Service Trade

The Department of Commerce, that is in charge of international trade, mostly relies on the central bank's data for services trade data

India's services exports increased by 14 per cent between the third quarter of 2022 and Q3 of 2023

An analysis of global numbers suggests that other commercial services dominate services trade globally

India climbed to the 7th position in the global ranking of service traders in 2022, largely driven by the robust export of computer services, as per World Trade Organization (WTO) data

Commerce and Industry Minister Piyush Goyal on Tuesday said the country's merchandise and services exports are estimated to cross USD 760 billion in the current fiscal ending March 31. Exports grew to USD 676 billion in 2021-22 from USD 500 billion. Speaking at the annual session of Assocham here, Goyal said that at a time when the whole world is facing recession, high inflation and elevated interest rates, India is performing well. Goyal stressed that over the last 9 years, the focus of the Modi-government has been on building the foundation blocks which are necessary for an economy to have many years of uninterrupted and sustainable growth. Various steps being take by the government are making India more cost competitive, be it the huge investment in infrastructure coupled with logistics, technological advancement, or the PM GatiShakti, he said. He also said the performance of India's global trade has proved the naysayers wrong. "I can say with great pride, happiness, and thank

Trade in merchandise goods soared to $25 trillion, an increase of about 10 per cent versus the prior year; trade in services grew 15 per cent year-over-year to nearly $7 trillion

Indian services export growth has outperformed that of the average emerging market in recent years. If global growth continues to be sluggish, India could enlarge its share of the cake

Among the main beneficiaries would be certainly the US and other advanced economiesbecause they are globally competitive in many service sectors, especially financial, legal, and consulting