Services Trade Growth Hits New Highs in Third Quarter of 2024
Geneva, February 3, 2025 – The World Trade Organization (WTO) today released new data showing that global services trade grew by 8.5% in the third quarter of 2024, the fastest pace in over a decade.
The growth was driven by strong demand for digital services, such as cloud computing, software, and online entertainment. Trade in professional services, such as consulting and engineering, also grew strongly.
The WTO’s Director-General, Ngozi Okonjo-Iweala, welcomed the news, saying that it was a sign of the resilience of the global economy.
“Services trade is a vital part of the global economy, and its growth is a sign that businesses and consumers are confident about the future,” she said.
The WTO’s data shows that the growth in services trade was broad-based, with all regions of the world experiencing strong growth. Asia was the fastest-growing region, with services trade growing by 10.2%. Europe and North America also experienced strong growth, with services trade growing by 8.7% and 8.3%, respectively.
The WTO’s data also shows that the growth in services trade is being driven by a number of factors, including:
- The increasing use of digital technologies
- The rise of the middle class in emerging markets
- The growing demand for services from businesses and consumers
The WTO’s Director-General said that the growth in services trade is a positive development for the global economy, but she cautioned that there are still some challenges ahead.
“We need to continue to work to reduce trade barriers and promote open markets,” she said. “We also need to ensure that the benefits of trade are shared by all.”
The WTO’s data on services trade is based on a survey of over 100 countries. The data is used to track the growth of services trade and to identify trends in the global services economy.
Services trade growth hits new highs in third quarter of 2024
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