According to the RBI data, India’s services exports stood at US$38.253 billion in July 2026, while services imports stood at US$20.606 billion.
Services Exports Grow 13.4%
India’s services exports, referred to as “Receipts” in the RBI data, increased to US$38.253 billion in July 2026. The figure represents a 13.4% growth over July of the previous year. This was also the highest monthly services export figure among the four months shown in the RBI data:
- April 2026: US$37.021 billion
- May 2026: US$33.355 billion
- June 2026: US$36.371 billion
- July 2026: US$38.253 billion
The growth rates over the corresponding months of the previous year were 12.7%, 2.8%, 13.3% and 13.4%, respectively.
Services Imports Rise 19.1%
India’s services imports, referred to as “Payments” in the RBI data, also increased in July. Services imports stood at US$20.606 billion in July 2026, registering a 19.1% growth compared with the corresponding month of the previous year.
For comparison, services imports were:
- April 2026: US$18.417 billion
- May 2026: US$17.637 billion
- June 2026: US$18.477 billion
- July 2026: US$20.606 billion
The growth rates for these months were 8.9%, 5.6%, 16.2% and 19.1%, respectively.
India’s Services Trade Surplus
The difference between services exports and imports gives an indication of India’s services trade surplus. In July 2026, India exported services worth US$38.253 billion and imported services worth US$20.606 billion. This means the difference was approximately US$17.65 billion in July 2026. In simple terms, India earned significantly more from exporting services than it spent on importing services during the month.
July Records Highest Exports in the April-July Period
The RBI’s data shows that July recorded the highest services exports and imports among the four months from April to July 2026.
| Month | Services Exports | Services Imports |
|---|---|---|
| April 2026 | US$37.021 billion | US$18.417 billion |
| May 2026 | US$33.355 billion | US$17.637 billion |
| June 2026 | US$36.371 billion | US$18.477 billion |
| July 2026 | US$38.253 billion | US$20.606 billion |
The RBI has clarified that the data for April-July 2026 is provisional. The figures in brackets represent growth rates over the corresponding month of the previous year.
What Does This Mean for India?
The latest data shows that India’s services sector continued to generate strong export earnings in July 2026. At the same time, services imports also recorded strong growth.
The RBI data specifically provides the overall monthly values of services exports and imports; it does not provide a sector-wise breakup in this release. Therefore, the data does not by itself indicate which particular services contributed to the July increase.
Overall, the July figures show that India’s services exports remained strong, reaching US$38.253 billion, while the country recorded services imports of US$20.606 billion.
