Bibliographic Managers
RT Generic
T1 Trade in goods and services outlook in Asia and the Pacific 2024/2025
A1 UN.ESCAP,
YR 2024-12
LK https://hdl.handle.net/20.500.12870/7545
PB UN.ESCAP
AB <p><b>Merchandise goods trade</b></p>
<p>- Merchandise trade expanded in 2024, driven by a broader recovery in global economic activity. Globally, real exports and imports grew by 1.8% and 2.2%, respectively. Asia and the Pacific outperformed global averages, with exports increasing by 3.4% and imports by 3.6%. Notably, global trade grew by 1.6% for exports and 2.9% for imports in nominal terms, while the Asia-Pacific region registered an increase of 2.2% and 4.1%, respectively. </p>
<p>- In 2024, the Asia-Pacific region's merchandise trade surplus decreased to 2.3% of total merchandise trade, down from 3.2% in 2023. This reduction occurred despite continued export growth as import value increased at a faster rate. Strong growth in import demand was due to regional economic recovery, boosted consumer spending and investment while export growth was slower owing to moderate global economic expansion.[1] </p>
<p>- Asia and the Pacific's share of global nominal exports and imports rose slightly in 2024 to 38.9% and 36.7%, up from 38.7% and 36.2% in 2023, reflecting stronger trade growth compared to the global average. </p>
<p>- In 2024, most Asia-Pacific subregions saw real-term trade expansion although in varying degree. South-East Asia (SEA) (5.8%), South and South-West Asia (SSWA) (3.6%), East and North-East Asia (ENEA) (3.2%), and North and Central Asia (NCA) (0.9%) recorded export growth in real terms. Conversely, the Pacific subregion experienced a slight decline in exports. Imports-wise, NCA was the only subregion to see a contraction in merchandise imports. </p>
<p>- Intra-regional trade remains significant, accounting for nearly 60% of the region's total exports in 2024. Ongoing trade reconfiguration is evident, with notable shifts between 2019 and 2024. ENEA economies have strengthened trade ties with Asia-Pacific partners outside its subregion, while slightly reducing exports to the United States. Meanwhile, sanctions and supply chain adjustments have driven NCA economies to redirect exports from the EU towards SSWA and ENEA, signaling a significant realignment in NCA's trade patterns towards Asia.</p>
<p>- In 2025, merchandise trade in the Asia-Pacific region is expected to continue its upward trajectory (figure 1). All Asia-Pacific subregions are expected to see continued export recovery in 2025. Growth rates are anticipated to be higher in SEA and ENEA compared to the Pacific and NCA. Imports are projected to generally align with exports, though growth in SSWA may outpace exports, and NCA’s imports may stabilize under favorable conditions. </p>
<p>- However, trade growth faces significant uncertainties, including slower-than-expected recovery in major economies and potential trade wars. These challenges could dampen the growth prospects compared to 2024 levels, with developing Asia-Pacific merchandise exports particularly at risk. According to WTO (2024) projections export growth in the Asia-Pacific region in 2025 may amount to one-third of the growth recorded in 2024. Given these risks, real merchandise exports in the region are expected to grow between 2.7% and 3.5% in 2025, with developing economies experiencing a more modest growth than developed economies. Import growth is expected to align with exports but remain relatively more resilient.</p>
<p><b>Commercial services trade</b></p>
<p>- The value of commercial services trade continued its recovery in 2024. Globally, commercial services exports and imports grew by 5.8% and 5.5%, respectively. The Asia-Pacific region outperformed the global trends, with export and import growth rates of 8.6% and 6.2%, respectively. </p>
<p>- The region’s robust trade growth in 2024 was primarily driven by the recovery of travel services, which contributed 20.5% of the region’s exports of commercial services. Additionally, significant exports growth was observed in construction, goods-related services, charges for the use of intellectual property, and personal, cultural, and recreational services sectors, which increasingly encompass digitally delivered service categories such as audiovisual content, health services, and education services, among others. </p>
