On Thursday, the Reserve Bank of India (RBI) data unconfined that India’s Services Exports augmented by 20.2% yearly to $23.26 billion in July. Markedly, the July exports seemed lower than $25.29 billion in June this fiscal, news agency PTI report said.

According to the monthly data of RBI, India’s International Trade in services for July 2022 explains that the imports rose from 22.3% to $13.92 billion in July. On the contrary, in June, the imports stood at $15.76 billion. The exports during April-July 2022-23 stood at $94.75 billion, totalling imports of $58.94 billion. The RBI data further notifies that per month data on services are provisional and would undergo modification when the Balance of Payments (BoP) data are released on a trimestral basis.

India’s services exports touched $254.5 billion in 2021-22, up 23.4% from $206.09 billion in 2020-21 due to macro reasons like software services, Professional and management consultancy services, travel, and construction being affected by the pandemic, according to RBI data. The Ministry of Commerce and Industry unveiled that services exports surpassed the previous $213 billion in 2019-20 in May. Additionally, services exports hit an all-time month-boom of $26.9 billion in March 2022. This is due to the rise in Telecommunications, computers, information services, and other business services with transport accessibility during April-December 2021, component-wise Services, said the release.

In the financial year 2021-2022, India’s overall exports, comprising both Services and Merchandise, surpassed a record of $676.2 billion, up 28.4% comparing $526.6 billion in 2020-21, respectively. Last month Commerce and Industry Minister Piyush Goyal addressed that India’s services sector achieved an all-time high notwithstanding Covid-19 pandemic-affected sectors like tourism, aviation and hospitality.

India firmly believes in incurring significant gains in the Services Exports sector, considering the comprehensive trade deals signed with UAE and Australia. The concept of Free Trade Comprehensive Agreements is negotiated with the European Union, the UK, Canada, and Israel.