The US, France, and the UK set to see the largest growth in the value of cross-border trade in services by 2025
Western Union forecasts 31% increase in global services export. Source: pixabay.com
Western Union and Oxford Economics have found that the value of global trade in services is expected to grow by 31% over 5 years. It is anticipated to rise to $8 trillion compared to $6.1 trillion in 2019.
The report states that while the global economy is suffering in the short-term, trade-in modern digital services will prove comparatively resilient through the crisis.
This way, the value of cross-border flows of B2B, ICT and financial services will decline by just 6% in 2020, compared to the value of goods trade, which will decline an estimated 13%.
Meanwhile, categories such as tourism will decline by nearly 40% in 2020, while air passenger transport will decline by over 50%. As to share of total services trade, these categories are expected to slide to 39% by 2025 – down from 41% in 2019.
We’ve reported that the total value of B2B cross-border payments will reach $35 trillion in 2022, compared to $27 trillion in 2020.
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