<p>- In 2024, all Asia-Pacific subregions experienced expansion in services trade, though at varying rates. The Pacific (13%) recorded the highest export growth, while NCA (5.3%) had the lowest. Exports from ENEA, and SSWA grew at comparable rates. For imports, ENEA led the growth, followed by SSWA, SEA, and the Pacific. Similar to merchandise trade, NCA was the only subregion to experience a slight decline in services imports.</p>
<p>- Based on the latest data available, intra-regional trade accounts for approximately 20% of the region’s total services, with about 11% linked to ENEA markets, primarily driven by China's role as the largest importer of tourism and travel services. The service trade pattern reflects a strong orientation toward global markets. Additionally, technological advances in digitally deliverable services have enabled the region to diversify its trade destinations beyond neighboring countries.</p>
<p>- In 2025, the Asia-Pacific region's commercial services exports and imports are projected to grow by 8% and 10.9% in nominal terms, respectively. This growth is expected to be driven by expansions in the travel sector and digitally deliverable services, with developed economies anticipated to outperform others in the region.</p>
<p>- Export growth rates are anticipated to increase modestly for ENEA and the Pacific, while exports in the other subregions are expected to continue growing at diminished rates. In terms of imports, all subregions are forecasted to experience higher growth in 2025, particularly ENEA. </p>
<p>- Similar to merchandise trade, services trade growth prospects are also exposed to downside risks. While more resilient, commercial services trade may face indirect downward pressures from disrupted merchandise trade that may reduce demand in sectors such as logistics, finance, and travel, adding complexity to the region’s overall services trade outlook. Additionally, heightened trade tensions can create policy uncertainty, discouraging trade and investment in service industries. </p>
OL English(30)
TY - GEN
T1 - Trade in goods and services outlook in Asia and the Pacific 2024/2025
AU - UN.ESCAP
Y1 - 2024-12
UR - https://hdl.handle.net/20.500.12870/7545
PB - UN.ESCAP
AB - Merchandise goods trade
- Merchandise trade expanded in 2024, driven by a broader recovery in global economic activity. Globally, real exports and imports grew by 1.8% and 2.2%, respectively. Asia and the Pacific outperformed global averages, with exports increasing by 3.4% and imports by 3.6%. Notably, global trade grew by 1.6% for exports and 2.9% for imports in nominal terms, while the Asia-Pacific region registered an increase of 2.2% and 4.1%, respectively.
- In 2024, the Asia-Pacific region's merchandise trade surplus decreased to 2.3% of total merchandise trade, down from 3.2% in 2023. This reduction occurred despite continued export growth as import value increased at a faster rate. Strong growth in import demand was due to regional economic recovery, boosted consumer spending and investment while export growth was slower owing to moderate global economic expansion.[1]
- Asia and the Pacific's share of global nominal exports and imports rose slightly in 2024 to 38.9% and 36.7%, up from 38.7% and 36.2% in 2023, reflecting stronger trade growth compared to the global average.
- In 2024, most Asia-Pacific subregions saw real-term trade expansion although in varying degree. South-East Asia (SEA) (5.8%), South and South-West Asia (SSWA) (3.6%), East and North-East Asia (ENEA) (3.2%), and North and Central Asia (NCA) (0.9%) recorded export growth in real terms. Conversely, the Pacific subregion experienced a slight decline in exports. Imports-wise, NCA was the only subregion to see a contraction in merchandise imports.
- Intra-regional trade remains significant, accounting for nearly 60% of the region's total exports in 2024. Ongoing trade reconfiguration is evident, with notable shifts between 2019 and 2024. ENEA economies have strengthened trade ties with Asia-Pacific partners outside its subregion, while slightly reducing exports to the United States. Meanwhile, sanctions and supply chain adjustments have driven NCA economies to redirect exports from the EU towards SSWA and ENEA, signaling a significant realignment in NCA's trade patterns towards Asia.
