India's services exports decline marginally in March to $30 billion

India's services exports declined 1.3 per cent in March to $30 billion while imports fell by 2.1 per cent to $16.61 billion, showed Reserve Bank data released on Thursday.

As per RBI's data on India's international trade in services, the trade surplus during March 2024 was $13.4 billion.

Both exports and imports of services were in positive zone in the preceding two months.

According to the commerce ministry data, the services export during fiscal 2023-24 is estimated at $339.62 billion and imports at $177.56 billion.

The trade surplus or difference between exports and imports works out to be $162 billion during the year.

Despite persistent global challenges, overall exports (merchandise and services) are estimated to reach $776.68 billion in 2023-24 as compared to $776.40 billion in 2022-23.