The United Nations Conference on Trade and Development recently released the latest “Global Trade Update” report stating that trade in services is reshaping the global trade pattern, yet the least developed countries are increasingly marginalized in digital trade. The report shows that over the past decade, digital deliverable services have grown at an average annual rate of 7.1%, and now account for 56% of global service exports. Meanwhile, the least developed countries' share of global trade in services fell to 0.6%, and digitally delivered services accounted for only 16% of their services exports. According to the report, insufficient internet connectivity and digital payment infrastructure are the main barriers limiting the participation of these least developed countries in digital trade. The report calls for strengthening digital infrastructure to help developing economies, especially the least developed countries, to participate more fully in global digital services trade.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.