- In 2025, merchandise trade in the Asia-Pacific region is expected to continue its upward trajectory (figure 1). All Asia-Pacific subregions are expected to see continued export recovery in 2025. Growth rates are anticipated to be higher in SEA and ENEA compared to the Pacific and NCA. Imports are projected to generally align with exports, though growth in SSWA may outpace exports, and NCA’s imports may stabilize under favorable conditions.
- However, trade growth faces significant uncertainties, including slower-than-expected recovery in major economies and potential trade wars. These challenges could dampen the growth prospects compared to 2024 levels, with developing Asia-Pacific merchandise exports particularly at risk. According to WTO (2024) projections export growth in the Asia-Pacific region in 2025 may amount to one-third of the growth recorded in 2024. Given these risks, real merchandise exports in the region are expected to grow between 2.7% and 3.5% in 2025, with developing economies experiencing a more modest growth than developed economies. Import growth is expected to align with exports but remain relatively more resilient.
Commercial services trade
- The value of commercial services trade continued its recovery in 2024. Globally, commercial services exports and imports grew by 5.8% and 5.5%, respectively. The Asia-Pacific region outperformed the global trends, with export and import growth rates of 8.6% and 6.2%, respectively.
- The region’s robust trade growth in 2024 was primarily driven by the recovery of travel services, which contributed 20.5% of the region’s exports of commercial services. Additionally, significant exports growth was observed in construction, goods-related services, charges for the use of intellectual property, and personal, cultural, and recreational services sectors, which increasingly encompass digitally delivered service categories such as audiovisual content, health services, and education services, among others.
- In 2024, all Asia-Pacific subregions experienced expansion in services trade, though at varying rates. The Pacific (13%) recorded the highest export growth, while NCA (5.3%) had the lowest. Exports from ENEA, and SSWA grew at comparable rates. For imports, ENEA led the growth, followed by SSWA, SEA, and the Pacific. Similar to merchandise trade, NCA was the only subregion to experience a slight decline in services imports.
- Based on the latest data available, intra-regional trade accounts for approximately 20% of the region’s total services, with about 11% linked to ENEA markets, primarily driven by China's role as the largest importer of tourism and travel services. The service trade pattern reflects a strong orientation toward global markets. Additionally, technological advances in digitally deliverable services have enabled the region to diversify its trade destinations beyond neighboring countries.
- In 2025, the Asia-Pacific region's commercial services exports and imports are projected to grow by 8% and 10.9% in nominal terms, respectively. This growth is expected to be driven by expansions in the travel sector and digitally deliverable services, with developed economies anticipated to outperform others in the region.
- Export growth rates are anticipated to increase modestly for ENEA and the Pacific, while exports in the other subregions are expected to continue growing at diminished rates. In terms of imports, all subregions are forecasted to experience higher growth in 2025, particularly ENEA.
- Similar to merchandise trade, services trade growth prospects are also exposed to downside risks. While more resilient, commercial services trade may face indirect downward pressures from disrupted merchandise trade that may reduce demand in sectors such as logistics, finance, and travel, adding complexity to the region’s overall services trade outlook. Additionally, heightened trade tensions can create policy uncertainty, discouraging trade and investment in service industries.
@misc{20.500.12870_7545
author = {UN.ESCAP},
title = {Trade in goods and services outlook in Asia and the Pacific 2024/2025},
year = {2024-12},
abstract = {Merchandise goods trade
- Merchandise trade expanded in 2024, driven by a broader recovery in global economic activity. Globally, real exports and imports grew by 1.8% and 2.2%, respectively. Asia and the Pacific outperformed global averages, with exports increasing by 3.4% and imports by 3.6%. Notably, global trade grew by 1.6% for exports and 2.9% for imports in nominal terms, while the Asia-Pacific region registered an increase of 2.2% and 4.1%, respectively.
