Global trade in services continued to grow in the second quarter of 2022 despite the war in Ukraine

The World Trade Organization (WTO) said today, Thursday, that global trade in services continued to grow in the second quarter of this year despite the war in Ukraine.

The WTO trade in services measure settled at 105.5 for the second quarter, well above the previous reading of 102.5, in September 2021.

Among the components of the barometer, the passenger air transport index registered the strongest increase, reaching 117.1.

It was followed by the Services PMI 105.1, and the ICT Services 104.2.

On the other hand, the Financial Services Index lost its momentum and reached 101.7.

The World Trade Organization said the services trade activity index showed slow but steady growth since hitting its lowest level in the second quarter of 2020, during the early stages of the pandemic.

“The index continued to move toward recovery in the fourth quarter of 2021, with a 15.6% annual increase, although it remained 8.9% lower than its pre-pandemic peak, in the second quarter of 2019,” according to the WTO.

Numbers above 100 indicate growth above the trend, while numbers below 100 indicate the opposite, according to the World Trade Organization.

* Translated by Daniel Gallego.

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