.com