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The Reserve Bank of India (RBI) in its latest monthly data on India’s International Trade in Services has showed that the country’s services exports increased by 20.2 per cent year-on-year to $23.26 billion in July 2022. However, the July exports were lower than $25.29 billion in June this fiscal.

As per the data, the country’s services imports rose 22.3 per cent to $13.92 billion in July. In June, the imports stood at $15.76 billion. The exports during April-July 2022-23 stood at $94.75 billion, and the imports totalled $58.94 billion during the period.

The RBI said 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. Earlier, Service Export Promotion Council (SEPC) had said that services sector exports are likely to touch $350 billion in the current fiscal. India's services sector exports touched an all-time high of around $250 billion in FY22.