Global services trade down 30 percent in April-June: WTO
The global trade in services in the second quarter of 2020 plunged by 30 percent year on year, the sharpest drop since the financial crisis in the year of 2008 to 2009, according to data released by the World Trade Organization (WTO) on Friday.
The data show that in the second quarter of 2020, the value of trade in services in all regions of the world declined.
Services exports in the second quarter were down 32 percent in North America, 29 percent in Asia and 26 percent in Europe on a year-on-year basis.
Services imports in the same period were down 36 percent in North America, 32 percent in Asia and 29 percent in Europe on a year-on-year basis.
According to the WTO, tourism was particularly hard hit, with international travelers' expenditure down 81 percent and transport down 31 percent.
Computer services, the fastest growing services sector in the last decade, was the only one to record an increase in exports, which was up 4 percent due to the rising demand for digitalization and home-based teleworking.
Financial services were only marginally affected, according to the data.