Electronic components are an unnoticed but critical part of our daily lives. Chips and other electronic components have become the engine of digital commerce Economic development
More than one-eighth of revenues from trade in goods come from information and communications technology, with 80 percent of such products produced in Asia. According to the United Nations Conference on Trade and Development (UNCTAD), electronic components – chips, circuit boards and sensors – play a key role in the sector’s rapid growth.
Electronic components are an unnoticed but critical part of our daily lives. They are found in smartphones, computers, network hubs, electric vehicles and renewable energy systems. Their production brings significant added value and influences the economic development of countries. Companies that produce components provide more highly skilled jobs and receive sustainable income from exports.
However, the benefits of digital trade are not evenly distributed. Developing countries are often limited in their capabilities: they produce only simple components or engage in assembly. This prevents them from fully participating in the digital economy. Without investment in technology and skills development, such states may remain on the periphery of global trade.
Trends in services
The volume of global trade in services in the field of information and communication technologies, according to UNCTAD, reached $1.2 trillion in 2024. The sector has seen steady growth since 2017, with demand increasing significantly during the COVID-19 pandemic.
Europe leads in the export of information and communication services (for example, in the field of communications and computer services). It accounts for about 57 percent of the total market, while Africa and Latin America together account for less than 3 percent.
Digital goods
Trade in goods that can be delivered remotely in digital format, including films, music and books, grew by 10 percent in 2024.
Developed countries accounted for about three-quarters of exports, amounting to approximately $3.8 trillion, while developing countries exported goods worth about $1.2 trillion.