See IMF (2023), “World Economic Outlook: A rocky recovery”, April, pp. 91-114. McKinsey finds that over the period 2010-19 trade flows became more knowledge-intensive (i.e. professional services, government services, IT services and telecommunications) and they grew at a  faster pace than trade in goods. See McKinsey (2022), “Global flows: The ties that bind in an interconnected world”, Discussion Paper, 15 November. 13.
The IMF notes that “recent large-scale policies implemented by major countries to strengthen domestic strategic manufacturing sectors suggest that a shift in cross-border capital flows is about to take place.