India’s services exports rise to $39.3 billion in September as annual growth slows to 7.2 per cent

New Delhi: India’s services exports climbed to $39.3 billion in September, their highest monthly level in three months, even as annual growth slowed sharply to 7.2 per cent. A larger rise in export receipts than import payments lifted the services trade surplus to about $19.2 billion, providing a stronger offset to India’s merchandise trade deficit.

Provisional figures released by the Reserve Bank of India (RBI) on Friday put September services exports at $39.305 billion, compared with $35.471 billion in August and $38.253 billion in July. Year-on-year export growth moderated from 13.7 per cent in August and 13.4 per cent in July, despite the rebound in September’s receipts. RBI’s official data.

Services imports rose to $20.097 billion in September, up 12.6 per cent from a year earlier. That was slower than the 21.4 per cent annual increase recorded in August and 19.1 per cent in July, although the value of imports rose from August’s $18.934 billion.

The resulting surplus — export receipts minus import payments — reached $19.208 billion, up from $16.537 billion in August and $17.647 billion in July. September’s exports increased approximately 10.8 per cent month on month; the slower 7.2 per cent annual rate measures growth against September 2025, not a decline from August.

The stronger surplus matters because India spends more on imported goods than it earns from merchandise exports. Net receipts from software, business services and other activities help offset that gap and support foreign-exchange earnings, although the services surplus alone does not determine the country’s current-account balance.

The sector’s scale is substantial. Government figures show services exports reached $421.3 billion in 2025-26, with telecommunications, computer and information services accounting for about 49 per cent and business services for nearly 30 per cent. September’s monthly release did not break down which industries drove the latest change.

The commerce ministry’s October 15 trade statement estimated September services exports at $36.35 billion and imports at $19.44 billion, based on information available before the RBI released its September data. Those earlier estimates should not be treated as interchangeable with Friday’s updated provisional figures. The ministry separately recorded a $30.21 billion merchandise trade deficit for September.

The RBI said July to September services figures remain provisional and reported annual growth rates have been revised using balance-of-payments statistics. Subsequent releases will show whether September’s moderation in annual export growth persists despite stronger monthly receipts.