There was a 11.4 per cent rise in India's services export against a global average of 8.9 per cent, said a quarterly bulletin released by the United Nations Conference on Trade and Development (UNCTAD).
China's performance contracted by 10.1 per cent to $381 billion, reads the report.
Sectors contributing to India's services export growth include travel, transport, medical and hospitality.
With an 8.9 per cent annual rise in current dollar value terms, the world services exports surpassed $7.9 trillion in 2023, read the report.
The leading exporters among developing economies include India, China, Singapore, Turkiye, Thailand, Mexico, and Saudi Arabia, it added.
India's services imports saw a marginal dip by 0.4 per cent to $248 billion last year.
"The main driver of the YoY (year-on-year) rise of services exports in Q4 2023 was the ample growth of international travel receipts. In the post-COVID-19 recovery, travel receipts increased by 70 per cent in Asia (YoY)," the report said.
Commenting on India's services exports, an industry expert said that the export of IT and IT-enabled services and travel was going strong, PTI reported.
Business services like engineering, architecture, legal and accounting services and research and management consulting services stand to benefit from leveraging the opportunities presented by the government initiatives.
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.
"Diversification of export destinations by Indian exporters can help cut dependence on traditional markets and open up new opportunities for the sector," the expert said.
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