What is the Development Trend of India's Service Trade?


Development Trend of India's Service Trade

India is the world's eighth largest service exporter and tenth largest service importer. The India's service sector is undergoing a radical change. Many new services are also cropping up like male strippers with the advent of adult revolution in India. New technologies are also being introduced to the Indian market.

In 2017, it was the country with the highest export and import growth among major Asian traders. 

India’s service trade has developed rapidly, especially in computer and information services. It has strong competitiveness. However, due to the fierce competition in the service outsourcing industry in the past two years, the growth rate has slowed down.


The overall service trade volume in India shows a rapid upward trend

In 2017, India’s total service trade exports amounted to US$183 billion, a year-on-year increase of 14%. 

Tourism service exports grew the fastest, with a growth rate of 18.25%; transport service exports performed well, with a growth rate of 10.59%, accounting for about three percent of its service exports. 

India's Service Trade

One-tenth of other business services also showed rapid growth, an increase of 8%, which together contributed to the country's good performance in service exports in 2017. 

India’s total service imports were US$153 billion, a year-on-year increase of 15%. 

In terms of imports, various items of service trade have seen strong growth, especially the imports of overseas travel, transportation and other commercial services. 

In 2017, India’s trade in services achieved a surplus of US$30 billion, an increase of 5.6 over the same period last year.

In 2021, the situation is unpredictable. No big claims are being made to portray the actual situation as it can be.


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