Despite global challenges, international trade has proven beneficial for India in the past. Data from a recent report shows that there has been a significant increase in India’s service exports in the year 2023.
India’s exports to the world increased, China’s decreased
According to the information, India’s service exports increased by 11.4 percent to reach $345 billion in the year 2023. This growth in India’s services exports comes at a time when many countries will face trade problems in 2023 due to global challenges. India’s rival China’s service exports in the services sector have declined by 10.1 percent to $381 billion in 2023.
Major exporters of services sector
The UNCTAD report shows that there was overall growth in services sector trade worldwide last year. In 2023, global exports of the services sector are expected to grow by 8.9 percent in current dollar value terms to reach $7.9 trillion. Apart from India, China, Singapore, Turkey, Thailand, Mexico and Saudi Arabia were among the major exporters in the services sector.
These areas contributed
Several sectors have contributed to the tremendous growth in India’s services sector exports. However, the contribution of sectors such as travel, transport, medical and hospitality was most significant. On the other hand, India’s services imports declined in 2023. India’s services imports declined marginally by 0.4 percent to $248 billion during the year 2023.
Most of the exports take place here
The services sector in India has been very strong and India is counted among the major exporters of this sector. Currently, most of India’s services exports go to North America and Europe. India’s services exports are also witnessing good growth in the markets of Asia, Africa and Latin America. The contribution of IT and IT enabled services and travel to India’s services sector exports has been strong.
