The Reserve Bank of India’s Monthly Data on India’s International Trade in Services for the Month of June 2025 revealed important trends. Separately, the RBI – Bulletin Weekly Statistical Supplement – Extract delivers a detailed view of credit deployment across sectors.

These two reports jointly unmask the role of IT, financial, and business services in India’s export-led growth.

Service Exports in June 2025 Registered 12% Growth over June 2024

The value of services exports (receipts) stood at USD 32.11 billion in June 2025, reflecting a 12.0% year‑on‑year growth, while services imports (payments) reached USD 15.90 billion, marking a 5.0% rise over June 2024.

These figures signal sustained strength in India’s services sector, spanning IT, business, and financial segments, which continue to anchor export performance. The June export number also aligns with the growth trend in April and May 2025, where exports stood at USD 32.84 billion (+8.8%) and USD 32.45 billion (+9.6%) respectively.

On the import side, after a 1.1% year‑on‑year decline in May, the 5.0% uptick in June suggests revived demand for foreign professional and technical services.

Understand the statistics through this table:

Month	Exports (USD billion)	YoY Growth Exports	Imports (USD billion)	YoY Growth Imports
April 2025	32.84	+8.8%	–	–
May 2025	32.45	+9.6%	–	–1.1%
June 2025	32.11	+12.0%	15.90	+5.0%

A Month-on-Month Decline in Service Exports and Imports in 2025

Despite year-over-year gains, both exports and imports saw slight month-on-month contractions in June. According to a secondary summary (MENAFN), service exports fell by approximately 1%, and imports declined by around 4.8% compared to May 2025, hinting at short‑term ebbs in cross-border flows.

Metric	Change May to June 2025
Exports	–1%
Imports	–4.8%
Net service‑trade surplus	Increasing by 4% mo‑m

This month‑on‑month dip contrasts with the stronger YoY momentum, possibly reflecting temporary seasonality or volatility in professional‑services engagements.

RBI Sectoral Credit Deployment: Non-Food Credit Growth Moderates

The Weekly Statistical Supplement extract reveals that non‑food credit growth has decelerated to 10.2% year‑on‑year as of the fortnight ended June 27, 2025, down from 13.8% in the comparable period of 2024. Data covers 41 major Scheduled Commercial Banks (95% of total non‑food credit).

This broad cooling suggests a moderation in credit demand or selective tightening, with implications for monetary policy ahead of the August MPC meeting.

Sector-Wise Deceleration in Credit Growth

Credit growth overall has registered a decline on YoY basis. The sector-wise deceleration is reported well in this table:

Sector	YoY Growth (Jun 2025)	Jun 2024 Comparison
Agriculture & Allied	6.8%	17.4%
Industry (overall)	5.5%	7.7%
– MSMEs, Engineering, Construction, Textiles	Steady growth	—
Services	9.6%	15.1%
– IT/Computer Software, Professional Services	Major segments	—
Personal Loans	14.7%	16.6%

Credit to agriculture slowed sharply from 17.4% to 6.8%, while industrial credit softened to 5.5%, though MSMEs and sub-sectors such as engineering, construction, and textiles recorded stronger underlying momentum.

In the services sector, growth slowed to 9.6% YoY, primarily due to weaker lending to NBFCs. However, credit flows to computer‑software and professional services continued their efficient run. Personal loans grew by 14.7%, held back by softer demand in vehicle loans, credit‑card dues, and other personal lending.

A Slowing Trend in Personal Loans

Broad-based moderation in personal lending is evident: at 14.7% YoY, personal loans grew slower than the 16.6% recorded in June 2024. The slowdown stems from declines in vehicle loans, credit‑card dues, and other personal lending categories, including the “other personal loans” segment.

What Is Non-Food Credit Growth vs. Food-Credit Growth?

Non-food credit refers to all bank lending excluding loans to the agriculture sector (i.e. food production). Food-credit refers only to loans for agricultural/food cultivation activities, like crop loans, inputs, seed funding and allied farming needs.

Think of a bank’s loan portfolio as a two-track highway:

One lane supplies fuel (food-credit loans to farmers).
The other lane carries goods and services from factories, SMEs, professional services, retail, and personal credit (non-food credit).

Non-food credit growth tells us how fast traffic is moving in the wider economy, industry, services, personal finance while food-credit gauges rural, agricultural flow.

For instance, growth slowing in non-food credit (10.2%) signals weaker demand for factory and consumer lending; in contrast, food-credit trends reflect shifts in rural financing and agricultural output.

Conclusion

June 2025 data underscores resilience in India’s services exports, driven by IT, financial, and business services with 12% growth year-on-year supporting strong surplus creation. Monthly softness suggests short-term variability.

Meanwhile, broad-based slowdown in non-food credit growth, a slide from 13.8% to 10.2% points to moderation across agriculture, industry, services and personal segments. Key exceptions remain: credit to MSMEs, software, and professional services continue to exhibit relative vitality.

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