Services export increases 3.2% in May, imports by 2.8%

Country’s services exports for May month increased by 3.2% to $11.83 billion from $11.43 billion April. While imports of services increased by 2.8% to $7.08 billion in May from $6.88 billion in April.

The Reserve Bank of India in a statement said, the country's total receipts from services exported stood at $11.46 billion in April, 2011. For the first two month of the current financial year, the cumulative exports of services amounted to $23.30 billion, whereas, imports for the same period stood at $13.97 billion.

The RBI last month started releasing provisional aggregate monthly data on country’s international trade in services with lag of 45 days. For the first time, the data for April, 2011, was released on June 15.

This provisional data will undergo a revision once 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 in the statement.