India’s services export grew faster than global average in 2023: UNCTAD data
NEW DELHI: India’s annual services export grew at 11.4% in 2023 against the global average of 8.9% and surpassed China which witnessed a 10.1% contraction in the year, according to the quarterly bulletin released by the United Nations Conference on Trade and Development. Robust services trade helped India to compensate for a 3.11% year-on-year contraction in merchandise exports in FY2024 In absolute value terms, India was the second top performer in 2023 with $345 billion worth of services exports, while China achieved $381 billion, the report released earlier this month said. Robust services trade helped India to compensate for a 3.11% year-on-year contraction in merchandise exports in FY2024 and post a record $776.68 billion overall exports in the financial year ended March 31, according to the trade data released by the commerce ministry on April 15. India’s merchandise exports fell to $437.06 billion in FY24, while services exports grew by 4.4% to a record $339.62 billion in the fiscal year. According to the RBI bulletin released on April 23, India’s services export growth not only outpaced merchandise export growth over the last three decades but also captured a larger share of world exports.
India’s annual electronics exports expected to double to $50 billion by 2030
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