- In 2024, the Asia-Pacific region's merchandise trade surplus decreased to 2.3% of total merchandise trade, down from 3.2% in 2023. This reduction occurred despite continued export growth as import value increased at a faster rate. Strong growth in import demand was due to regional economic recovery, boosted consumer spending and investment while export growth was slower owing to moderate global economic expansion.[1]
- Asia and the Pacific's share of global nominal exports and imports rose slightly in 2024 to 38.9% and 36.7%, up from 38.7% and 36.2% in 2023, reflecting stronger trade growth compared to the global average.
- In 2024, most Asia-Pacific subregions saw real-term trade expansion although in varying degree. South-East Asia (SEA) (5.8%), South and South-West Asia (SSWA) (3.6%), East and North-East Asia (ENEA) (3.2%), and North and Central Asia (NCA) (0.9%) recorded export growth in real terms. Conversely, the Pacific subregion experienced a slight decline in exports. Imports-wise, NCA was the only subregion to see a contraction in merchandise imports.
- Intra-regional trade remains significant, accounting for nearly 60% of the region's total exports in 2024. Ongoing trade reconfiguration is evident, with notable shifts between 2019 and 2024. ENEA economies have strengthened trade ties with Asia-Pacific partners outside its subregion, while slightly reducing exports to the United States. Meanwhile, sanctions and supply chain adjustments have driven NCA economies to redirect exports from the EU towards SSWA and ENEA, signaling a significant realignment in NCA's trade patterns towards Asia.
- In 2025, merchandise trade in the Asia-Pacific region is expected to continue its upward trajectory (figure 1). All Asia-Pacific subregions are expected to see continued export recovery in 2025. Growth rates are anticipated to be higher in SEA and ENEA compared to the Pacific and NCA. Imports are projected to generally align with exports, though growth in SSWA may outpace exports, and NCA’s imports may stabilize under favorable conditions.
- However, trade growth faces significant uncertainties, including slower-than-expected recovery in major economies and potential trade wars. These challenges could dampen the growth prospects compared to 2024 levels, with developing Asia-Pacific merchandise exports particularly at risk. According to WTO (2024) projections export growth in the Asia-Pacific region in 2025 may amount to one-third of the growth recorded in 2024. Given these risks, real merchandise exports in the region are expected to grow between 2.7% and 3.5% in 2025, with developing economies experiencing a more modest growth than developed economies. Import growth is expected to align with exports but remain relatively more resilient.
Commercial services trade
- The value of commercial services trade continued its recovery in 2024. Globally, commercial services exports and imports grew by 5.8% and 5.5%, respectively. The Asia-Pacific region outperformed the global trends, with export and import growth rates of 8.6% and 6.2%, respectively.
- The region’s robust trade growth in 2024 was primarily driven by the recovery of travel services, which contributed 20.5% of the region’s exports of commercial services. Additionally, significant exports growth was observed in construction, goods-related services, charges for the use of intellectual property, and personal, cultural, and recreational services sectors, which increasingly encompass digitally delivered service categories such as audiovisual content, health services, and education services, among others.
- In 2024, all Asia-Pacific subregions experienced expansion in services trade, though at varying rates. The Pacific (13%) recorded the highest export growth, while NCA (5.3%) had the lowest. Exports from ENEA, and SSWA grew at comparable rates. For imports, ENEA led the growth, followed by SSWA, SEA, and the Pacific. Similar to merchandise trade, NCA was the only subregion to experience a slight decline in services imports.
- Based on the latest data available, intra-regional trade accounts for approximately 20% of the region’s total services, with about 11% linked to ENEA markets, primarily driven by China's role as the largest importer of tourism and travel services. The service trade pattern reflects a strong orientation toward global markets. Additionally, technological advances in digitally deliverable services have enabled the region to diversify its trade destinations beyond neighboring countries.
