Despite global economic uncertainties, India’s services exports surged by 11.4% to $345 billion in 2023, outpacing China, whose shipments from the sector shrank by 10.1% to $381 billion, as per a UNCTAD report. Key sectors driving India’s growth include travel, transport, medical, and hospitality services. The world’s services exports, exceeding $7.9 trillion in 2023 with an 8.9% annual increase in current dollar value terms, were led by developing economies like India, China, Singapore, Turkiye, Thailand, Mexico, and Saudi Arabia. However, India’s services imports dipped marginally by 0.4% to $248 billion last year.
