India's services exports dip 8.92% to $16.45 bn in April

India's service sector exports dipped 8.92 per cent to USD 16.45 billion (about Rs 1.25 lakh crore) in April, RBI data showed on Monday.

Services receipt or exports during April 2019 stood at USD 17.56 billion.

As per a press release by RBI, the estimated value of services exports for May 2020 is USD 15.70 billion.

Services payments or imports also declined by 18.3 per cent to USD 9.3 billion (about Rs 70,600 crore) in April 2020, leaving a trade balance of USD 7.15 billion (about Rs 54,300 crore) during the month under review.

The estimated value of services imports for May is USD 8.57 billion.

The Reserve Bank releases monthly data on India's international trade in services with a lag of around 45 days.

The monthly data on services are provisional and undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis.