Services exports fall nearly 9% to USD 11.87 bn in May

Services exports declined by 9 per cent to USD 11.87 billion in May this year compared to the previous month.
Services exports were worth USD 13.01 billion in April.
The value of services imports also declined to USD 6.31 billion in May, from USD 7.32 billion in the previous month, according to the RBI data released today.
The services sector contributes over 60 per cent to the country's gross domestic product.
RBI releases the provisional aggregate monthly data on India's international trade in services with a lag of 45 days.
Services export in 2014-15 stood at USD 167.01 billion, down 4 per cent over the year-ago period while imports were at USD 88.19 billion, up 3.8 per cent over 2013-14 fiscal.

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