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India secures 7th spot in global services trade

By Religare
|

India is ranked in seventh position in a ranking of the largestplayers in the global services trade industry, the World TradeOrganization (WTO) said in a report on Sunday.

The value of India's total services trade in 2011 stood at USD 261billion with exports at USD 137 billion and imports at USD 124billion.

India recorded a trade surplus in commercial services in 2011,alongside four other economies to have done so in a ranking of top tenplayers in the global services trade industry.

 

Services accounts more than 55 per cent of the nation's Gross DomesticProduct (GDP) and has been a major driver for India's economic growthin the last few years.

The US is the world's largest services player with exports aggregatingUSD 581 billion, more than imports of USD 395 billion.

Germany, which recorded a deficit in services in 2011, was ranked asthe second biggest global services player. Service exports ofEurope's largest economy stood at USD 253 billion in 2011, whileimports were USD 289 billion, resulting in a deficit of USD 36 billionin services.

"The value of world exports of commercial services rose by 11 per centin 2011 to $4,170 billion, exceeding pre-crisis levels of USD 3,850 in2008," the report said.

Story first published: Monday, November 19, 2012, 11:30 [IST]
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