Unstoppable! India becomes world's 4th LARGEST digital services exporter - List of countries left behind

unstoppable! india becomes world’s 4th largest digital services exporter – list of countries left behind

India has reason to celebrate as it solidifies its position as the fourth largest exporter of digitally delivered services on the global stage. According to data released by the World Trade Organization (WTO) in its Global Trade Outlook and Statistics report, India’s digitally delivered services exports reached an impressive $257 billion in 2023, marking a significant 17% increase from the previous year.

The surge in India’s digital exports has propelled the country’s share to over one-fifth of the international trade in services. This remarkable growth has allowed India to surpass Germany, placing it behind only the United States, the United Kingdom, and Ireland in this domain.

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Digitally delivered services encompass a wide array of offerings, ranging from professional services to education, gaming, and streaming music and videos. Over the past two decades, the sector has witnessed a remarkable expansion, now constituting more than 20% of global services trade, compared to just 14% in 2005. Notably, these exports have surged by 50% since pre-Covid levels, bucking the declining trend observed in goods trade.

The report attributes this growth to the rapid adoption of artificial intelligence (AI) technologies, which have revolutionized various sectors of the economy. AI models capable of generating content, such as text, images, music, and videos, have witnessed widespread adoption, leading to enhanced efficiency, innovation, cost savings, and personalization opportunities. Moreover, these advancements have spurred job creation and economic growth, further fueling the expansion of trade in digitally delivered services.

Looking ahead, the WTO anticipates a positive trajectory for the global economy and trade. Despite a 1.2% decline in goods trade volume, the organization forecasts a 2.6% increase in 2024. While world goods trade witnessed a 5% decrease in value terms in 2023, falling to $24 trillion, commercial services experienced a notable 9% expansion, reaching $7.5 trillion. Related News |

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