The Aryavarth Express
Agency(New Delhi): India’s services exports saw a significant increase of 11.4% in 2023, climbing to USD 345 billion, in contrast to China’s services exports which decreased by 10.1% to USD 381 billion, as detailed in a UNCTAD report. This growth is notable amid the ongoing global economic challenges and contrasts with the marginal decline in India’s services imports, which dipped by 0.4% to USD 248 billion last year.
According to the UNCTAD quarterly bulletin, global services exports as a whole rose by 8.9% to over USD 7.9 trillion in 2023. Key contributors to this global increase include various developing nations such as India, China, Singapore, Turkiye, Thailand, Mexico, and Saudi Arabia.
In India, the sectors driving export growth included travel, transport, medical, and hospitality services. The significant year-on-year rise in the fourth quarter of 2023 was largely attributed to a surge in international travel receipts, which saw a 70% increase in Asia as part of the post-COVID-19 recovery.
Industry experts noted that India’s robust export figures in IT and IT-enabled services, along with travel, have been bolstered by government initiatives. The diversification of export markets beyond traditional regions like North America and Europe to emerging markets in Asia, Africa, and Latin America is also seen as a strategic move to reduce dependency and tap into new opportunities.