India’s service sector export grew by 11.4 % in 2023: UNCTAD

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.

Service Export from India in 2023-24 (Indian Government)

According to the government of India, the total service sector export in the financial year (April -March ) 2023-24 was $ 339.46 billion. This is provisional data as the Reserve Bank of India has released data till February month 2024. For the month of March 2024, the data has been extrapolated as RBI has not yet released the data.

Similarly, the total service sector imports in 2023-24 was $177.56 billion. 

India has always enjoyed a surplus in the service sector trade.

Top Service Exporting/Importing Counties in 2023(UNCTAD)

India is the 7th largest exporter of services in the world. The United States is the largest service exporter in the world, followed by the United Kingdom.

Top 5 service exporting developed country in the world 2023

1. The United States of America ($999 billion),
2. United Kingdom ($584 billion),
3. Germany ($440 billion)
4. Ireland ($398 billion)
5. France ($356 billion)

 Top Service exporting developing countries 

1. China ($381 billion)
2. India ($345)
3. Singapore($328)
4. Turkiye ($101)
5. Hong Kong($99 billion)

Top Service Importing Countries in the World 2023 

According to UNCTAD, India was the 9th largest service-importing country in the world. The United States was the leading service importer country in the world, followed by China.

Top 5 leading service-importing developed countries in 2023 

1. United States of America ($719 billion)
2. Germany ($ 508 billion)
3. United Kingdom ($ 394 billion)
4. Ireland ($ 389 billion)
5. France ($323 billion)

Top 5 Service importing developing countries in the world in 2023

1. China ($ 552 billion)
2. Singapore ($295 billion)
3. India ( $ 248 billion)
4. Saudi Arabia ($96 billion)
5. Brazil ($83 billion)

United Nations Trade and Development (UNCTAD)

The United NationsTrade and Development (UNCTAD) was established as the United Nations Conference on Trade and Development in 1964. 

In 2024 at its 60th anniversary, its name was changed to United Nations Trade and Development (UNCTAD).

UNCTAD is a permanent organisation of the United Nations.

The main aim of the UNCTAD is to promote trade, investment and development of the developing countries.

Headquarters: Geneva, Switzerland 

Reports released by UNCTAD

The UNCTAD also releases various reports. The important ones are :

• World Investment Report,
• Trade and Development Report,
• Digital Economy report,
• Review of Maritime Transport,
• Technology and Innovation Report.
• Commodities and Development Report,
• Least Developed Countries Report.