India’s international services trade showed steady momentum in September 2026, according to the latest RBI data. Exports of services reached US$ 39,305 million, while imports stood at US$ 20,097 million. However, growth rates moderated compared to earlier months in the quarter.
Key Details of September 2026 Services Trade
India’s services exports grew 7.2% year-on-year in September 2026. This compares to stronger growth of 13.4% in July and 13.7% in August. Therefore, while export volumes remain high, the pace of expansion slowed slightly toward the quarter’s end.
Imports of services also rose 12.6% year-on-year in September. For context, July recorded 19.1% import growth, and August saw 21.4% growth. As a result, both inflows and outflows trended toward moderation by September.
The monthly figures for the full quarter are as follows:
- July 2026: Exports – US$ 38,253 mn (↑13.4%) | Imports – US$ 20,606 mn (↑19.1%)
- August 2026: Exports – US$ 35,471 mn (↑13.7%) | Imports – US$ 18,934 mn (↑21.4%)
- September 2026: Exports – US$ 39,305 mn (↑7.2%) | Imports – US$ 20,097 mn (↑12.6%)
Note that all July–September 2026 data are provisional. Additionally, growth rates reflect revisions based on balance of payments statistics.
What This Means for India’s Services Sector
India’s services exports consistently outpace imports, maintaining a healthy trade surplus. September’s export figure of US$ 39,305 million is the highest in the quarter. Meanwhile, the trade surplus signals continued global demand for Indian IT, finance, and professional services.
The moderation in growth rates is not necessarily a cause for concern. For example, base effects from strong performance in 2025 naturally dampen year-on-year comparisons. Additionally, global economic conditions can influence the pace of services demand from month to month.
Overall, India’s international services trade data for September 2026 reflects a resilient and expanding sector. However, analysts will watch forthcoming months to confirm whether the slowdown in growth rates is temporary or reflects a broader trend.
Source: RBI Press Releases
