📈 Global Trade Dependence on Services Exports in 2023

In 2023, services accounted for 25% of global exports. Advanced economies saw services make up 29% of their total exports, compared to 19% in emerging markets and developing economies. While advanced economies contributed 59% of the world's goods exports, they dominated services exports with a 72% share.

Among advanced economies, the United Kingdom, Israel, and Iceland stood out, with services representing over 50% of their total exports. Meanwhile, small developing countries heavily reliant on tourism, such as Albania, the Bahamas, Ethiopia, Jamaica, and Lebanon, saw a significant portion of their services exports tied to travel and tourism.

Luxembourg's services exports were driven predominantly by financial services, while Ireland, the world's fourth-largest services exporter, had export values nearly matching imports. In Malta, government services accounted for around half of services exports.