Global services export hits $7.9trn in 2023
Omeiza Bilal
The UN Trade and Development revealed that world services exports crossed $7.9 trillion in 2023. The amount represents an 8.9 per cent growth in global services exports last year.
In its quarterly bulletin Q4 2023, the UN Agency stated that on a quarter-on-quarter basis, the adjustment in the period under review witnessed a growth rate of services exports by 0.5 per cent, pointing to a slowdown in global services trade over the last few months of 2023.
The report noted that on a region by region basis, the fourth quarter witnessed mixed year-on-year services trade trends, with the highest relative expansion recorded for Asia and Oceania.
“The main driver of the year-on-year rise of services exports in Q4 2023 was the ample growth of international travel receipts. Year-on-year
According to the report, “international travel receipts increased by 40 per cent, continuing the recovery from the COVID-19 pandemic throughout the year.
“Transport dropped by some 12 per cent in 2023. Year-on-year (YoY) quarterly growth was negative for transport in all 4 quarters. Other services, many of which can be traded digitally, recorded a solid rise over the year, surpassing 7 per cent in each quarter.
