Despite global economic uncertainties, India s services exports surged by 11.4% to $345 billion in 2023, outpacing China, whose shipments from the sector shrank by 10.1% to $381 billion, as per a UNCTAD report. Key sectors driving India s growth include travel, transport, medical, and hospitality services. The world s services exports, exceeding $7.9 trillion in 2023 with an 8.9% annual increase in current dollar value terms, were led by developing economies like India, China, Singapore, Turkiye, Thailand, Mexico, and Saudi Arabia. However, India s services imports dipped marginally by 0.4% to $248 billion last year.
India s imports from China saw a 3% decline in calendar year 2023 compared to 2022, according to the commerce and industry ministry. Meanwhile, exports to both China and the EU increased by 7.1% and 2.1%, respectively, during the same period. This announcement follows a recent report by the United Nations Conference on Trade and Development (UNCTAD) showing that India s trade dependence on China and the EU increased in 2023.
The current account deficit (CAD) narrowed sharply to 2.2% of the gross domestic product (GDP) in the three months ended December (Q3FY23) from 3.7% in Q2