India’s services exports surged to $11.89 billion in August, up 14.3% from $10.40 billion recorded in the month of July, according to the country’s apex banker RBI. Import of services also showed an up-tick of 16.3% in August to $6.86 billion, over July’s $5.89 billion figure.
The country’s exports for initial 5 months of the fiscal culminated into $56.64 billion worth of services rendered overseas. On the other hand, Indian’s hiring overseas outsourcing services summed up to $33.93 billion during April-August 2011.
Moreover, India’s overall exports in August 2011 came in at $24.3 billion, up 44.2% year-on-year. Thus, India’s services exports, at $11.89 billion, comprised almost 50% of the culminated exports in the month of August, underscoring the significance of the services sector in placing a tight lid on India’s trade deficit figures.