Global service trade slowed to 5% in Q1 of 2025: WTO
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, it said.
Computer services exports were only marginally affected by the broader slowdown, as strong global demand for artificial intelligence (AI), digital transformation, and cybersecurity solutions continued to drive growth. This momentum is expected to persist, supported by ongoing business adaptation to new technologies and rising consumer preferences for digital services. 'During the period, India's computer services exports grew 13%, while Ireland recorded a 9% increase,' WTO said.
As per the report, services exports in Europe and North America increased only 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%.
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Mint
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- Mint
Moscow backs Delhi as Trump warns of higher tariffs in 24 hours
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'Unable to accept the erosion of its dominance in an emerging multipolar world, Washington continues to impose politically motivated economic pressure on those choosing an independent path," she said. Indian action A day earlier, New Delhi had called the targeting of India 'unjustified and unreasonable." In a statement issued on late Monday, the Ministry of External Affairs had said that like any major economy, India would take all necessary measures to safeguard its national interests and economic security. 'The US itself continues to import uranium hexafluoride for its nuclear sector, palladium for EVs, fertilizers and chemicals from Russia," the ministry had said. The statement noted that India's Russian oil purchases were driven by a need to secure affordable and reliable energy after traditional suppliers shifted exports to Europe at the start of the Ukraine conflict. 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New Indian Express
3 hours ago
- New Indian Express
Services sector growth at 11-month high in July, but hiring hits 15-month low
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