India’s services exports rose by 9.5 per cent to $12.28 billion, according to the Reserve Bank of India (RBI) data released today.
In February 2012, the services exports by Indian companies stood at $11.22 billion. However, the exports in February were down from a month ago at $13.89 billion in January 2013.
“The services exports are not on expected lines. We require double digit growth in services exports. In the present scenario, there is a contraction in global demand in merchandise trade,” Ajay Sahai, Director General and CEO, Federation of Indian Export Organisations (FIEO), said.
Import of services (payments) in February 2013 stood at $6.35 billion versus $6.75 billion a year earlier. In January 2013, the services import stood at $7.52 billion.
The services sector contributes more than 50 per cent to the country’s gross domestic product.
During April-February period of 2012-13, the cumulative services receipt or exports have amounted to $121.18 billion.
Imports of services were valued at $73.68 billion during the 11 months period in 2012-13.
Sahai said the Federation is expecting better exports data in services and sees $160 billion services receipt in the full year 2012-13.
The RBI releases the provisional aggregate monthly data on India’s international trade in services with a lag of 45 days.
The monthly data on services are provisional and generally undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis.