China and India double global commercial services exports, according to World Trade Organization report
China and India to double their shares in global commercial services exports from 3.0% to 5.4% and 2.0% to 4.4% respectively from 2005 to 2022, according to World Bank and WTO report 'Trade in Services for Development' For India's service companies, April 2023 was the best month in almost 13 years.
The leading services exporters and importers are – China, Hong Kong, Singapore and India, the report said.
The report notes that in India, South Africa and Turkey, jobs directly linked to cross-border services exports account for more than 10 percent of total service sector jobs.
It added that India and the Philippines would need to upgrade and re-skill their workforces, especially in terms of research and development, and invest in the development of their domestic service sectors.
India
"India has become a popular destination for medical travel and has hosted nearly 3.5 million foreign patients from 2009 to 2019," the report said.
According to the report, foreign patients from developed countries such as the United Kingdom and the United States, as well as from
developing countries such as Bangladesh, Nepal and Sri Lanka, come to India in search of affordable, high-quality treatment.
Noting that the export of digitally delivered services in 2022 was $3.82 trillion. 54% of total global services exports were to be delivered digitally in 2022. Due to advances in information and communication technologies (ICT), global commercial services exports are set to nearly triple between 2005 and 2022, with exports of digitally delivered services increasing nearly fourfold.
