Growth in Services Trade Highlights Trade Barriers

September 24, 2020

Globally, services account for 55% of all global trade flows, equating to $13.7 trillion of cross-border transactions in 2019. That is a 50% increase from 2010.

 

The rapid growth of trade in services has been accelerated by the adoption of new technologies and the digitization of working practices, which COVID-19 has only accelerated. Part of the enabling process has been the explosion of 5G investment. Companies are investing $900 billion worldwide in 5G networks and creating up to 1.8 billion connections to 5G worldwide between 2020 and 2025.