Despite global challenges, international trade proved beneficial for India in the past. Data from a recent report show that there was a significant increase in India's service exports in the year 2023.
India's increased, China's decreased
UNCTAD's According to a report, India's service exports will increase by 11.4 percent to reach $345 billion in the year 2023. This increase in India's service exports has come at a time when due to global challenges, many countries had to face problems in trade in 2023. India's competitor in the service sector, China's service exports declined by 10.1 percent to $381 billion in 2023.
Major exporters of the service sector
UNCTAD's report shows that last year Overall growth in service sector trade was recorded all over the world. In 2023, global exports of the service sector are expected to increase by 8.9 percent in current dollar value terms and reach $7.9 trillion. Apart from India, the most prominent exporters of service sector included the names of China, Singapore, Turkey, Thailand, Mexico and Saudi Arabia.
These sectors contributed
India's service sector Many sectors contributed to the spectacular growth in exports. However, the contribution of sectors like travel, transport, medical and hospitality was most important. On the other hand, there was a decline in India's service imports in 2023. During the year 2023, India's service imports declined by 0.4 percent to $ 248 billion.
Highest exports take place here
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The service sector in India has been very strong and India has been counted among the major exporters in this sector. Currently, most of India's service exports go to North America and Europe. India's service 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 in the exports of India's service sector has been strong.
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