The Reserve Bank of India on Monday released monthly data on country’s international trade in service sector that stood down 8.92 per cent to $16.45 billion (about Rs 1.25 lakh crore) in April. The services receipt or exports was at $17.56 billion in the same period a year ago.
The central bank releases monthly data on India’s international trade in services with a lag of around 45 days.
The report also showed that in March 2020, services exports were at $18,163 billion. Prior to that, the data showed the receipt of the services was at $17,725 billion in the month of February earlier this year.
As per a press release by RBI, the estimated value of services exports for May 2020 is $15.70 billion.
Services payments or imports also declined by 18.3 per cent to $9.3 billion (about Rs 70,600 crore) in April 2020, leaving a trade balance of $7.15 billion (about Rs 54,300 crore) during the month under review.
The data also showed that the service payments was at $11,112 billion in March and at $11,067 billion in February.
The estimated value of services imports for May is $8.57 billion.
The monthly data on services are provisional and undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis.