Trends in Global Value Chains

Global value chains (GVCs) remain highly globalised in the post-COVID-19 era but are being reconfigured in more complex ways. New OECD evidence shows that, in real terms, the use of imported goods and services in world production is near its historical peak in 2024. Recent changes are driven more by shifts across sectors and sourcing structures than by post-pandemic shortening or reshoring of supply chains. This report highlights changing bilateral dynamics among major economies and the growing role of connector economies. It shows that multinational enterprises remain central to international production, with foreign affiliate output rebounding after 2020. In addition, services – especially those supplied through foreign affiliates – are shown to be a larger and more complex dimension of GVCs than cross-border statistics alone suggest. These findings draw on three complementary OECD datasets: real-terms GVC indicators, ownership-based input-output tables and services trade by mode of supply.