RBI Monthly Data on India’s International Trade in Services for March 2025 [PDF]

The Reserve Bank of India (RBI) has released its monthly data on India’s international trade in services for March 2025, showing a significant increase in exports of services compared to the same month in the previous year. The data provides insights into how India’s service sector, a key contributor to the economy, has performed in the first quarter of 2025.

March 2025 Performance:

According to the RBI, India’s receipts from service exports in March 2025 stood at US$ 35.6 billion, marking an 18.6% increase over March 2024. On the other hand, payments for imports of services amounted to US$ 17.5 billion, a 5.3% decline year-on-year.

Month	Receipts (Exports)	Payments (Imports)
January – 2025	34,726 (12.0%)	16,706 (–12.6%)
February – 2025	31,625 (11.6%)	14,506 (–4.8%)
March – 2025	35,600 (18.6%)	17,475 (–5.3%)

Note: Data for January–March are provisional. The figures in parentheses represent year-on-year growth rates and are based on revised balance of payments statistics.

Understanding the Trends:

The continuous year-on-year growth in service exports during the first quarter of 2025 suggests a strong global demand for Indian services, especially in sectors like IT, business process outsourcing, finance, and consulting. The declining trend in imports could indicate improved domestic capability or reduced demand for certain foreign services.

Why This Matters:

India’s services sector is a major driver of its economic growth and foreign exchange earnings. A surplus in services trade helps in offsetting the trade deficit in goods and strengthens the country’s overall external sector position.

Official Statement:
The data was published by the Department of Communication at the RBI’s Central Office in Mumbai. The press release (No. 2025-2026/222) was signed by Ajit Prasad, Deputy General Manager (Communications).

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