World commercial services exports recorded year-on-year growth of 8.3 percent in 2023, to $7.3 trillion, according to data from the United Nations Conference on Trade and Development (UNCTAD).
As part of these flows, international transport sales were $1.352 trillion, a year-on-year drop of 11.2 percent.
In contrast, travel increased at an annual rate of 33.9 percent, to US$1 trillion 521 billion.
The largest exporter of services was the United States, with $1 trillion 027 billion.
World services exports
International trade has become more complex. The changing dynamics of U.S. trade pose both opportunities and challenges for the United States. Previously, U.S. companies sourced most of their production domestically. In addition, they used inputs that were also mostly manufactured domestically.
However, production, trade and investment are now more organized in global value chains (GVCs). In these chains, the different stages of production take place in different countries. This means that products cross borders several times before reaching the final consumer. This international fragmentation has increased the volume of trade related to a final product. It has also increased trade with developing and developed countries.
Sectors
International travel revenues increased by 34%. They surpassed pre-pandemic levels, reaching more than US$1.5 trillion.
On the other hand, transport exports fell 11% in 2023. This decline reflects the slowdown in merchandise trade.
Meanwhile, other services, mostly digitally traded, grew by more than 8 percent.
At the regional level, Latin America and the Caribbean stood out for their growth. Services exports in this region increased by 12 percent. Africa followed with growth of close to 9 percent. Both Europe and North America grew by more than 8 percent, while Asia recorded an increase of almost 8 percent.
In terms of imports, Asia and Europe had the highest growth in 2023. Both exceeded 10 percent. In contrast, African economies only recorded a 1 percent increase in imports over the previous year.