RBI · Macro Data
India services export growth slows to 2.8% in May
Receipts from services exports rose just 2.8% year-on-year, the weakest pace in 2026, while imports grew 5.6%.
What changed
- Services exports growth slowed to 2.8% in May from 12.7% in April
- Services imports growth picked up to 5.6% from 8.9% in April
- Trade surplus in services narrowed to $15.7 billion in May
The read
Services export growth slowed sharply in May. Rising just 2.8% to $33,355 million, it was the weakest pace of 2026, down from 12.7% in April and 7.2% in March. Imports grew 5.6% to $17,637 million. The deceleration suggests a possible moderation in outsourcing demand, even as India's IT and business services remain globally competitive. Verdict: the surplus is still healthy, but the momentum is cooling.
Key numbers
- Exports (May): US$ 33,355 million
- Imports (May): US$ 17,637 million
- Export growth (YoY): 2.8%
- Import growth (YoY): 5.6%
Primary source: rbi.org.in