India now 4th
Largest Exporter of Digitally Delivered Services
·
Global
Trade Outlook and Statistics estimated India's digitally delivered services
exports at $257 billion in 2023
·
Digitally
delivered services - using computer networks to provide professional services
to education, gaming covers one-fifth of global services trade
·
Use
of artificial intelligence (AI), including models capable of creating content
·
Forecast
a 2.6% increase in 2024. In value terms, world goods trade, measured by the
average of exports and imports, fell 5% in 2023 to $24 trillion, while
commercial services expanded 9% to $7.5 trillion.
Amid
a more optimistic picture of global trade in 2024, there is more good news for
India, which has now emerged as fourth largest exporter of digitally delivered
services, whose share has now increased to more than a fifth of international
trade in services.
Data
released by WTO in the Global Trade Outlook and Statistics estimated India's
digitally delivered services exports at $257 billion in 2023, 17% higher than
the previous year. Having pipped Germany, India lags the US, the UK and
Ireland.
Digitally
delivered services - using computer networks to provide professional services
to education, gaming and one-fifth of global services trade, compared with 14%
in 2005. Their exports are now 50% higher than pre-Covid Streaming music and
videos - itself has seen a sharp increase over the last two decades, now
accounting. "Use of artificial intelligence (AI),
including models capable of creating content, such as text, images, music
or even videos, increased rapidly in 2023. These technologies are set to
revolutionise various aspects of the economy, leading to increased efficiency,
innovation, cost savings, personalization opportunities, creation of new jobs,
and economic growth, further boosting trade in digitally delivered
services," the report said. Overall, the WTO expects the global economy
and trade to improve. After a 1.2% decline in goods trade volume, the
multilateral body on Wednesday forecast a 2.6% increase
in 2024. In value terms, world goods trade, measured by the average of exports
and imports, fell 5% in 2023 to $24 trillion, while commercial services
expanded 9% to $7.5 trillion.