Date：2025-11-19Views：0
Trade in services is gradually becoming a key driver of global trade growth. The Annual Report 2025 points out that despite multiple challenges facing the global economy, the trade system has demonstrated remarkable resilience. In particular, trade in services has performed impressively, with the value of trade in services increasing by 9% in 2024, and all major service sectors experiencing growth. The Global Services Trade Inclusive Development Trend Report 2025 points out that currently, the demand for inclusive development of global services trade is constantly escalating. Digitalization plays a positive role in promoting inclusive development of global services trade, making it a new hotspot of international rules. The restructuring of global supply chains is having an impact on the inclusive development of global services trade. The report "Latest Developments in Global Trade" shows that despite the global economic slowdown, the value of global trade still increased by about $300 billion in the first half of 2025. However, due to the influence of many uncertain factors, global trade will face increasing resistance in the second half of the year.
"Annual Report 2025":
Global trade in services performs impressively in 2024
Recently, the World Trade Organization (WTO) released its "Annual Report 2025," which pointed out that despite multiple challenges facing the global economy, the trade system has demonstrated remarkable resilience. In 2024, the volume of global merchandise trade grew by 2.9%, while the value of trade in commercial services increased by 6.8%. The total value of merchandise trade reached $24.43 trillion, reversing the 4% decline in 2023. However, due to the impact of new tariff policies and trade uncertainties, the WTO has lowered its forecast for the growth of merchandise trade volume in 2025 to a contraction of 0.2%.
In terms of trade structure, the growth rate of trade in manufactured goods in 2024 was on par with that of overall merchandise trade, both at 2%. Trade in agricultural products grew slightly faster, reaching 3%. Trade in fuels and mining products declined by 5%. Notably, trade in office and telecommunications equipment surged by approximately 10%, while steel trade shrank by 6%.
Trade in services performed particularly impressively, with the value of trade in services increasing by 9% in 2024, matching the growth rate of 2023. All major service sectors achieved growth, with the transportation industry growing by 8%, the tourism industry by 13%, goods-related services by 5%, and other business services by 8%. By the end of 2024, global tourism arrivals had recovered to 99% of pre-pandemic levels. Exports of digitally delivered services increased by 8.3% to reach $4.64 trillion, accounting for 14.5% of total global exports of goods and services, highlighting the increasing importance of the digital economy in trade.
In terms of regional trade performance, Asia's merchandise export volume grew beyond expectations in 2024, while North America's import volume also exceeded expectations. Trade in Europe shrank, while merchandise trade growth in Africa was the weakest, with exports and imports increasing by only 1.3% and 1.8% respectively. In terms of trade in services, Asia experienced the strongest growth, reaching 13%, while Africa only grew by 3%, and the Middle East even shrank by 1%.
"Global Services Trade Inclusive Development Trend Report 2025":
Inclusive development of trade in services becomes a new hotspot in international rules
Recently, the "Global Services Trade Inclusive Development Trend Report 2025" (hereinafter referred to as the "Report"), released by the Global Services Trade Alliance, analyzes the latest trends and structural changes in the development of services trade, comprehensively sorts out the main factors affecting the inclusive development of services trade, establishes an evaluation system for the inclusive development of services trade, and puts forward targeted suggestions from four dimensions: policy, industry, promotion, and rules.
The Report argues that inclusive development of trade in services can not only accelerate the cross-border flow of production factors and promote technological innovation and industrial upgrading, but also contribute to global trade and economic prosperity, as well as maintain regional security and world peace by expanding employment, improving public services, and narrowing the gap between the rich and the poor.
The "Report" points out that the current global demand for inclusive development of trade in services is constantly escalating. Digitalization plays a positive role in promoting inclusive development of global trade in services, making it a new hot topic in international rules. The restructuring of global supply chains is having an impact on the inclusive development of world trade in services.
The "Report" proposes eight countermeasures and suggestions to promote inclusive development of global trade in services: First, strengthen the expansion and improvement of global digital infrastructure and enhance connectivity. Second, support developing countries in cultivating new business models and consolidating the industrial foundation of trade in services in a differentiated manner. Third, collaboratively enhance the ability of the global South to participate in trade in services on an equal footing. Fourth, strengthen human resource cultivation and improve the quality level of participation in trade in services. Fifth, guide financial resources to reasonably support the inclusive development of trade in services. Sixth, enhance policy dialogue at all levels, promote rule coordination, and eliminate the harm of unilateralism and trade protectionism to the global supply chain system. Seventh, promote the establishment of a standard system that adapts to the inclusive development of trade in services. Eighth, improve anti-unfair competition legislation to ensure the inclusive development of trade in services.
The Report emphasizes that, in the context of digitalization, achieving inclusive development of trade in services requires governments, international organizations, associations, enterprises, and other stakeholders to take multiple measures from various aspects. It is necessary to help developing countries and micro, small, and medium-sized enterprises strengthen cooperation and exchanges with international organizations, cultivate talents in trade in services, and enhance international competitiveness.
"Latest Developments in Global Trade":
Global trade in services continues to maintain robust growth
According to the "Global Trade Update" report recently released by the United Nations Conference on Trade and Development, despite the global economic slowdown, the global trade volume still increased by approximately $300 billion in the first half of 2025. However, due to factors such as uncertainty in US trade policy and geopolitical tensions, global trade will face increasing resistance and greater uncertainty in the second half of this year.
The report shows that global trade grew by about 1.5% in the first quarter of 2025 and is expected to grow by 2% in the second quarter. Trade in services remains the main engine of growth, with cumulative growth reaching 9% over the past four quarters and likely to continue to grow strongly. Trade growth is partly attributed to the rise in commodity prices, while the actual growth in trade volume is only 1%.
The report points out that developed economies outperformed developing economies in terms of trade growth in the first quarter of 2025, reversing the pattern of the global South leading in recent years. Specifically, US imports increased by 14% year-on-year, while EU exports grew by 6%. In contrast, imports from developing economies declined by 2%, and South-South trade stagnated overall. However, Africa bucked the trend, with exports increasing by 5% and intraregional trade growing by 16% year-on-year. Meanwhile, global trade imbalances intensified, with the US trade deficit widening further and China's and the EU's trade surpluses increasing.
In response to the current situation of global trade, the report proposes to promote trade diversification. It suggests that countries should encourage enterprises to enhance the level of supply chain diversification, reduce excessive dependence on a single partner, and spread trade risks. It also advocates strengthening regional cooperation to promote regional trade integration. Furthermore, the report advocates promoting trade facilitation, suggesting that countries should simplify trade procedures and reduce trade costs. The report also proposes to strengthen international cooperation to jointly cope with changes in the global trade situation. For developing countries, it suggests strengthening infrastructure construction to provide basic guarantees for the development of the digital economy; cultivating digital talents to provide talent support for the development of the digital economy; promoting inclusiveness to enable more people to benefit from the development of the digital economy, etc.
