India's services trade surplus remains steady in May 2026

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30.06.2026

India's services trade surplus remains steady in May 2026 — Surplus in services trade

The latest monthly data on India's services trade shows year-on-year growth in both exports and imports in May 2026. During this period, services exports stood at 33,355 million U.S. dollars and imports at 17,637 million U.S. dollars, maintaining the sector's surplus.

Highlights

In May 2026, services exports stood at 33,355 million U.S. dollars and imports at 17,637 million U.S. dollars, with the surplus remaining strong.
For May 2026, services exports recorded an annual growth of 2.8 percent and services imports grew by 5.6 percent.
The monthly data for January–March 2026 are revised, while the figures for April and May are provisional.

This article was translated from the original. Read the original version by our correspondent here.

Services Trade Data for May 2026

According to a press release by the Reserve Bank of India, the values for services exports and imports for May 2026 have been released. As per the data, services receipts (exports) were 33,355 million U.S. dollars, while services payments (imports) were recorded at 17,637 million U.S. dollars.

The table provides monthly data from January to May 2026. In January, services exports were 38,159 million U.S. dollars and imports were 16,632 million U.S. dollars; in February, exports were 34,703 million U.S. dollars and imports were 16,866 million U.S. dollars; in March, exports were 38,203 million U.S. dollars and imports were 17,211 million U.S. dollars. In April 2026, services exports were 37,021 million U.S. dollars and imports were 18,417 million U.S. dollars.

In May 2026, the annual growth rate of services exports was 2.8 percent, while the growth rate of services imports was 5.6 percent. The figures in brackets in the table for January, February, March, and April 2026 show the growth rates compared to the same months of the previous year.

Importance of Revised and Provisional Data

The RBI has stated that the data for April and May are provisional, while the figures for January to March have been revised on a pro-rata basis using the balance of payments statistics for Q42,025-26. Accordingly, the growth rates compared to the same period last year have also been revised.

This monthly data is important for tracking trends in India's external sector, service sector earnings, and import payments. The sustained surplus in services trade remains a key indicator for assessing the broader current account and foreign exchange flows.

Our previous report discussed the 5.1% growth in industrial production (IIP) in May 2026 and highlighted the contribution of electricity generation and manufacturing. That article also outlined the implementation of the new IIP series and Producer Price Index methodology, as well as signs of investment activity through strong growth in capital goods.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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