India surpasses China in digital services exports in 2023
GENEVA, SWITZERLAND — India has overtaken China in the export of digitally delivered services in 2023, marking a pivotal shift in the global digital economy.
According to the World Trade Organisation’s (WTO) latest Global Trade Outlook and Statistics report, India’s digital services exports soared to $257 billion, up 17% from the previous year.
This positions India as the world’s fourth-largest exporter of digitally delivered services, capturing over a fifth of the global trade in services.
Notably, India’s growth in this sector significantly outpaced that of major economies like Germany and China, both of which saw a modest increase of 4% each in their digital services exports.
The WTO report highlights that global exports of digitally delivered services reached an impressive $4.25 trillion in 2023, up by 9% year-on-year, and now account for 13.8% of the world’s exports of goods and services.
The surge in digital services exports is a bright spot against the backdrop of a global decline in goods trade, which fell across all regions in 2023. However, digitally delivered services continued to thrive, particularly in Europe and Asia, which saw exports rise by 11% and 9%, respectively. These regions collectively hold a global share of 76.2% in digital services exports.
The WTO report further elaborates on the composition of digitally delivered services exports, with business, professional, and technical services leading at 41.2%, followed by computer services (20.5%), and financial services (16%).
The report also underscores the rapid adoption of artificial intelligence technologies in 2023, which are expected to revolutionize various sectors by enhancing efficiency, innovation, and economic growth.
The WTO also remains optimistic about the global economy and trade, forecasting a 2.6% increase in goods trade volume in 2024, despite a 5% decline in world goods trade value in 2023.
As digital technologies continue to evolve, India’s strategic position in the digital services market is poised for further growth, contributing significantly to the global digital landscape.
