India beat the world average in the services export growth in calendar year 2023 with overseas earnings from the sector expanding 11.4% on year to $ 345 billion, according to a United Nations Conference on Trade and Development report.
During the year world services trade grew 8.9% to cross $ 7.9 trillion.
International travel receipts increased by 40%, continuing the recovery from the COVID-19 pandemic throughout the year. Transport dropped by some 12% in 2023. Other services, many of which can be traded digitally, recorded a solid rise over the year, surpassing 7% in each quarter of 2023, the report said.
According to the report India is the 7th largest exporter of services in the world. Among the developing countries it is the second biggest just behind China. The US is the biggest services export in the world at $ 999 billion followed by the UK at $ 584 and Germany at $ 440 billion.
For the financial year 2023-24 the services exports were $ 339.6 billion, up 4.4% on year, according to Indian government data.