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New Delhi: India’s Services exports set a new record of USD 254.4 Billion in the financial year 2021-2022. The new record achieved in 2021-22 beats the previous high of USD 213.2 Billion in 2019-20. Also, Services exports hit an all-time monthly high of USD 26.9 Billion in March 2022.
Telecommunications, computer, and information services, other business services, and Transport are the top contributors to Services exports from April-December 2021 (latest available). Component-wise Services trade is given in the table below.
India’s overall exports (i.e. Services and Merchandise) touched USD 676.2 Billion in the financial year 2021-2022 as both Services and Merchandise hit record high exports the financial year 2021-2022. India’s overall exports were USD 526.6 Billion and USD 497.9 Billion in 2019-20 and 2020-21 respectively.
India’s Merchandise exports had crossed the USD 400 Billion milestones in Financial Year 2021-2022 and stood at USD 421.8 Billion, which is a phenomenal increase of 44.6 percent and 34.6 percent over 2020-21 and 2019-20 respectively.
Component-wise services trade during April-December 2021
Values in USD Million (Data is Provisional)
| Component | Apr-Dec 2021 P | ||
| Credit | Debit | Net | |
| Manufacturing services on physical inputs owned by others | 287 | 42 | 245 |
| Goods for processing in reporting economy | 287 | 42 | 245 |
| Goods for processing abroad | |||
| Maintenance and repair services n.i.e. | 199 | 939 | -741 |
| Transport | 23264 | 24834 | -1571 |
| Sea transport | 15828 | 18008 | -2180 |
| Passenger | 121 | 687 | -566 |
| Freight | 10756 | 15124 | -4368 |
| Other | 4951 | 2197 | 2754 |
| Air transport | 5761 | 6002 | -240 |
| Passenger | 280 | 2220 | -1940 |
| Freight | 4251 | 3526 | 726 |
| Other | 1230 | 256 | 974 |
| Other modes of transport | 1624 | 469 | 1155 |
| Passenger | 3 | 1 | 2 |
| Freight | 1621 | 467 | 1153 |
| Other | 0 | 0 | 0 |
| Postal and courier services | 51 | 356 | -305 |
| Sea transport | 3 | 3 | 0 |
| Air transport | 32 | 315 | -282 |
| Other modes of transport | 15 | 38 | -23 |
| Passenger | 404 | 2908 | -2505 |
| Freight | 16628 | 19117 | -2489 |
| Others | 6181 | 2453 | 3728 |
| Travel | 6488 | 11139 | -4651 |
| Business | 417 | 3668 | -3250 |
| Personal | 6071 | 7471 | -1400 |
| Health-related | 92 | 17 | 75 |
| Education-related | 87 | 2532 | -2445 |
| Other | 5892 | 4922 | 970 |
| Construction | 2049 | 2200 | -150 |
| Construction abroad | 820 | 1812 | -992 |
| Construction in the reporting economy | 1229 | 387 | 841 |
| Insurance and pension services | 2412 | 1648 | 764 |
| Direct insurance | 1624 | 27 | 1598 |
| Reinsurance | 725 | 1601 | -876 |
| Auxiliary insurance services | 40 | 13 | 27 |
| Pension and standardized guarantee services | 23 | 7 | 17 |
| Financial services | 3858 | 4116 | -258 |
| Explicitly charged and other financial services | 3570 | 2230 | 1340 |
| Financial intermediation services indirectly measured | 288 | 1886 | -1598 |
| Charges for the use of intellectual property n.i.e. | 632 | 6525 | -5893 |
| Telecommunications, computer, and information services | 91950 | 10480 | 81470 |
| Telecommunications services | 2374 | 861 | 1513 |
| Computer services | 89307 | 9034 | 80274 |
| Information services | 269 | 586 | -316 |
| Other business services | 42131 | 37814 | 4318 |
| Research and development services | 4296 | 463 | 3834 |
| Professional and management consulting services | 25958 | 8431 | 17527 |
| Technical, trade-related, and other business services | 11877 | 28920 | -17043 |
| Personal, cultural, and recreational services | 2194 | 3252 | -1058 |
| Audiovisual and related services | 800 | 705 | 95 |
| Other personal, cultural, and recreational services | 1395 | 2547 | -1153 |
| Government goods and services n.i.e. | 643 | 697 | -55 |
| Others n.i.e. | 8546 | 1765 | 6782 |
| Services | 184653 | 105450 | 79203 |
Source: RBI
