India's Services Exports Hit USD 39.3 Billion in September, but Growth Pace Dips
RBI data reveals India's services exports grew 7.2% to USD 39.3 billion in September, though growth pace slowed compared to previous months.
India's services exports continued their upward trajectory in September, reaching USD 39.305 billion. While the figures show a steady climb, data released by the Reserve Bank of India (RBI) on Friday indicates a noticeable deceleration in the growth rate compared to the preceding months.
The Growth Trend: A Slowdown in Momentum
According to the RBI's monthly international trade report, India services exports grew by 7.2 per cent year-on-year in September. While the total value increased from the USD 35.471 billion recorded in August, the rate of expansion has cooled significantly.
To put this in perspective, the year-on-year growth rate was considerably higher in the previous two months:
- August: 13.7 per cent growth
- July: 13.4 per cent growth
- September: 7.2 per cent growth
Analyzing Services Imports
It wasn't just exports that saw a shift in momentum; services imports also experienced a moderation in growth. In September, services imports rose to USD 20.097 billion, marking a 12.6 per cent increase from the same month last year.
Similar to the export trend, the import growth rate slowed down from the peaks seen earlier in the quarter. Imports had grown by 19.1 per cent in July and 21.4 per cent in August. In absolute terms, the cost of services imports rose from USD 18.934 billion in August to the September figure of USD 20.097 billion.
The Trade Surplus Story
Despite the slower growth rates, India managed to widen its services trade surplus. The surplus—the difference between what the country earns from service exports and what it spends on imports—stood at USD 19.208 billion in September. This is a significant jump from the USD 16.537 billion surplus recorded in August.
Quick Snapshot: Quarterly Performance
Looking back at the quarter, the data reveals a dynamic shift in trade volumes:
- July: Exports were USD 38.253 billion, while imports were USD 20.606 billion.
- August: Exports were USD 35.471 billion, while imports were USD 18.934 billion.
- September: Exports peaked at USD 39.305 billion, with imports at USD 20.097 billion.
The RBI has noted that the figures provided for the July to September 2026 period are provisional. Furthermore, the year-on-year growth rates have been revised to align with the latest balance of payments statistics.