- In 2025, the Asia-Pacific region's commercial services exports and imports are projected to grow by 8% and 10.9% in nominal terms, respectively. This growth is expected to be driven by expansions in the travel sector and digitally deliverable services, with developed economies anticipated to outperform others in the region.
- Export growth rates are anticipated to increase modestly for ENEA and the Pacific, while exports in the other subregions are expected to continue growing at diminished rates. In terms of imports, all subregions are forecasted to experience higher growth in 2025, particularly ENEA.
- Similar to merchandise trade, services trade growth prospects are also exposed to downside risks. While more resilient, commercial services trade may face indirect downward pressures from disrupted merchandise trade that may reduce demand in sectors such as logistics, finance, and travel, adding complexity to the region’s overall services trade outlook. Additionally, heightened trade tensions can create policy uncertainty, discouraging trade and investment in service industries.
},
url = {https://hdl.handle.net/20.500.12870/7545}
}
@misc{20.500.12870_7545
author = {UN.ESCAP},
title = {Trade in goods and services outlook in Asia and the Pacific 2024/2025},
year = {2024-12},
abstract = {Merchandise goods trade
- Merchandise trade expanded in 2024, driven by a broader recovery in global economic activity. Globally, real exports and imports grew by 1.8% and 2.2%, respectively. Asia and the Pacific outperformed global averages, with exports increasing by 3.4% and imports by 3.6%. Notably, global trade grew by 1.6% for exports and 2.9% for imports in nominal terms, while the Asia-Pacific region registered an increase of 2.2% and 4.1%, respectively.
- In 2024, the Asia-Pacific region's merchandise trade surplus decreased to 2.3% of total merchandise trade, down from 3.2% in 2023. This reduction occurred despite continued export growth as import value increased at a faster rate. Strong growth in import demand was due to regional economic recovery, boosted consumer spending and investment while export growth was slower owing to moderate global economic expansion.[1]
- Asia and the Pacific's share of global nominal exports and imports rose slightly in 2024 to 38.9% and 36.7%, up from 38.7% and 36.2% in 2023, reflecting stronger trade growth compared to the global average.
- In 2024, most Asia-Pacific subregions saw real-term trade expansion although in varying degree. South-East Asia (SEA) (5.8%), South and South-West Asia (SSWA) (3.6%), East and North-East Asia (ENEA) (3.2%), and North and Central Asia (NCA) (0.9%) recorded export growth in real terms. Conversely, the Pacific subregion experienced a slight decline in exports. Imports-wise, NCA was the only subregion to see a contraction in merchandise imports.
- Intra-regional trade remains significant, accounting for nearly 60% of the region's total exports in 2024. Ongoing trade reconfiguration is evident, with notable shifts between 2019 and 2024. ENEA economies have strengthened trade ties with Asia-Pacific partners outside its subregion, while slightly reducing exports to the United States. Meanwhile, sanctions and supply chain adjustments have driven NCA economies to redirect exports from the EU towards SSWA and ENEA, signaling a significant realignment in NCA's trade patterns towards Asia.
- In 2025, merchandise trade in the Asia-Pacific region is expected to continue its upward trajectory (figure 1). All Asia-Pacific subregions are expected to see continued export recovery in 2025. Growth rates are anticipated to be higher in SEA and ENEA compared to the Pacific and NCA. Imports are projected to generally align with exports, though growth in SSWA may outpace exports, and NCA’s imports may stabilize under favorable conditions.
- However, trade growth faces significant uncertainties, including slower-than-expected recovery in major economies and potential trade wars. These challenges could dampen the growth prospects compared to 2024 levels, with developing Asia-Pacific merchandise exports particularly at risk. According to WTO (2024) projections export growth in the Asia-Pacific region in 2025 may amount to one-third of the growth recorded in 2024. Given these risks, real merchandise exports in the region are expected to grow between 2.7% and 3.5% in 2025, with developing economies experiencing a more modest growth than developed economies. Import growth is expected to align with exports but remain relatively more resilient.
