According to a report on global trade outlook and statistics released by the World Trade Organization (WTO), India has now become the fourth largest exporter of digitally delivered services. In 2023, India’s exports of digitally delivered services are projected to reach $257 billion, up 17% from the previous year.
This growth has helped India overtake Germany in the rankings, but it still lags behind the United States, United Kingdom and Ireland. Digitally delivered services, including professional services in education, gaming, and streaming music and video, have seen significant growth over the past two decades. They now account for a fifth of global services trade, compared to 14% in 2005.Despite the decline in goods trade due to the COVID-19 pandemic, exports of digitally delivered services have increased by 50% and are now above pre-pandemic levels.
The report also highlights the rapid growth in the use of artificial intelligence (AI) in creating content such as text, images, music and video, which is expected to further boost trade in digitally delivered services.WTO The US expects the global economy and trade to improve and the volume of goods trade is projected to grow by 2.6% in 2024.
World Trade Organization (WTO)
- The World Trade Organization (WTO) is an international organization that regulates and facilitates global trade between countries. Established in 1995, it replaced the General Agreement on Tariffs and Trade (GATT).
- The WTO provides a framework for negotiating trade agreements, settling trade disputes, and ensuring that member countries follow agreed trade rules. Its purpose is to promote free trade, reduce barriers, and promote economic growth and development. As of 2023, WTO has 164 member countries.