Services exports up 7% in December to $12.88 billion
17 Feb 2013 5:17 AM IST
India's services exports in December 2012 stood at $12.88 billion, up 7.1 per cent from a month ago, Reserve Bank data showed on Friday.
The total exports from services in November 2012 was at $12.03 billion, as per RBI data.Imports of services also moved up to $6.76 billion in December from $6.62 billion in the previous month.
The services sector contributes about 55 per cent to the country's gross domestic product. During April-December period of financial year 2012-13, the cumulative services receipt or exports has amounted to $105 billion.Services outgo or imports stood at $59.82 billion during the first nine months of the current financial year.
RBI releases the provisional aggregate monthly data on India's international trade in services with a lag of 45 days.The monthly data on services are provisional and generally undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis.
APPAREL EXPORTS TO BE FLAT THIS FISCAL ON US-EU SLOWDOWN
India’s apparel exports are expected to be flat at $14 billion in 2012-13 as there is a slowdown in demand in markets like the US and Europe .
‘Garment exports stood at about $14 billion in 2011-12. At the end of this fiscal, I think garment exports will arrive at the same figure as that of last year due to demand slowdown in western markets,’ Apparel Export Promotion Council (AEPC) Chairman A Sakthivel said.
The government had fixed garment exports target at $18 billion for the current fiscal. The US and Europe together account for over 65 per cent of the country’s garment exports. Sakthivel said: ‘The US market is picking up now. But, the demand is still sluggish in European market.’
During April-December 2012-13, garment exports declined 8.5 per cent to over $9 billion. During 2011-12, apparel exports grew about 18 per cent year-on-year to around $14 billion.
To reduce dependence on these traditional markets, exporters are marketing products by participating in trade exhibitions and holding road shows in new markets like Latin America and Russia.
The total exports from services in November 2012 was at $12.03 billion, as per RBI data.Imports of services also moved up to $6.76 billion in December from $6.62 billion in the previous month.
The services sector contributes about 55 per cent to the country's gross domestic product. During April-December period of financial year 2012-13, the cumulative services receipt or exports has amounted to $105 billion.Services outgo or imports stood at $59.82 billion during the first nine months of the current financial year.
RBI releases the provisional aggregate monthly data on India's international trade in services with a lag of 45 days.The monthly data on services are provisional and generally undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis.
APPAREL EXPORTS TO BE FLAT THIS FISCAL ON US-EU SLOWDOWN
India’s apparel exports are expected to be flat at $14 billion in 2012-13 as there is a slowdown in demand in markets like the US and Europe .
‘Garment exports stood at about $14 billion in 2011-12. At the end of this fiscal, I think garment exports will arrive at the same figure as that of last year due to demand slowdown in western markets,’ Apparel Export Promotion Council (AEPC) Chairman A Sakthivel said.
The government had fixed garment exports target at $18 billion for the current fiscal. The US and Europe together account for over 65 per cent of the country’s garment exports. Sakthivel said: ‘The US market is picking up now. But, the demand is still sluggish in European market.’
During April-December 2012-13, garment exports declined 8.5 per cent to over $9 billion. During 2011-12, apparel exports grew about 18 per cent year-on-year to around $14 billion.
To reduce dependence on these traditional markets, exporters are marketing products by participating in trade exhibitions and holding road shows in new markets like Latin America and Russia.
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