The global services trade growth slowed in the first quarter of 2025 to 5% year-on-year due to global economic uncertainties, the WTO said on Thursday.
India is a key player in global services trade.
The appreciation of the US dollar against the euro and other currencies, coupled with increased economic uncertainty, contributed to the slowdown in services trade in the early months of the year, the World Trade Organisation said.
"Global services trade growth slowed in the first quarter of 2025 to 5% year-on-year, roughly half the pace recorded in both 2024 and 2023," it said.
It added that services exports in Europe and North America increased only by 3% year-on-year in the first quarter of 2025, down from 8% and 11% respectively in the first quarter of 2024.
In contrast, strong growth was sustained in Asia at 9%
"Double digit exports growth was recorded in Asian economies such as China (+13%, through June), India (+12%) and Japan (+11%)," it said.
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