The value of services exports delivered digitally has continued to increase, reaching $3.8 trillion last year, and accounted for more than half (54 per cent) of total global services exports, according to the World Trade Organisation.
Global exports of digitally delivered services recorded an almost fourfold increase in value since 2005, rising 8.1 per cent annually on average from 2005 to 2022, according to the WTO's Global Trade Outlook and Statistics report.
This outpaced the growth in value of goods exports (5.6 per cent) and other services exports (4.2 per cent), the Geneva-based trade agency said.
Digital delivery includes services traded cross-border through the internet, apps, emails, voice and video calls, and increasingly through digital intermediation platforms such as online gaming, music and video streaming and remote learning.
Growth in global trade is expected to remain “subdued” this year, following a significant slowdown in the fourth quarter of last year amid geopolitical tensions and macroeconomic headwinds, according to a March report by the UN Conference on Trade and Development (Unctad).
Trade is set to stagnate in the first quarter of 2023, but the outlook is more positive for the second half of the year, the UN body said.
Geopolitical factors, persisting inflation and concerns about global debt sustainability will weigh on international trade flows, according to Unctad.
Business, professional and technical services accounted for about 40 per cent of digitally delivered services exports last year, followed by computer services (20 per cent), financial services (16 per cent), intellectual property related services (12 per cent), insurance services (5 per cent), telecoms services (3 per cent), audiovisual and other personal, cultural, and recreational services (3 per cent), and information services (1 per cent), the WTO said.
Europe accounted for more than half of global exports of digitally delivered services last year.
“Asia’s exports have been rising faster than the rest of the world. In 2022, almost a quarter of digitally delivered services originated from Asian economies, and 19 per cent from North America,” the WTO said.
“Central and South America and the Caribbean as well as the Middle East saw an acceleration in growth in 2022.”
However, growth in Africa continued to lag, with the region holding less than a 1 per cent share of digitally delivered services exports in 2022.
Meanwhile, global merchandise trade volume is projected to grow 1.7 per cent in 2023 before nearly doubling to 3.2 per cent next year, the WTO said.
Risks to the forecast include geopolitical tensions, food insecurity, potential financial instability stemming from monetary policy tightening and increasing levels of debt.
“Trade volume growth in 2022 was slower than expected at 2.7 per cent following a fourth quarter slump, but still stronger than worst case scenarios considered at the start of the war in Ukraine,” the WTO said.
The value of world merchandise trade rose 12 per cent to $25.3 trillion in 2022, boosted partly by high global commodity prices.
The report also found that the value of global commercial services trade increased 15 per cent in 2022 to $6.8 trillion.
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Winner: Brraq, Adrie de Vries (jockey), Jean-Claude Pecout (trainer)
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8.15pm: UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
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9.50pm: Handicap (TB) Dh105,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer.
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ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
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The cost of Covid testing around the world
Egypt
Dh514 for citizens; Dh865 for tourists
Information can be found through VFS Global.
Jordan
Dh212
Centres include the Speciality Hospital, which now offers drive-through testing.
Cambodia
Dh478
Travel tests are managed by the Ministry of Health and National Institute of Public Health.
Zanzibar
AED 295
Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.
Abu Dhabi
Dh85
Abu Dhabi’s Seha has test centres throughout the UAE.
UK
From Dh400
Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.
Honeymoonish
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'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
SPECS
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COMPANY%20PROFILE
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
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