India's Services Exports Rise 13.4% to $38.25 Billion in July, RBI Data Shows

India's services exports rose by 13.4 percent year-on-year to reach $38.25 billion in July 2026, according to data released by the Reserve Bank of India (RBI) on Monday.

During the same period, services imports also increased, rising 19.1 percent from a year earlier to $20.61 billion. Because the growth in imports outpaced the increase in exports during July, the trade surplus stood at approximately $17.65 billion for the month.

The July figures follow data from June 2026, when services exports stood at $36.37 billion, marking a year-on-year growth of 13.3 percent. Imports in June were recorded at $18.48 billion, representing a 16.2 percent increase compared to the previous year.

On a month-on-month basis, services exports grew by about 5.2 percent in July compared to June, while imports rose by approximately 11.5 percent.

Earlier in the fiscal year, RBI data showed that services exports stood at $37.02 billion in April and $33.36 billion in May. Corresponding service imports for April and May were recorded at $18.42 billion and $17.64 billion, respectively.

In total, cumulative services exports reached $145 billion during the April-July 2026 period, while cumulative imports stood at approximately $75.14 billion.

The central bank noted that the figures for the April-July period are provisional and that year-on-year growth rates have been revised based on balance of payments statistics.

"The steady growth in India's services exports, reaching $145 billion between April and July 2026, reflects the continued resilience of the country's service sector. While the faster rise in imports is worth monitoring, the strong monthly trade surplus of $17.65 billion indicates stable macroeconomic fundamentals. For businesses and exporters, these numbers point to sustained international demand, which bodes well for the broader economic ecosystem." — Dr. Shishir Gupta, Founder & CEO, StartupLanes