Services export down 23% in April to $10.48 bn.

Mumbai: India's services export declined sharply to USD 10.48 billion in April, down 22.95 percent from a month ago, RBI data showed on Friday.

In March, the services exports were USD 12.89 billion.

The RBI data included travel, transport, construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunications, computer and information services among the major components of the services sector exports.

Meanwhile, services imports during the month fell to USD 6.5 billion from USD 9.08 billion in March.

RBI releases the provisional monthly data on international trade in services with a lag of 45 days.

However, the data undergoes revision in the quarterly Balance of Payments (BoP) data. The October-December BoP data was released on March 30, 2012.

As per the provisional data of RBI, services exports in the last quarter of FY2011-12 stood at USD 35.14 billion. Services imports bill was at USD 23.16 billion.

India's services exports has been growing at an average yearly rate of 25 percent in last 10 years, barring 2009-10 where it was down by nine percent because of global recession and 2011-12, where growth was just four percent, according to Services Export Promotion Council (SEPC).

"Yes there is a decline because the overall economy of the world is under negative pressure. The rupee depreciation against the US dollar has also affected the receipts," said Rajesh Sharma, director general, SEPC.

Services exports has recorded more than six-and-a-half- fold increase in 10 years from USD 20.76 billion in 2002-03 to USD 138 billion in 2011-12.

The services trade (exports and imports) stood at USD 220 billion in 2011-12, as per RBI data.

Source : zeenews.india.com