Services exports slip 1.57% to $13.17 bn in July

India's services exports contracted by 1.57 per cent to USD 13.17 billion in July this year, according to the Reserve Bank data.

Services imports too recorded a negative growth. It declined by 1.65 per cent to USD 7.33 billion.

The services sector contributes about 55 per cent to the country's gross domestic product.

As per the RBI, "the trade balance in services ( net export of services) for July was estimated at USD 5.84 billion.

The RBI data is provisional and undergoes revision when the Balance of Payments (BoP) data is released on a quarterly basis.