Trade glossary · data

Services trade

Cross-border trade in services such as travel, transport, financial services, IT, and royalties. Reported separately from goods, typically by the IMF and WTO. World Trade Flows does not currently include services.

Services trade has grown faster than goods trade for two decades and now accounts for ~25% of global trade by value. Major categories: travel (tourism), transport (shipping freight, airline tickets), telecommunications and IT, financial services, professional services, and intellectual-property licensing. The US, UK, India, and Ireland are large net services exporters.

Examples

  • A US consulting firm advising a German client = US services export.
  • A Vietnamese tourist staying at a Bali hotel = Indonesia services export (travel).
  • Disney licensing a film for streaming in France = US services export (royalties).

Related terms

Merchandise trade
Trade in physical goods that cross customs borders. Excludes services, intellectual property licensing, and digital goods. CEPII BACI covers merchandise trade only.