Services exports up 14% to $12 bn in Aug

India's services exports rose 14.3% to $11.89 billion in August from the previous month, according to Reserve Bank of India.

The country's total receipts from services exported were $10.40 billion in July, showed the RBI data released today.

Imports of services also grew 16.3% in August to $6.86 billion, compared to $5.89 billion in July.

Overall, the services sector contributes over 50% to India's GDP.

During the April-August period this fiscal, the country's cumulative exports of services amounted to $56.64 billion. Imports, meanwhile, stood at $33.93 billion during the first five months of 2011-12.

RBI has recently started releasing provisional aggregate monthly data on India's international trade in services, with a lag of 45 days.

For the first time, the data for April this year was released on June 15.

This provisional data will undergo a revision once the Balance of Payments data is compiled on a quarterly basis, which will be released with a lag of a quarter, the apex bank said.