India Services Exports to Hit $310 billion and Surpass Merchandise Exports by 2012

India's export of services is expected to touch $310.9 billion by 2011/12, powered by the booming software, consultancy, engineering and tourism sectors, according to the Federation of Indian Chambers of Commerce and Industry (FICCI) survey. Services exports could surpass merchandise exports, which are expected to more than double to $305.5 billion in the next five years. 

India: Projected Exports of Services and Merchandise 

 

Services ($ billion)

Merchandise ($ billion)

2006

71.6

112.4

2007

91.5

132.7

2008

116.9

156.8

2009

149.2

185.3

2010

190.6

218.9

2011

243.4

258.6

2012

310.9

305.5

Highlights:

  • India exported goods worth $112.4 billion during 2005/06 while export of services was $71.6 billion. 
  • Indian services exports are estimated to reach $91.5 billion this fiscal, and merchandise exports to hit $132.7 billion.
  • India's service exports grew at 28% annually for the last five years, faster than the 22% growth in goods exports during the same period.
  • Software services was the highest foreign exchange earner at $21.8 billion during April-December 2006, followed by business and management consultancy at $16.5 billion and travel services at $6.4 billion. 

In terms of share in worldwide services exports, India is going to almost triple its share from the current 2.3% to 6% by 2012, FICCI noted. 

While China ’s exports of commercial services at $74 billion are now more than that of India but India ’s exports of commercial services would cross that of China in 2009 - the average annual growth rate of services in China is 19% for the past five years. 

By 2013 India ’s commercial services exports could be some $100 billion higher than that of China . The commercial services exports from China are projected to be around $300 billion while that from India would be $397 billion by 2013.

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