Mexico led services exports in Latin America and the Caribbean in 2023, informed ECLAC.

In this region, external sales of services were US$227 billion in 2023.

Mexican exports amounted to 56.75 billion dollars and represented 25% of the total in this classification.

In 2023, the top five positions were occupied by the following countries, in millions of dollars:

• Mexico: 56,750.
• Brazil: 45,400.
• Panama: 18,160.
• Argentina: 15,890.
• Colombia: 15,850.

Services exports in Latin America

How do services differ from products? A crucial aspect has to do with the immediacy of the relationship between supplier and consumer. 

Lodging services require the customer to be present. Similarly, a spa service is not transportable.

Similar situations occur in many other cases. For example, in a barbershop or a restaurant.

How does international trade in services occur? When the consumer must go to the supplier or the supplier must go to the consumer. But there are also exceptions. 

Rapid advances in information technology and the growth of global value chains are making more services internationally tradable.

In addition, service providers no longer need to be in the same location as the client. For example, an architect can send building plans in electronic format to a contractor anywhere in the world.

Tourism and transportation

ECLAC reported that Mexico’s leadership is mainly due to its leading role in the tourism sector, which accounts for more than one-third of the region’s exports.

Mexico is also the second largest supplier of transportation and modern services.

Brazil is the region’s leading exporter of modern services. Panama is the largest exporter of transport services.

Argentina is the fourth largest regional exporter of services in general and the third largest exporter of modern services.

Services exports in Latin America and the Caribbean include tourism, transportation, financial services, use of intellectual property, telecommunications and information services, government services, and other professional services, from accounting to legal services.