India ranks 7th in global services trade

Nov 19 2012, 20:35 IST
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SummaryIndia has been ranked by the World Trade Organization as the seventh largest player in the global services trade with the value of exports and imports aggregating $261 billion in 2011.

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. ĎThe value of world exports of commercial services rose 11% in 2011 to $4,170 billion, exceeding pre-crisis levels of $3,850 in 2008,Ē the report said.

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