The Services exports of India attained a value of USD 253,968.09 million in 2023
The indicator recorded a historical growth (CAGR) of 7.84% between 2020 to 2023, and is expected to grow by...
GlobalData projects the figure to grow at a CAGR of ...
Service Exports
The term "export" in international trade refers to the "selling of services from home country to foreign markets." It refers to the monetary value of immaterial goods that can be produced, transferred, and consumed at the same time. Exports of services are a significant new emerging trend in world trade. The provision of services is essential to both preserving and promoting the export of products.
Global Scenario of Service Exports
As the value of global trade increased through each quarter of 2021, growth remained robust. Growth in trade extended beyond just products. In 2021, trade in services also increased significantly, eventually reaching pre-pandemic levels in Q4 2021. Global trade overall increased by nearly 25% compared to 2020 and by around 13% compared to the pre-pandemic level of 2019 to reach a record high of about $28.5 trillion in 2021. The improvement in global trade in 2021 was mostly driven by rising commodity prices, easing pandemic restrictions, and a robust recovery in demand as a result of economic stimulus measures.
External trade (USD): Services Exports of India
Services exports of India attained a value of $207,273.77 million in 2021. It recorded a 4% growth in 2021 compared to the previous year. Between 2018-2021, the service exports of India had a growth of 1.4%. India's service exports surpassed their previous high of $213.2 billion in 2019–20, setting a new record of $254.4 billion in FY 2021–2022.
In March 2022, services exports of India reached a monthly high of $26.9 billion. The top contributions to services exports are telecommunications, computer and information services, other business services, and transportation. India's total exports (services and merchandise combined) reached $676.2 billion in the financial year 2021–2022, with both services and merchandise setting new export records.
Global Trade Forecast in 2022
Slower than anticipated economic expansion:
Forecasts for economic growth in 2022 have been reduced. For instance, the International Monetary Fund reduced its estimate of global economic growth for 2022 by 0.5 points (from 4.9 to 4.4) due to ongoing inflation in the United States and worries about China's real estate market. With less trade growth than anticipated, it is likely that global trade trends will reflect these macroeconomic developments.
Agreements on trade and regionalization trends:
The Regional Comprehensive Economic Partnership (RCEP) went into effect on January 1, 2022. Many of the economies in East Asia and the Pacific may now trade more easily due to this trade agreement, which is also expected to enhance commerce amongst members significantly by diverting trade from non-member nations.
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