Global value chains (GVCs) remain a central feature of the world economy, operating at record levels in 2024 despite the post-pandemic period and recent geopolitical shocks, according to a new OECD report released today.
Trends in Global Value Chains shows that production continues to span multiple countries, with firms sourcing inputs, services and investment across borders to produce goods and services. Trade linked to global value chains accounted for around 17% of global GDP in 2024, reflecting the large share of trade in intermediate inputs used in production. Total trade remained close to one-third of the global economy.
Multinational enterprises underpin this system. They account for more than half of global exports when including the exports of their foreign affiliates – firms they control abroad – and the exports from their home economy. Domestic sales and exports of foreign affiliates reached 25.6 trillion in 2023, close to the total value of global trade.
Global integration has not reversed. Most economies increased the share of foreign inputs embedded in their exports between 2011 and 2024, largely because they involve activities that depend more on internationally sourced components.
Patterns vary across industries. Manufacturing and transport remain highly globalised. Pharmaceuticals have become more internationally integrated, while the motor vehicles sector shows a partial shift away from imported inputs, indicating targeted adjustments rather than a broad retreat.
Services are also an increasingly important part of global production. Services trade has grown faster than goods trade since 2011 and now accounts for 21% of global GDP, often delivered through foreign firms’ local operations rather than directly across borders.
Global value chains are not fragmenting. They are evolving, with shifts in production, stronger services integration and the continued role of multinational enterprises supporting supply chain resilience.
For further information:
Global value chain data across trade, multinationals and services
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