India has emerged as the fastest growing nation in the global services trade and contrary to popular belief, the country’s import growth in commercial services has outpaced exports in 2006, a WTO report said. Against the world average of 10 percent, India’s services imports grew by a hefty 40 percent in 2006 while exports jumped by 34 percent, thus emerging as the most dynamic country in services trade.

Ranked at the 10th position, the country’s services exports totalled USD 73 billion while imports were only a shade below at USD 70 billion with the global ranking of 12, according to the report. India’s commercial services imports are only about five percent short of its commercial services exports. In goods trade, India ranked as the 17th largest importer and 28th as exporter.

India is growing at an impressive rate in both exports and imports of services amid stagnant global trend. The country’s share in both global services exports and imports is 2.7 percent. Despite a sterling performance in terms of growth, China’s commercial services exports are estimated to have surpassed those of India. China was eighth among the top 10 services exporters and seventh among importers.