India Services Exports Fall in February: RBI Data

Mumbai, Mar 28 (PTI) India's services exports declined for the second month in row in February to USD 31.62 billion while imports dropped to USD 14.5 billion, showed Reserve Bank data released on Friday.

Services exports stood at USD 34.72 billion in January against USD 36.96 billion in December 2024.

Imports were worth USD 16.7 billion in January.

On annual basis, services exports rose by 11.6 per cent in February compared to the same month of the last year. Imports contracted by 4.8 per cent on year-on-year basis.

Meanwhile, in a release on 'India's International Investment Position for end-December 2024', the RBI said net claims of non-residents on India increased by USD 11 billion during Q3:2024-25 and stood at USD 364.5 billion in December 2024.

Further, foreign assets of Indian residents declined by USD 40.1 billion and the claims of non-residents' in India also declined by USD 29.1 billion, resulting in increase in the India net foreign liabilities.

"The decline in Indian residents' foreign assets during October-December 2024 was mainly on account of the decrease of USD 70.1 billion in reserve assets," the RBI said.

Reserve assets, however, recorded an increase of USD 13.2 billion over December 2023.

The fall in India's foreign liabilities was due to the decline in inward direct and portfolio investments during the quarter, though trade credit, loans and currency and deposits recorded an increase, the central bank said.