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The value of exports and imports of services during October 2024 is given in the following table. The data is in US$ million. But first understand what this means.
Receipts (Exports) and Payments (Imports) refer to the financial flows associated with the trade of services between India and other countries. Here’s what they mean:
Receipts (Exports)
- This refers to the earnings India receives for the export of services to other countries.
- It includes revenue generated by Indian companies or individuals providing services such as IT services, consultancy, travel, transportation, financial services, education, and other professional services to international clients.
- In simpler terms, it represents the inflow of foreign currency into India in exchange for services rendered abroad.
Payments (Imports)
- This refers to the expenses incurred by India for the import of services from other countries.
- It includes payments made to foreign companies or individuals for services such as software licenses, consultancy, transportation, royalties, technical services, and travel-related expenses.
- In simpler terms, it represents the outflow of currency from India for services availed from abroad.
Example:
- If an Indian IT company provides software development services to a U.S. firm, the money earned by the Indian company is recorded under Receipts (Exports).
- Conversely, if an Indian company uses cloud services provided by a U.S.-based provider, the payment made for those services is recorded under Payments (Imports).
These figures are crucial for understanding the balance of trade in services, which is a key component of the Current Account in the Balance of Payments (BoP) for the country.
Monthly Data on India’s International Trade in Services as of October 2024 [PDF]
| Month | Receipts (Exports) | Payments (Imports) |
| July – 2024 | 30,580 (16.6) | 15,903 (15.7) |
| August – 2024 | 30,340 (5.7) | 16,423 (8.8) |
| September – 2024 | 32,579 (14.6) | 16,507 (13.2) |
| October – 2024 | 34,309 (22.3) | 17,215 (27.9) |
