Global services trade a bright spot: WTO
Global services trade posted a strong 10% year-on-year increase in the third quarter of 2024, building on solid growth in the first half of the year.
The third quarter of 2024 saw services exports rise by 16% in Asia, followed by 8% in Europe, while North America, South and Central America and the Caribbean expanded by 7%. Marked growth was also recorded on imports across regions, reflecting high demand for diverse services.
Services are the bright spot of trade, with growth of 9% year-on-year in the first three quarters of 2024. This is in sharp contrast with goods trade, which was up by only 2% over the same period.
In the third quarter of 2024, transport saw a 14% rise as shipping rates climbed amid persistent disruptions on major trade routes. Global freight prices were nearly four times higher than in Q3 2023, at about US$ 4,500, according to data from Freightos.
Asia’s transport services exports increased by 32%, with peaks of 47% in China and 40% in Singapore. Available monthly statistics of leading Asian transport traders point to sustained growth through the end of the year. For example, in the last quarter of 2024, China’s transport exports soared by 50%, reflecting a surge in shipments, as per a World Trade Organization (WTO) report.
Source: Exim News Service: Geneva, Feb. 4