The Global Services Power Landscape: Leaders of the World’s Fastest-Growing Trade Arena
In 2024, the global commercial services trade reached nearly USD 9 trillion, led by a group of economies with deep capabilities.
In 2024, the global commercial services trade reached nearly USD 9 trillion, led by a group of economies with deep capabilities.
China’s trade as a share of GDP rose from 20% in 1980 to a peak of 64% in 2006 before falling to 37% in 2024 as the economy shifted toward domestic consumption.
The EU dominates both markets, while the U.S. and Brazil remain strong exporters. China plays a larger role as an importer.
In 1995, nearly four-fifths of China’s exports went to just ten economies. By 2024, the top-ten's share was reduced to 51%.
China’s rise from a minor exporter to the centre of global manufacturing redefined world trade flows, reshaped supply chains and forced the global economy to evolve.
While manufacturing has declined steadily in the U.S., EU, Japan and Germany, China has sustained a uniquely high manufacturing share.
As the world’s leading importer, U.S. imports over nearly four decades have reflected the evolving patterns of global trade.
China dominates steel production, accounting for 53% of global output and nearly 1 in 5 dollars of steel exports in 2024.
China alone accounts for a fifth of global crude oil imports while supply remains concentrated in a handful of exporters.
China and the U.S. account for 36% of the world’s oil refining capacity, and only five economies control half of the world’s capacity.