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.
That’s according to the latest trade data released by the World Trade Organization.
“Services are the bright spot of trade, with growth of 9% year-on-year in the first three quarters of 2024,” according to the WTO. 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 $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, the organisation says. “For example, in the last quarter of 2024, China's transport exports soared by 50%, reflecting a surge in shipments.”
International travellers' expenditure in foreign economies increased by 10% in Q3 2024, and in the first three quarters of 2024, global travel receipts were 15% higher than pre-pandemic levels.
Growth is, however, stabilising after the post-pandemic surge, and visa-free schemes adopted throughout 2024 by many economies have benefited international tourism worldwide. By the end of 2024, international tourist arrivals had almost reached their 2019 levels, suggesting complete recovery for the sector, according to UN Tourism.
Many African economies recorded double-digit growth, including Namibia (+32%), Morocco (+19%) and Tanzania (+18%).
Digitally deliverable services such as computer, financial, business and insurance services were the main drivers of growth.
Computer services continued to rise impressively from January to September 2024, with cumulative exports surging globally by 13%. Rapid growth in computer services exports was recorded in both developed and developing economies.
