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WTO: Global services trade loses momentum going into H2

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WTO: Global services trade loses momentum going into H2

Global trade in commercial services lost momentum going into the second half of 2019, according to the World Trade Organization's newly launched Services Trade Barometer.

The barometer gave a June reading of 98.4, suggesting that services trade worldwide continues to face strong headwinds. Readings of 100 indicate growth in line with medium-term trends, while higher figures suggest above-trend growth and those below signal the opposite.

Most of the barometer's component indexes came in below 100 in June, indicating weakness across service sectors. Indicators for passenger air travel stood at 95.6, construction came in at 97.0 and the financial services index settled at 99.7.

Meanwhile, the information and communication technology services index gave a reading of 100.3, while the container shipping index was at 100.8.

"Despite the overall loss of momentum since the start of 2019, services trade has generally held up better than goods trade since the latter is more directly affected by recent trade tensions," the WTO said. The organization is set to release a comprehensive World Trade Report on Oct. 9.