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We take a look at the latest international trade in services estimates published by the United Nations Conference on Trade and Development (UNCTAD) for the 3rd quarter of 2019. The United States is currently the biggest exporter of services in the world
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International trade in services for 3rd quarter of 2019
World services exports recorded a 2.7% increase in the third quarter of 2019 (measured in current United States dollars, year on year). Services other than transport and travel grew at a combined rate of 4.1%, travel increased by 1.4% while transport stagnated. Overall, trade in services growth recovered from the sluggishness observed in the first quarter of 2019
The image below shows the total growth in services exports by region for Q3, 2019 (percentage change year on year in current US dollars)
In the third quarter of 2019, services trade increased across all world regions (regions without sufficient data is not represented in the image above. The highest overall growth was recorded for Asia and Oceania, closely followed by Latin America and the Caribbean. The later region saw an especially strong rise in international sales of other services (6.8%). Northern America average 1.4% overall growth, partly driven by services other than transport and travel. Europe's total services exports increased modestly across all main services categories. Transport services exports dropped in Asia and Oceania and in North America.
The image below shows the growth rate of various services exports by region for 3rd quarter of 2019, percentage change year on year in current US dollar terms.
The image below shows the growth rate of various services exports by region for 3rd quarter of 2019, percentage change year on year in current US dollar terms.
Next we take a look at the leading exporter of services during 3rd quarter of 2019 as well as the leading imports of services during third quarter of 2019. The image below shows the leading exporters of services during 3rd quarter of 2019. And no real surprise that China was the biggest exporter of services for developing economies with their services exports totaling $69 billion during the 3rd quarter of 2019 (and the recorded year on year growth in the exports of services of 9.5%). The United States was the biggest exporter of services world wide (both developed and developing economies), with them exporting $218 billion worth of services during the 3rd quarter of 2019, which reflected modest growth of 2.3% over the last year.
The image below shows the leading imports of services during the 3rd quarter of 2019. The United States was the biggest importer of services world wide, with them importing $154 billion during the 3rd quarter of 2019, which reflected growth of 5.4% with China being the second biggest importer of services world wide (and by far the biggest importer of services of developing economies), to an amount totaling $131 billion for the 3rd quarter of 2019, which was down -2.5% on a year ago.
Germany imported a lot more in services than what it exported with Germany having imported $100 billion worth of services during the 3rd quarter of 2019 while it exported $84 billion worth of services, leaving Germany with a services trade deficit of $16 billion for the 3rd quarter of 2019, this compared to the United States that had a trade in services net surplus of $64 billion for the 3rd quarter of 2019