Commerce international

In another year of solid growth, global services exports reached $8.9 trillion in 2024, marking an annual increase of 10%. Among the regions, the highest growth was recorded in Asia (11.5%), partly reflecting a recovery of international transport and travel and partly a continued expansion of other services trade. After the slowdown during the COVID-19 pandemic, in most other regions international travel receipts had already recovered before 2024, so in 2024 their growth in services exports was more based on service categories such as financial and insurance services, computer, telecommunications, business, professional, and technical services and intellectual property related charges, most of which can be digitally delivered. Their international trade continued booming in 2024 across the globe, with highest growth rates registered for Africa (+16%).

With almost $1.2 trillion worth of services exported in 2024, the United States of America remained the world leading services exporter by a large margin, capturing some 13% of the global market. They were followed, at some distance, by the United Kingdom ($649 billion). Ireland ($520 billion) made it to the top three for the first time.

China, the leading exporter among developing economies, ranked fifth globally ($446 billion). All top five services exporters from the developing world were Asian. It is estimated they captured 17% of the global market in 2024 and accounted for 57% of the developing economies' total services exports.

The world leading importers remained the United States of America ($841 billion) and China ($611 billion).

The strong growth of international trade in services in 2024 was shaped by varying increases in exports and imports across regions. African economies recorded a 5.7% rise in services exports, while their imports went up by 12.2%. American developing economies' exports rose by 8.7% and their imports by 6.7%. The strongest rise in services exports (+12.1%) was registered in Asian developing economies, while their services imports grew more moderately (+8.6%). Asian developing economies account for 83% of developing economies' total services exports and for 80% of their imports.