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 UNCTAD forecasts global growth at 2.6%, with India's economy strong at 6.5%. Europe and the Americas face economic challenges, Africa's growth is modest, and global merchandise trade fell 1% due to trade tensions and shipping disruptions.

This encouraging trend comes on the heels of a recent report by the United Nations Conference on Trade and Development (UNCTAD), which highlighted India's growing dependence on trade with China and the EU. The UNCTAD report, released last month, indicated a 1.2% increase in India's trade dependence on both regions in 2023

UNCTAD warned that the ongoing crisis is affecting global food prices, with longer distances and higher freight rates potentially leading to increased costs. The disruptions in grain shipments from Europe, the Russian Federation, and Ukraine are identified as posing risks to global food security, impacting consumers and reducing prices paid to producers.