Demand for IoT components driving value of trade in ICT goods, says UNCTAD

The United Nations Conference on Trade and Development (UNCTAD) has released a study showing that demand for electronic components used in the internet of things (IoT) is driving the value of trade in information and communication technology (ICT) goods. UNCTAD said in a news release that international imports of ICT goods in 2017 reached $2.1 trillion. “Trade in ICT goods grew slightly faster than merchandise trade and represented 13.4 percent of the total in 2017, down from the 16.1 percent high during the dot-com boom in 2000 but the highest in two years,” the UN agency said. Shamika N. Sirimanne, Director of the Technology and Logistics Division at UNCTAD, commented in the same news release that this is the first time that global ICT goods imports have rebounded since 2014, which he said shows “a good 6 percent annual growth and bringing a reprieve to the past two years of decline.”