According to the recent report of the World Trade Organization (WTO), trade in services has shown remarkable dynamism in 2024, significantly outperforming trade in goods. In the first three quarters of last year, exports of these services worldwide grew 9% year-on-year, while goods sales rose by only 2%.
In the third quarter of 2024, Asia led the growth in services exports with an increase of 16%, followed by Europe with 8%. However, Latin America and the Caribbean also showed a solid performance, with a increase of 7% overall, highlighting the region's dynamism in trade in services. This growth was accompanied by an increase in imports in all regions.
Transport and tourism
Among the services supporting the production and marketing of goods, the transport sector - according to the WTO - registered a global increase of 14% in the third quarter of 2024, driven by rising shipping rates due to disruptions in major trade routes. Global freight prices reached approximately $4.500, almost four times more than in the same period in 2023, according to data from Freightos, a digital platform that allows you to book and pay for international freight transport.
Asia experienced significant growth in transport services exports, with a increase of 32%, with China (47%) and Singapore (40%) standing out.
Tourism also showed signs of recovery. Spending by international travelers increased by 10% in the third quarter of 2024, and global travel revenue in the first nine months of the year was a 15% higher to pre-pandemic levels. The implementation of visa-free schemes in several economies favoured international tourism, and by the end of the year, international tourist arrivals almost reached 2019 levels, according to the World Tourism Organization (UNWTO).
Latin America and Argentina
In Latin America and the Caribbean, economies experienced significant growth in services exports. According to the WTO, Chile was the leading country, with an increase of 32%, followed by Argentina (26%) and Peru (17%). This boom is mainly due to the expansion of digitally delivered services, including IT, financial, business and insurance services. Digital transformation has significantly boosted demand for these services, both in regional and global markets.
At the global level, the WTO also stated that exports of computer services grew 13% in the first nine months of 2024, with significant increases in countries such as Indonesia (77%), Mauritius (37%) and the United States (18%).
Companies are increasingly outsourcing information technology and software development services. The expansion of e-commerce and digital platforms, even in developing economies, has accelerated this trend. In addition, the growing adoption of artificial intelligence for the development of chatbots, machine learning, predictive analytics and cybersecurity has further increased the global demand for IT services. This trend is expected to continue as businesses adapt to new technologies and growing consumer preference for digital solutions.
In short, the WTO update reiterates the leading role of services in global trade, with growth in Latin America and, particularly, in Argentina. Digitalization and the adoption of new technologies are seen as determining factors in this expansion, opening up both opportunities and significant challenges for the region and our country. This is because the international economy that is coming is based on a system of interrelations supported by electronic and digital media.WTO News)
Aduana News is the first Argentine customs newspaper to launch its digital version. With 20 years of experience, its publications and initiatives aim to provide the most relevant knowledge on customs issues in order to contribute to safe trade in the region.