Commercial services trade
- The value of commercial services trade continued its recovery in 2024. Globally, commercial services exports and imports grew by 5.8% and 5.5%, respectively. The Asia-Pacific region outperformed the global trends, with export and import growth rates of 8.6% and 6.2%, respectively.
- The region’s robust trade growth in 2024 was primarily driven by the recovery of travel services, which contributed 20.5% of the region’s exports of commercial services. Additionally, significant exports growth was observed in construction, goods-related services, charges for the use of intellectual property, and personal, cultural, and recreational services sectors, which increasingly encompass digitally delivered service categories such as audiovisual content, health services, and education services, among others.
- In 2024, all Asia-Pacific subregions experienced expansion in services trade, though at varying rates. The Pacific (13%) recorded the highest export growth, while NCA (5.3%) had the lowest. Exports from ENEA, and SSWA grew at comparable rates. For imports, ENEA led the growth, followed by SSWA, SEA, and the Pacific. Similar to merchandise trade, NCA was the only subregion to experience a slight decline in services imports.
- Based on the latest data available, intra-regional trade accounts for approximately 20% of the region’s total services, with about 11% linked to ENEA markets, primarily driven by China's role as the largest importer of tourism and travel services. The service trade pattern reflects a strong orientation toward global markets. Additionally, technological advances in digitally deliverable services have enabled the region to diversify its trade destinations beyond neighboring countries.
- In 2025, the Asia-Pacific region's commercial services exports and imports are projected to grow by 8% and 10.9% in nominal terms, respectively. This growth is expected to be driven by expansions in the travel sector and digitally deliverable services, with developed economies anticipated to outperform others in the region.
- Export growth rates are anticipated to increase modestly for ENEA and the Pacific, while exports in the other subregions are expected to continue growing at diminished rates. In terms of imports, all subregions are forecasted to experience higher growth in 2025, particularly ENEA.
- Similar to merchandise trade, services trade growth prospects are also exposed to downside risks. While more resilient, commercial services trade may face indirect downward pressures from disrupted merchandise trade that may reduce demand in sectors such as logistics, finance, and travel, adding complexity to the region’s overall services trade outlook. Additionally, heightened trade tensions can create policy uncertainty, discouraging trade and investment in service industries.
},
url = {https://hdl.handle.net/20.500.12870/7545}
}
TY - GEN
T1 - Trade in goods and services outlook in Asia and the Pacific 2024/2025
AU - UN.ESCAP
UR - https://hdl.handle.net/20.500.12870/7545
PB - UN.ESCAP
AB - Merchandise goods trade
- Merchandise trade expanded in 2024, driven by a broader recovery in global economic activity. Globally, real exports and imports grew by 1.8% and 2.2%, respectively. Asia and the Pacific outperformed global averages, with exports increasing by 3.4% and imports by 3.6%. Notably, global trade grew by 1.6% for exports and 2.9% for imports in nominal terms, while the Asia-Pacific region registered an increase of 2.2% and 4.1%, respectively.
- In 2024, the Asia-Pacific region's merchandise trade surplus decreased to 2.3% of total merchandise trade, down from 3.2% in 2023. This reduction occurred despite continued export growth as import value increased at a faster rate. Strong growth in import demand was due to regional economic recovery, boosted consumer spending and investment while export growth was slower owing to moderate global economic expansion.[1]
- Asia and the Pacific's share of global nominal exports and imports rose slightly in 2024 to 38.9% and 36.7%, up from 38.7% and 36.2% in 2023, reflecting stronger trade growth compared to the global average.
- In 2024, most Asia-Pacific subregions saw real-term trade expansion although in varying degree. South-East Asia (SEA) (5.8%), South and South-West Asia (SSWA) (3.6%), East and North-East Asia (ENEA) (3.2%), and North and Central Asia (NCA) (0.9%) recorded export growth in real terms. Conversely, the Pacific subregion experienced a slight decline in exports. Imports-wise, NCA was the only subregion to see a contraction in merchandise imports.
