Trade in Services for Development Report

Swetha 04/07/2023

Trade in Services for Development Report
Who
Released by
World Bank
World Trade Organization
Highlights
3X Increase in global commercial services exports (2005-2022)
Fuelled by ICT advances
Marked changes in services trade composition
4X increase in export of digitally delivered services
Impressive trade performance by developing economies
Leading services exporters and importers
China
Hong Kong
Singapore
India
China's global commercial services exports
Increased from 3% (2005) to 5.4% (2022)
Jobs directly linked to cross-border services exports
Account for over 10% of total services sector jobs in
India
South Africa
Türkiye
Recommendations for India and the Philippines
Upskill and reskill workforces
Invest in domestic services sectors' development (especially R&D)
On India
Doubled share of global commercial services exports from 2% (2005) to 4.4% (2022)
Services value-added >51% of total exports (2018)
Popular destination for medical travel
Hosted 3.5 million foreign patients (2009-2019)
From both developed and developing countries
Reforms facilitating FDI in services
Aiding positive growth dynamics
Boosting participation in foreign manufacturing value chains

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Categories: Trade & Commerce

Tags: 04.07.2023, Newsbits

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