Services exports up 2% in Oct, imports rise 0.3%

India's services exports grew by 2% year-on-year to $11.46 billion in October, according to a data from the Reserve Bank of India (RBI).

The country's total receipts from services exported stood at $11.22 billion in September, the data said.

Imports of services rose just 0.3% in October to $6.82 billion, compared to $6.80 billion in September.

Overall, the services sector contributes over 55% of India's GDP.

During the April-October period this fiscal, the country's cumulative exports of services amounted to $79.34 billion.

Imports, meanwhile, stood at $47.55 billion during the first seven months of 2011-12.

Since this financial year, the RBI has 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 (BoP) data is compiled on a quarterly basis, which will be released with a lag of a quarter, the apex bank said.