New Delhi, Oct. 19 -- India's services trade surplus declined 10 per cent year-on-year (YoY) to USD 16.9 billion in September 2026, as services imports grew faster than exports, according to an ICICI Bank research report.

The decline could put pressure on an important source of foreign exchange earnings that helps offset India's merchandise trade deficit.

Gross services exports fell 0.9 per cent YoY to around USD 36 billion in September, while imports rose 8.9 per cent to approximately USD 19 billion, ANI reported, citing the report.

The divergence indicates that India's spending on overseas services is increasing faster than its earnings from services exports.

Services Surplus Remains Important External Cushion

India's services expo...