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India now 4th largest exporter of digitally delivered services

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NEW DELHI: 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.

Screenshot 2024-04-11 045509

Digitally delivered services – using computer networks to provide professional services to education, gaming and streaming music and videos – itself has seen a sharp increase over the last two decades, now accounting for over one-fifth of global services trade, compared with 14% in 2005. Their exports are now 50% higher than pre-Covid levels, bucking the falling trend seen in goods trade.

“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.

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