India’s services exports rise 8.8% in May

India's services exports in May rose by 8.8 per cent to $13.9 billion, according to the Reserve Bank data.

Import of services during the month, however, rose in double-digit of 15 per cent to $8.03 billion. The cumulative receipts (or exports) in services during April-May stood at $27.5 billion, while cumulative payments (or imports) were at $16.09 billion. Services export in 2013-14 stood at 167.01 billion, while imports were at $88.19 billion.

The services sector contributes about 55 per cent to country's gross domestic product. RBI releases the provisional aggregate monthly data on India's international trade in services 

with a lag of 45 days.