International trade

World services exports increased by 9.7% year-on-year (YoY) in Q3 2024. International transport services sales continued recovering and grew by 14.4%, after registering a decrease in every quarter of 2023. Travel exports increased by 9.9% in Q3. Growth in exports of other services was also solid (+8.4%). 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 2.8% in Q3 2024 (the same as in Q2).

Transport exports were the main driver of services trade growth in Q3 2024 in most world regions, and particularly in Asia, where a 27.7% year-on-year (YoY) rise was registered. The expansion represents a recovery of global transport services trade, following its downturn during 2023, mostly in exports from Asian and European economies.

International travel receipts led the growth in Q3 2024 in Northern America, recording a 10.0% rise. Travel exports registered a solid growth in all world regions, with Asia witnessing the highest increase. A part of the increase can still be attributed to international tourist arrivals' recovery from the pandemic slowdown in the period 2020 - 2023.

International trade in other services - most of which can be traded digitally - expanded further in all regions, registering a 9.4% rise in Q3 in Asia, an 8.3% in Europe, a 7.4% in Northern America, and a 5.1% in Latin America and the Caribbean. Digitally deliverable services' exports boosted during the COVID-19 pandemic and have since continued expanding.