India Emerges As The 4th Largest Exporter Of Digitally Delivered Services: WTO Report

New Delhi, Apr 11 (KNN) India has emerged as the fourth-largest exporter of digitally delivered services, accounting for over a fifth of the global trade in services, according to the World Trade Organisation's (WTO) latest Global Trade Outlook and Statistics report.

The country's exports of digitally delivered services stood at a staggering USD 257 billion in 2023, registering a remarkable 17 per cent increase from the previous year.

India's performance in this domain outshined economic powerhouses like Germany and China, which witnessed a relatively modest growth of 4 per cent each.

Globally, exports of digitally delivered services reached USD 4.25 trillion in 2023, up 9 per cent year-on-year (YoY), constituting 13.8 per cent of world exports of goods and services, the WTO report stated.

Europe and Asia, holding a global share of 52.4 per cent and 23.8 per cent respectively, experienced export growth of 11 per cent and 9 per cent in this sector, according to the report.

Business, professional, and technical services held the largest share of 41.2 per cent. Computer services came next with 20.5 per cent. Financial services accounted for 16 per cent. Intellectual property-related services constituted 10.9 per cent.

Insurance and pension services made up 5.2 per cent. Telecommunications services had a 2.6 per cent share. Audio-visual and other personal, cultural, and recreational services contributed 2.1 per cent.

The WTO report highlighted the rapid increase in the use of artificial intelligence (AI), including models capable of creating content such as text, images, music, or even videos, in 2023.

These technologies are poised to revolutionise various aspects of the economy, leading to increased efficiency, innovation, cost savings, personalisation opportunities, creation of new jobs, and economic growth, further boosting trade in digitally delivered services.

Overall, the WTO expects the global economy and trade to improve. After a 1.2 per cent decline in goods trade volume in 2023, the multilateral body forecasts a 2.6 per cent increase in 2024.

In value terms, world goods trade, measured by the average of exports and imports, fell 5 per cent in 2023 to USD 24 trillion, while commercial services expanded 9 per cent to USD 7.5 trillion.

(KNN Bureau)