The share of transport services in commercial service imports in India has shown a fluctuating trend from 2013 to 2023. After an initial decline, there was a noticeable recovery post-2017, culminating in a peak in 2022 with a share of 24.75%. Between 2021 and 2022, the share grew significantly by 11.32%, reflecting strong growth. However, in 2023, it slightly declined by 2.61% to 24.1%. Overall, the five-year CAGR from 2018 to 2023 stands at a positive 8.16%, indicating robust growth in the recent half-decade.
Looking forward, from 2024 onwards, the share of transport services is expected to decrease gradually, with a forecasted five-year CAGR of -2.13%. This points to a projected reduction of 10.21% by 2028.
Future trends to watch include shifts in global trade dynamics and technological advancements in transport logistics, which could impact the import demand for transport services. A potential increase in localized production and trade policies could further alter these projections.
