Global services trade continued its upward trajectory in the third quarter of 2024, recording a robust 10 per cent year-on-year increase. This growth builds on the strong momentum seen in the first half of the year, with exports rising significantly across multiple regions. Asia led the way with a 16 per cent increase in services exports, followed by Europe at 8 per cent, while North America, South and Central America, and the Caribbean recorded a 7 per cent expansion. The surge in imports across various regions further highlighted the strong demand for diverse services.
Services trade emerged as a key driver of global commerce, growing at a rate of 9 per cent year-on-year in the first three quarters of 2024. In contrast, goods trade saw only a modest 2 per cent rise over the same period. Transport services played a crucial role, with a 14 per cent increase as shipping rates surged due to disruptions on major trade routes. Freight prices saw a dramatic rise, reaching nearly four times their Q3 2023 levels at approximately US$ 4,500 for a 40-foot container. Asia’s transport sector witnessed remarkable growth, with exports rising by 32 per cent. China and Singapore recorded exceptional increases of 47 per cent and 40 per cent, respectively, while China’s transport exports soared by 50 per cent in the last quarter of 2024.
International travel also made a significant contribution, with global tourist expenditure increasing by 10 per cent in Q3. By the end of 2024, global travel receipts had surpassed pre-pandemic levels by 15 per cent. The recovery of international tourism was facilitated by visa-free schemes adopted throughout the year and major sporting events such as the UEFA European Football Championship in Germany and the Olympics in France. Europe’s travel exports grew by 7 per cent, while African economies recorded notable double-digit increases, with Namibia (+32 per cent), Morocco (+19 per cent), and Tanzania (+18 per cent) standing out.
Other commercial services, which account for around 60 per cent of total services trade, expanded by 8 per cent in Q3. This growth was evident across various economies, with exports rising by 9 per cent in the European Union and the United Kingdom and by 7 per cent in the United States. South and Central America, along with the Caribbean, experienced impressive growth, particularly in Chile (+32 per cent), Argentina (+26 per cent), and Peru (+17 per cent).
A key driver of services trade expansion was the rise of digitally deliverable services, including computer, financial, business, and insurance services. Computer services saw substantial global growth of 13 per cent between January and September 2024, with significant increases in both developed and developing economies. Indonesia recorded an impressive 77 per cent rise, while Mauritius and the United States saw growth of 37 per cent and 18 per cent, respectively. In the European Union, computer services exports increased by 15 per cent year-on-year, or 10 per cent when excluding Ireland, the region’s largest exporter.
The continued shift towards outsourcing IT services and software development has fueled this growth. The expansion of e-commerce and digital platforms, particularly in developing economies, has accelerated the demand for digital services. Additionally, the increasing adoption of artificial intelligence for chatbots, machine learning, predictive analytics, and cybersecurity solutions has reinforced the demand for computer services. As businesses continue adapting to emerging technologies and evolving consumer preferences, this upward trend is expected to persist.
Quarterly statistics are subject to ongoing revisions and can be accessed through WTO Stats, alongside monthly and annual data. Additional insights, including annual services trade data and visualizations, are available at the Global Services Trade Data Hub and WTO World Trade Statistics 2023.
Sources:
WTO-UNCTAD estimates
WTO Estimates
National Data
