India`s services exports decline 1.3% in March: RBI data
Reserve Bank of India (RBI) in its latest data has showed that India's services exports declined 1.3 per cent in March to $30 billion while imports fell by 2.1 per cent to $16.61 billion. As per RBI's data on India's international trade in services, the trade surplus during March 2024 was $13.4 billion. Both exports and imports of services were in positive zone in the preceding two months.
According to the commerce ministry data, the services export during fiscal 2023-24 is estimated at $339.62 billion and imports at $177.56 billion. The trade surplus or difference between exports and imports works out to be $162 billion during the year.
Despite persistent global challenges, overall exports including both merchandise and services, are projected to surpass the previous year's record high. The estimated total exports for 2023-24 is $776.68 billion, compared to $776.40 billion in 2022-23.
