Final answer:
The overall level and rate of growth of merchandise exports globally exceed those of commercial services.
Step-by-step explanation:
The statement is True.
Merchandise exports refer to the export of goods produced within a country, while commercial services refer to services like finance, law, advertising, and management consulting. While there has been a surge in international trade in services in recent decades, most global trade still takes the form of goods rather than services. This is because goods such as manufactured products, agricultural products, and raw materials are more commonly traded between countries.
For example, when a country exports cars, electronic devices, or clothing, it is engaging in merchandise trade. These goods are tangible and can be physically transported from one country to another. On the other hand, when a country exports services like software development, consulting, or financial services, it is engaging in commercial services trade. These services are intangible and can be provided remotely without the need for physical transportation.