The discussion about structural changes in world trade since the Great Trade Collapse is mainly based on the development of gross trade per unit of GDP. Gross trade concepts involve double-counting of trade flows, because imported intermediates used in the production of exports are counted again when the the exporter sends his exports across a border. Trade in value added avoids these double-counting issues and accounts only for the value added embedded in intermediate input, which allows a better understanding of how global value chains (GVCs) operate. Focusing on trade in value added may thus reveal the undercurrents of specialisation and competitiveness that shape the globalisation pattern. Our contribution to the debate on the global trade slowdown is to assess the recent trade dynamics from the perspective of trade in value- added statistics.