Services export rises 8% to $14 billion in October; import up 13%
NEW DELHI: India's services exports grew by 8 per cent to USD 14.15 billion in October, the Reserve Bank data showed today.
They amounted to USD 13.11 billion in October last year.
The imports of services increased as well, by 13.3 per cent, entailing an outgo of USD 8.7 billion in October, as per the RBI data on India's International Trade in Services.
Import payments were at USD 7.68 billion in October 2016.
Cumulatively, the services exports during the April- October period of the 2017-18 fiscal reached USD 94.48 billion. The imports stood at USD 55.44 billion.
India is one of the major economies contributing to the world services export industry. The services sector contributes to about 55 per cent in India's gross domestic product (GDP).
The data published by the Reserve Bank of India is provisional and undergoes revision when the Balance of Payments (BoP) data is released on a quarterly basis.
Source:- Economictimes.indiatimes.com
