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Finance & Economics

Western Union forecasts 31% increase in global services export

Aug 12, 2020

The US, France, and the UK set to see the largest growth in the value of cross-border trade in services by 2025

global services export

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.

For far too long the global service industry has been undervalued and its importance underestimated. This report shows that this needs to change. The economic impact of COVID-19 will be felt for years to come, but we can clearly see that the regions and industries that recognize and appreciate the value of global services will be in a better position to drive future success and ultimately, recovery 
Andrew Summerill, President, Payments at Western Union

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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