Total services trade contracted marginally by 0.1
per cent in the first quarter, extending the 0.3 per
cent decline in the previous quarter (Exhibit 1.16).
Services exports dipped by 0.1 per cent, following the
flat growth registered in the preceding quarter. The
decline in services exports was mainly due to a fall in
financial and insurance services exports. Similarly,
services imports fell marginally by 0.1 per cent in the
first quarter, weighed down by declines in transport
and insurance services imports.