Global trade in services continued to grow in the second quarter of this year, reflecting some resilience to the conflict in Ukraine, the World Trade Organization (WTO) said on Thursday (23.06.2022).
The WTO Services Trade Barometer stood at 105,5 for the second quarter, well above the previous reading of 102,5 in September 2021.
Amongst the barometer components, the air passenger transport index recorded the strongest increase, reaching 117,1.
This was followed by the services purchasing index with 105,1 and information and communications technology services with 104,2.
The financial services index, meanwhile, lost momentum and stood at 101,7. The WTO added: “possibly due to sanctions imposed on the Russian Federation in connection with the conflict in Ukraine.”
The WTO also said the index of trade activity in services has shown a for Growth since it bottomed out in the second quarter of 2020, in the early stages of the COVID-19 pandemic.
“The index continued to move towards recovery in the fourth quarter of 2021 with a year-on-year increase of 15,6%, although it remained 8,9% below its pre-pandemic peak in the second quarter of 2019,” the WTO said in a statement.
Figures above 100 suggest above-trend growth, while figures below 100 indicate the opposite, according to the WTO.WTO Communiqué)
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