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ICT Trade Value Reports Show Substantial Growth

ICT Trade Value Reports Show Substantial Growth

A recent report released from United Nations Conference on Trade and Development (UNCTAD) showed a significant increase in demand for IoT devices, ultimately boosting the value of information and communications technology (ICT) goods in 2017.

“This is the first time that global ICT goods imports have rebounded since 2014, showing a good 6% annual growth and bringing a reprieve to the past two years of decline,” Shamika N. Sirimanne, Director of the Technology and Logistics Division at UNCTAD, said.

Growth rates remained at a steady eight percent for trade in electronic components while computers and consumer electronics were reported at nine percent.

Countries actively leading imports of ICT goods include China as the largest importer,  and the United States as the top importer. The Republic of Korea leads with the highest growth rate, while Mexico had no growth reported out of all countries in the top 10 list.

“The expansion of electronic components, which are the basic building blocks of electronic circuits and semiconductors, reflects the fact that more and more products and activities are going digital worldwide. Much of this trend can be associated with the advent of the IoT, which has witnessed unprecedented growth since 2015. This trend may be further accentuated in the coming years.” Ms. Sirimanne said.

Source: UNCTAD