Global Services Trade Faces Slowdown Amid Economic Uncertainties
The global services trade experienced a slowdown, growing by only 5% in early 2025 due to economic uncertainties, according to the WTO. The US dollar's strength and global economic instability contributed to this deceleration. Asia, however, maintained robust growth, with China, India, and Japan recording double-digit export increases.
- Country:
- India
The World Trade Organisation (WTO) reported a significant slowdown in global services trade growth in the first quarter of 2025, marking an increase of just 5% year-on-year. This decline is attributed to worldwide economic uncertainties and currency fluctuations, particularly the appreciation of the US dollar against the euro and other currencies.
Despite the overall slowdown, India remains a pivotal player in the global services trade landscape. The WTO highlighted that the typical growth pattern from previous years, where growth rates reached 8% in 2024 and 11% in 2023, was approximately halved in 2025's first quarter.
European and North American services exports saw a mere 3% increase. In stark contrast, Asian economies demonstrated robust performance, with double-digit growth in places like China, India, and Japan, underscoring the region's resilience and economic strength during these turbulent times.
(With inputs from agencies.)
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