The third quarter of 2024 witnessed a significant rise in services exports across various regions, with Asia leading the growth at 16 percent, followed by Europe at 8 percent. North America, South and Central America, and the Caribbean also experienced an increase of 7 percent. The demand for diverse services was reflected in marked growth in imports as well.
"Services are the bright spot of trade," with a year-on-year growth of 9 percent in the first three quarters of 2024. This contrasts sharply with goods trade, which saw only a 2 percent increase during the same period.
Transport services rose by 14 percent as shipping rates climbed due to disruptions on major trade routes. Freight prices globally were nearly four times higher than in Q3 2023, standing at approximately US$4,500 according to Freightos data.
Asia's transport services exports surged by 32 percent, with China and Singapore recording peaks of 47 and 40 percent respectively. China's transport exports soared by 50 percent in the last quarter of 2024 due to increased shipments.
International travelers' expenditure grew by 10 percent in Q3 2024, with global travel receipts surpassing pre-pandemic levels by 15 percent. Growth is stabilizing after the post-pandemic surge, aided by visa-free schemes adopted throughout the year. By late 2024, international tourist arrivals neared their pre-2019 levels, indicating a full recovery for the sector according to UN Tourism.
Travel was further boosted by events like the UEFA European Football Championship in Germany and the Olympics in France. Europe's travel exports increased by 7 percent from a high base in 2023. African economies such as Namibia (+32%), Morocco (+19%), and Tanzania (+18%) recorded double-digit growth.
Other commercial services expanded on average by 8 percent in Q3. The European Union and United Kingdom saw a rise of 9 percent in this category, while the United States experienced a growth of 7 percent. South and Central America and Caribbean economies showed high growth rates with Chile (+32%), Argentina (+26%), and Peru (+17%).
Digitally deliverable services were key drivers of growth, particularly computer services which saw global export surges of 13 percent from January to September (Chart 2). Indonesia recorded a sharp increase of 77%, Mauritius grew by 37%, and the United States saw an increase of 18% (Chart 3). WTO estimates indicate that EU computer service exports grew by 15% year-on-year or by 10% excluding Ireland.
Companies are increasingly outsourcing IT services amid rapid e-commerce expansion and digital platform development. The adoption of AI technologies has accelerated demand for computer services globally.
Quarterly statistics are subject to revisions and available for download at WTO Stats along with monthly and annual statistics. Annual data can be accessed at Global Services Trade Data Hub and WTO World Trade Statistics.