India Overtakes China in Digital Services Exports: WTO Report

India outpaces China in digital services exports, reaching $257 billion in 2023, as per WTO findings. Globally, digitally delivered services surged, comprising $4.25 trillion in exports.

 The report highlights significant growth in digitally delivered services globally, with India’s exports reaching $257 billion, marking a 17 percent increase from the previous year. This growth outpaced that of Germany and China, which registered only 4 percent each.

The report underscores a robust growth trajectory for digitally delivered services, despite a decline in global goods trade. Notably, in Europe and Asia, exports surged by 11 percent and 9 percent, respectively. Overall, digitally delivered services accounted for $4.25 trillion in global exports, representing 13.8 percent of world exports of goods and services.

The breakdown of digitally delivered services reveals that business, professional, and technical services constituted the majority, followed by computer services, financial services, and intellectual property-related services. This diversification underscores the broad spectrum of digital trade offerings says Current Affairs .

The report highlights the increasing integration of artificial intelligence (AI) in various sectors, contributing to enhanced efficiency, innovation, and economic growth. AI-driven technologies are expected to revolutionize the economy, offering opportunities for cost savings, personalization, and job creation.

Looking ahead, the WTO anticipates improvements in the global economy and trade, forecasting a 2.6 percent increase in goods trade volume for 2024. Despite a 5 percent decline in the value of world goods trade in 2023, commercial services expanded by 9 percent to $7.5 trillion.