Global Growth in Services Trade Surpasses Goods Trade Post-2010

From 1980 to 2011, global services trade grew at an annual growth rate (CAGR) of 7.9%, slightly outpacing the 7.3% growth in goods trade. This trend strengthened from 2012 to 2023, with services trade expanding at 4.6% annually, while goods trade slowed to just 2.3% per year.