Services export up 13% at $13.46 bn in May, imports at $7.9 bn

Services export rose by 13.4 per cent to $13.46 billion in May this year, the Reserve Bank  of India (RBI)  data showed on Friday. The services export in May 2015 was at $11.87 billion. In the preceding month of April, the export stood at $12.91 billion. Also, services import in May 2016 increased by 25.4 per cent at $7.9 billion compared to $6.32 billion in the year-ago month. Services import in preceding month (April

2016) was tad down at $7.18 billion. The figures are based on RBI data on International Trade in Services for May 2016. The services sector contributes about 55 per cent to the country's gross domestic product. The RBI data is provisional and undergoes revision when the Balance of Payments (BoP) data is released on a quarterly basis.