- According to a recent report by the United Nations Trade and Development (UNCTAD), Indian service sector exports grew by 11.4 per cent to $345 billion in the calendar year 2023(January-December) despite prevailing global uncertainties.
- However, Chinese service exports declined by 10.1 per cent to $381 billion in 2023.
- India’s services imports, however, dipped marginally by 0.4 per cent to $248 billion last year.
Highlights of the UNCTAD report
- According to the UNCTAD, the service sector export in the world grew by 8.9% in 2023 and reached US$ 7.9 trillion in 2023.
- The main reason for the growth in the service sector export was the growth in the International travel sector. The travel service sector export grew by 40%.
- The transport sector recorded a negative growth of 12 per cent.
- According to the report, Services, many of which can be traded digitally, recorded a growth of over 7% in each quarter of 2023.