India's services surplus grew to about $19 billion in September
Victoria Shinder1 min readThe Reserve Bank of India published monthly data on India's international trade in services on 30 October. Receipts from services exports were $39,305 million in September 2026, up 7.2% on a year earlier, and payments for services imports were $20,097 million, up 12.6%.
The release also shows the two preceding months: exports of $38,253 million in July, up 13.4%, and $35,471 million in August, up 13.7%; imports of $20,606 million in July, up 19.1%, and $18,934 million in August, up 21.4%. The data for July to September are provisional, and the growth rates have been revised on the basis of balance of payments statistics.
From those figures, the services surplus was about $19.2 billion in September, against $17.6 billion in July and $16.5 billion in August, making roughly $53.4 billion for the quarter.
What it means
Services are the part of India's external accounts that pays for much of the goods deficit, so the monthly surplus is a number the rupee watches. September's growth slowed on both sides, more sharply for exports, which fell from double-digit rates in July and August to 7.2%. One month is not a trend, and the figures will be revised with the quarterly balance of payments, but a surplus near $19 billion a month remains a steady source of foreign currency.