Services exports in Europe and North America grew by only 3% year-on-year in the first quarter of 2025, compared to 8% and 11% respectively during the same period in 2024. Meanwhile, Asia maintained stronger growth at 9%.
The slowdown in services trade was largely attributed to “Other commercial services,” which includes digitally deliverable services such as financial and professional offerings. In 2024, this category made up about 60% of global services trade, with Europe responsible for 40% of those exports.
A closer look at subsectors within “Other commercial services” shows that growth slowed across several areas in early 2025. The United States recorded a modest 4% increase in “Other business services,” down from an 8% rise the previous year. Exports from the European Union remained steady when measured in US dollars but rose by 4% when converted to euros.
Financial services exports increased by just 3%, reflecting reduced investment activity amid global economic uncertainty and currency fluctuations. Both the European Union and United States saw their exports grow by only 2%, while Switzerland experienced a decline of 3%. However, the United Kingdom posted a strong gain of 10%, supported by double-digit growth in exports to the United States.
Intellectual property-related service exports expanded by 4%, lower than the previous year's rate of growth. The sector remains concentrated, with nearly two-thirds of global IP-related service exports coming from the European Union and United States combined.
Construction service exports worldwide dropped by 15%, reversing some gains seen last year. This decrease was notable across several economies: China’s construction service exports fell by a quarter, Korea’s declined by 15%, and those from the EU decreased by six percent.
Computer service exports were less affected by these trends, buoyed by continued demand for artificial intelligence solutions and digital transformation projects. India’s computer service exports rose by thirteen percent; Ireland’s increased nine percent.
Transport service exports globally went up three percent, with Asia leading at ten percent due mainly to China’s thirty-one percent jump. Shipping payments also rose sharply in South and Central America and the Caribbean as goods demand increased.
International travel showed signs of recovery despite challenging conditions, growing five percent overall with tourist arrivals surpassing pre-pandemic levels for the first time since COVID-19 began according to UN Tourism data. Asian destinations saw significant increases—China led with ninety-six percent growth—while North American travel receipts slipped one percent.
Trade performance varied among major traders over January-May: China (+13%), India (+12%), Japan (+11%), while U.S. service exports grew five percent but Canada’s fell six percent. The European Union’s external service export growth stood at three percent; imports grew faster at six percent. The UK saw notable gains both in exports (up nine percent) and imports (up thirteen).
Quarterly statistics are estimates subject to revision; more details can be found on WTO Stats as well as annual data visualizations available through WTO | Statistics — Global Services Trade Data Hub (https://www.wto.org/english/res_e/statis_e/wts2024_e/wts24_toc_e.htm) and WTO | World Trade Statistics (https://www.wto.org/english/res_e/statis_e/gst_hub_e.htm).