International trade

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%. 

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%).