December 4, 2023
Imports in the same sector experienced a slight decline of 0.4%, totalling US$ 13.46 billion during the same period
According to previous govt data, services stood at US$ 28.70 billion and imports at US$ 14.32 billion for October
Foreign reserves rose by US$ 5.08 billion, reaching US$ 595.397 billion by the week ending November 17
Foreign currency assets (FCAs) rose to US$ 528.53 billion
India’s service sector has demonstrated robust export growth, soaring by 10.8% and reaching US$ 28.03 billion in October 2023, per recent provisional data disclosed by the Reserve Bank of India (RBI).
Conversely, imports in the same sector experienced a slight decline of 0.4%, totaling US$ 13.46 billion during the same period. This information slightly diverges from the government’s previously released data last month, which indicated slightly higher numbers: services exports at US$ 28.70 billion and imports at US$ 14.32 billion for October.
The RBI’s provisional statistics, subject to potential updates, contribute to the nation’s comprehensive balance-of-payments data, released on a quarterly basis.
Furthermore, the recent RBI Weekly Statistical Supplement outlined a significant increase in forex reserves, rising by US$ 5.08 billion, reaching US$ 595.397 billion by the week ending November 17. Foreign currency assets (FCAs) rose to US$ 528.53 billion, encompassing fluctuations in non-US units such as the euro, pound, and yen.
Source: Economic Times