Investigations into data of the Reserve Bank of India revealed that India’s Services exports set a new record of USD 254.4 Billion in the financial year 2021-2022. 

The new record achieved in 2021-22 beats the previous high of USD 213.2 Billion in 2019-20. Also, Services exports hit an all-time monthly high of USD 26.9 Billion in March 2022.

Telecommunications, computer, and information services, other business services and Transport are the top contributors in Services exports during April-December 2021 (latest available). Component-wise Services trade is given in table below.

India’s overall exports (i.e. Services and Merchandise) touched USD 676.2 Billion in financial year 2021-2022 as both Services and Merchandise hit record high exports in financial year 2021-2022. India’s overall exports were USD 526.6 Billion and USD 497.9 Billion in 2019-20 and 2020-21 respectively.

India’s Merchandise exports had crossed USD 400 Billion milestone in Financial Year 2021-2022 and stood at USD 421.8 Billion which is a phenomenal increase of 44.6 percent and 34.6 percent over 2020-21 and 2019-20 respectively.

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Component-wise services trade during April-December 2021

 

Values in USD Million (Data is Provisional)

Component

Apr-Dec 2021 P

Credit

Debit

Net

Manufacturing services on physical inputs owned by others

287

42

245

Goods for processing in reporting economy

287

42

245

Goods for processing abroad

 

 

 

Maintenance and repair services n.i.e.

199

939

-741

Transport

23264

24834

-1571

Sea transport

15828

18008

-2180

Passenger

121

687

-566

Freight

10756

15124

-4368

Other

4951

2197

2754

Air transport

5761

6002

-240

Passenger

280

2220

-1940

Freight

4251

3526

726

Other

1230

256

974

Other modes of transport

1624

469

1155

Passenger

3

1

2

Freight

1621

467

1153

Other

0

0

0

Postal and courier services

51

356

-305

Sea transport

3

3

0

Air transport

32

315

-282

Other modes of transport

15

38

-23

Passenger

404

2908

-2505

Freight

16628

19117

-2489

Others

6181

2453

3728

Travel

6488

11139

-4651

Business

417

3668

-3250

Personal

6071

7471

-1400

Health-related

92

17

75

Education-related

87

2532

-2445

Other

5892

4922

970

Construction

2049

2200

-150

Construction abroad

820

1812

-992

Construction in the reporting economy

1229

387

841

Insurance and pension services

2412

1648

764

Direct insurance

1624

27

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