- Intra-regional trade remains significant, accounting for nearly 60% of the region's total exports in 2024. Ongoing trade reconfiguration is evident, with notable shifts between 2019 and 2024. ENEA economies have strengthened trade ties with Asia-Pacific partners outside its subregion, while slightly reducing exports to the United States. Meanwhile, sanctions and supply chain adjustments have driven NCA economies to redirect exports from the EU towards SSWA and ENEA, signaling a significant realignment in NCA's trade patterns towards Asia.
- In 2025, merchandise trade in the Asia-Pacific region is expected to continue its upward trajectory (figure 1). All Asia-Pacific subregions are expected to see continued export recovery in 2025. Growth rates are anticipated to be higher in SEA and ENEA compared to the Pacific and NCA. Imports are projected to generally align with exports, though growth in SSWA may outpace exports, and NCA’s imports may stabilize under favorable conditions.
- However, trade growth faces significant uncertainties, including slower-than-expected recovery in major economies and potential trade wars. These challenges could dampen the growth prospects compared to 2024 levels, with developing Asia-Pacific merchandise exports particularly at risk. According to WTO (2024) projections export growth in the Asia-Pacific region in 2025 may amount to one-third of the growth recorded in 2024. Given these risks, real merchandise exports in the region are expected to grow between 2.7% and 3.5% in 2025, with developing economies experiencing a more modest growth than developed economies. Import growth is expected to align with exports but remain relatively more resilient.
Commercial services trade
- The value of commercial services trade continued its recovery in 2024. Globally, commercial services exports and imports grew by 5.8% and 5.5%, respectively. The Asia-Pacific region outperformed the global trends, with export and import growth rates of 8.6% and 6.2%, respectively.
- The region’s robust trade growth in 2024 was primarily driven by the recovery of travel services, which contributed 20.5% of the region’s exports of commercial services. Additionally, significant exports growth was observed in construction, goods-related services, charges for the use of intellectual property, and personal, cultural, and recreational services sectors, which increasingly encompass digitally delivered service categories such as audiovisual content, health services, and education services, among others.
- In 2024, all Asia-Pacific subregions experienced expansion in services trade, though at varying rates. The Pacific (13%) recorded the highest export growth, while NCA (5.3%) had the lowest. Exports from ENEA, and SSWA grew at comparable rates. For imports, ENEA led the growth, followed by SSWA, SEA, and the Pacific. Similar to merchandise trade, NCA was the only subregion to experience a slight decline in services imports.
- Based on the latest data available, intra-regional trade accounts for approximately 20% of the region’s total services, with about 11% linked to ENEA markets, primarily driven by China's role as the largest importer of tourism and travel services. The service trade pattern reflects a strong orientation toward global markets. Additionally, technological advances in digitally deliverable services have enabled the region to diversify its trade destinations beyond neighboring countries.
- In 2025, the Asia-Pacific region's commercial services exports and imports are projected to grow by 8% and 10.9% in nominal terms, respectively. This growth is expected to be driven by expansions in the travel sector and digitally deliverable services, with developed economies anticipated to outperform others in the region.
- Export growth rates are anticipated to increase modestly for ENEA and the Pacific, while exports in the other subregions are expected to continue growing at diminished rates. In terms of imports, all subregions are forecasted to experience higher growth in 2025, particularly ENEA.
- Similar to merchandise trade, services trade growth prospects are also exposed to downside risks. While more resilient, commercial services trade may face indirect downward pressures from disrupted merchandise trade that may reduce demand in sectors such as logistics, finance, and travel, adding complexity to the region’s overall services trade outlook. Additionally, heightened trade tensions can create policy uncertainty, discouraging trade and investment in service industries.
