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United Nations Conference on Trade and Development (UNCTAD) in its latest report has said that India's services exports jumped 11.4 per cent to $345 billion in 2023 despite global economic uncertainties, while China's shipments from the sector contracted by 10.1 per cent to $381 billion. Sectors that contribute to India's services export growth include travel, transport, medical and hospitality.

It stated with an 8.9 per cent annual rise in current dollar value terms, the world services exports surpassed $7.9 trillion in 2023. It added the leading exporters among developing economies include India, China, Singapore, Turkiye, Thailand, Mexico, and Saudi Arabia.

Further, it said India's services imports, however, dipped marginally by 0.4 per cent to $248 billion last year. India's service exports have historically been concentrated in North America and Europe, but there is also significant potential for growth in emerging markets, such as Asia, Africa, and Latin America.