Despite uncertainties, services exports grow 11.4% in 2023: UNCTAD report

In 2023, India's services exports surged 11.4% to US$ 345 billion, contrasting with China's 10.1% decline to US$ 381 billion, as per a UNCTAD report. Key sectors driving India's growth include travel, transport, medical, and hospitality. Despite global uncertainties, the world services exports reached over US$ 7.9 trillion, marking an 8.9% annual increase in current dollar terms.

India, China, Singapore, Turkey, Thailand, Mexico, and Saudi Arabia emerged as leading exporters among developing economies. While India's services imports saw a marginal 0.4% decline to US$ 248 billion, international travel receipts notably propelled the year-on-year rise in services exports, particularly in Asia, witnessing a 70% increase post-Covid-19 recovery, stated the report. Industry experts highlight the resilience of India's IT and IT-enabled services, alongside robust growth in travel exports, emphasizing opportunities for business services such as engineering and management consulting to leverage government initiatives. They also underscore the potential for diversification into emerging markets like Asia, Africa, and Latin America to reduce reliance on conventional markets and foster sectoral growth.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.