UNCTAD: India's service exports increased by 11% to 345 billion dollars, China's declined by 10%
UNCTAD: According to the quarterly bulletin of the United Nations Conference on Trade and Development (UNCTAD), travel, transportation, medical, and hospitality have played an important role in the sectors that have increased exports of services from India.
Despite economic uncertainties worldwide, India exported services worth $345 billion in 2023. This figure is 11.4 percent more than a year ago. However, China's services exports declined by 10.1 percent to $381 billion during this period.
Travel, transportation, health care, and hospitality have all contributed significantly to the industries that have seen an increase in India's services exports, according to the UNCTAD quarterly bulletin. Nonetheless, compared to the previous year, India's services imports fell by 0.4% to $248 billion in 2023. Exports of travel and information technology (IT)-related services are growing, according to an industry expert.
UNCTAD said India's services exports have historically been concentrated in North America and Europe. Emerging markets such as Asia, Africa, and Latin America also have significant growth potential. Diversification of export destinations for India can help reduce dependence on traditional markets and open up new opportunities for the sector.
