World Trade Report 2019: The Future of Services Trade
The World Trade Report is an annual publication that aims to deepen understanding about trends in trade, trade policy issues and the multilateral trading system. The 2019 report examines how trade in services is likely to evolve in response to some major trends, such as demographic changes and impact of digital technologies.
According to the report, trade in services has expanded faster than trade in goods between 2005 and 2017, at 5.4% per year on average. World trade in services has been growing faster than trade in goods, reaching US$ 13.3 trillion in 2017. Services currently account for around three quarters of GDP in developed economies, up from 40% in 1950, and in many developing economies are becoming increasingly services-based. However, trade costs in services are almost double those in goods, but they fell 9% between 2000 and 2017.
Source: World Trade Organization