Services exports growth flattens at sub-7% in Feb amid coronavirus crisis

Growth in services exports almost stagnated by standing at 6.88 per cent in February. In January, export growth stood at 6.99 per cent. 

The exports stood at $ 17.73 billion in February. 

It would be crucial to see whether exports in services show any growth or fall in the month of March, the first month that actually saw a huge impact of Covid-19 on the Indian economy.

Slight indication of low exports in services is given by the estimated value of this category at $ 17.69 billion in March. This figure would be revised next month. 

Growth in services imports gathered momentum and stood at 12.82 per cent in February against 8.83 per cent in January.  

Services worth $11.07 billion were imported in February.Imports to the tune of $10.97 billion were estimated to have been made in February. This figure would also be revised next month. 

As such, surplus in trade services got reduced to $4.91 billion in February against $6.98 billion in January. 

Trade deficit (merchandise) stood at $9.85 billion in February, leaving a deficit in both services and goods at $4.94 billion.