India's Services Exports Dip Slightly in March, Reaching USD 30 Billion

India's service exports and imports both declined in March, but the trade surplus remained at USD 13.4 billion. For the fiscal year, service exports reached USD 339.62 billion, while imports were at USD 177.56 billion, resulting in a trade surplus of USD 162 billion. Despite global challenges, overall exports reached USD 776.68 billion in 2023-24.

India's services exports declined 1.3 per cent in March to USD 30 billion while imports fell by 2.1 per cent to USD 16.61 billion, showed Reserve Bank data released on Thursday.

As per RBI's data on India's international trade in services, the trade surplus during March 2024 was USD 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 USD 339.62 billion and imports at USD 177.56 billion.

The trade surplus or difference between exports and imports works out to be USD 162 billion during the year.

Despite persistent global challenges, overall exports (merchandise and services) are estimated to reach USD 776.68 billion in 2023-24 as compared to USD 776.40 billion in 2022-23.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)