India ranks 7th in global services trade

Written by Press Trust of India | New Delhi | Updated: Nov 20 2012, 02:05am hrs
India has been ranked by the World Trade Organization (WTO) as the seventh largest player in the global services trade with the value of exports and imports aggregating $261 billion in 2011.

With exports at $137 billion and imports at $124 billion, India is one of the five countries among the top 10 players that ended 2011 with a surplus of trade in commercial services, according to a WTO report.

The Indian economy is mainly driven by services with the sector contributing over 55% of the country's GDP.

The US lived up to its reputation of being a global powerhouse of commercial services with exports of $581 billion, far exceeding its imports of $395 billion, the report noted.

Though Germany was ranked as the second biggest player in the global services trade, it had more imports than exports with a deficit of $36 billion. Its exports of services were $253 billion, while imports aggregated to $289 billion in 2011, it said.

China, which runs a big surplus in merchandise trade, had a deficit in the services with imports exceeding exports by $54 billion. The value of world exports of commercial services rose 11% in 2011 to $4,170 billion, exceeding pre-crisis levels of $3,850 in 2008, the report said.