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International trade is the backbone of the global economy, facilitating the exchange of goods, services, and ideas across borders. It fosters economic growth, enhances productivity, and drives innovation. This collection of thematic insights delves into key aspects of international trade, offering a deeper understanding of its diverse components.
With international travel recovery leading the growth, world services exports increased by 7.9% in the second quarter of 2024
Global services exports growth rate, year-on-year, percentage
UN Trade and Development,
UNCTADstat
and the World Trade Organization.
Other includes all services not covered under transport and travel in the EBOPS-2010 classification.
Q2 2024
World services exports increased by 7.9% year-on-year (YoY) in Q2 2024. Travel exports registered a rise of just over 12%. With 6.6% growth, international transport services sales showed recovery, after registering a decrease in every quarter of 2023. Growth in exports of other services was solid in Q2 2024 (+7.1%). Most services in that category can be traded digitally, that is remotely through computer networks. Digitally-deliverable services trade boosted during the pandemic and has since been rising steadily.
The quarter-on-quarter seasonally adjusted growth rate of services exports was estimated at 2.5% in Q2 2024. In Q1, it stood at 1.8%.
Data updated on
25 oct 2024
Travel leads services growth in Asia and Northern America
Growth of services exports by region, Q2 2024 versus Q2 2023, percentage
UN Trade and Development,
UNCTADstat
and the World Trade Organization.
*Other includes all services not covered under transport and travel in the EBOPS-2010 classification.
Figures for Africa are not presented, due to insufficient data coverage.
Q2 2024
Travel exports were the main driver of services trade growth in the post-COVID-19 years. By Q2 2024, international travel receipts had recovered in most regions. In Q2, the recovery was still notable in Asia (19.3%).
Asia also recorded the highest growth in transport exports in Q2 (16.2%). Transport exports were on the recovery in all regions and grew by 12.8% in Latin America and the Caribbean, by 8.8% in Northern America, and by just 1.4% in Europe. Growth of exports of other services was the highest in Latin America and the Caribbean (10%) and Europe (9.8%).
Data updated on
25 oct 2024
Leading services exporters Q2 2024
Services exports, billions of dollars, percentage change (YoY and QoQ-SA)
UN Trade and Development,
UNCTADstat
and the World Trade Organization. .
YoY: year-on-year
QoQ_SA: quarter-on-quarter, seasonally adjusted
Data updated on
25 oct 2024
Leading services importers Q2 2024
Services imports, billions of dollars, percentage change YoY, percentage change QoQ-SA
UN Trade and Development,
UNCTADstat
and the World Trade Organization.
YoY: year-on-year
QoQ_SA: quarter-on-quarter, seasonally adjusted
Data updated on
25 oct 2024
Metadonnées
The presented trade in services statistics follow the IMF Balance of Payments Manual 6 (BPM6, 2009) classification.
Quarterly estimates are based on the statistics available in national and international sources for some 150 economies, representing over 85% of total international services trade.
* Other represents a heterogeneous group of products dominated by various business services, telecommunications and computer services, intellectual-property, insurance and financial services. They are further comprised of construction, personal, cultural and recreational services, and government goods and services (n.i.e.). For this presentation, manufacturing, processing and repair services are also included under other.
Full metadata are available in our Data Centre for Services (BPM6): Trade and growth by main service-category, quarterly.
