Trade in services by category

International trade in services was more severely hit by the COVID-19 pandemic than merchandise trade. Among services, travel and transport were most affected. Owing to a renewed demand for goods, transport recovered well in 2021. By contrast, international travel, particularly long-distance, only saw significant recovery in 2022. At $1 116 billion recorded for 2022 however, travel exports remained 25 per cent below their 2019 record value. Besides travel, construction was the only main service category not surpassing its 2019 exports value in 2022.

Over the period 2017-2022, Africa, Asia, Europe, and Latin America and the Caribbean recorded positive 5-year average growth for main service items other than travel, with the highest increase in telecommunications, computer, and information services. In Northern America and Oceania – in addition to travel – transport services also exhibited negative average annual growth rates over this time period.

Among main service categories, travel exports recorded the highest annual growth in 2022 (75 per cent). They were followed by exports of transport services, which expanded by 24 per cent. Most other principal categories exhibited increases of less than 10 per cent, while financial services exports declined by 3 per cent.

Transport and travel remained significant in services trade of developing economies of Africa and the Americas. They represented close to 60 per cent of all services exported. In developed economies, travel and transport accounted for about a third of total services sold abroad.

In 2021, amid the COVID-19 lockdown that disrupted many traditional trade flows, world digitally deliverable services exports increased by a notable 16 per cent. The expansion continued in 2022 at the more moderate rate of 3 per cent. More than three quarters of digitally deliverable services exports originated from developed economies (some $2 996 billion). Developing world exports were estimated at $946 billion.

In 2022, the growth in exports of digitally deliverable services from developing economies was assessed at 12.6 per cent. The growth was prominent across all developing regions: Africa, Americas, Asia, and Oceania. At the same time, developed economies recorded a relatively modest 0.6 per cent increase. In 2022, the share of digitally deliverable services in total services exports of developed economies was 60 per cent, while for the developing world it stood at 45 per cent.