The country’s commercial services exports rose 8 percent to hit a record $51.95 billion in 2024 from $48.31 billion in 2023, data released by the World Trade Organization (WTO) showed.
The report, titled “World Trade Statistics: Key trends in 2024” forms part of the Global Trade Forecast released by the WTO on April 16.
The share of the Philippines in the $8.69-trillion global trade in commercial services was 0.6 percent last year, the WTO data showed.
The United States was both the largest exporter of commercial services at $1.08 trillion, as well as importer at $787 billion in 2024.
The WTO said the global volume of commercial services trade is forecast to grow 4 percent in 2025 and 4.1 percent in 2026.
Commercial services are defined by the WTO as services minus government services and are further subdivided into transport, travel and other commercial services.
The bulk, or 65 percent, of Philippine commercial services trade, valued at $33.66 billion, was labeled as “other” commercial services.
The WTO said components of “other” commercial services include communication services (telecommunications, postal and courier services); construction services; insurance services and financial services.
No further breakdown of the numbers were given, and trade and industry officials could not be reached to comment on the WTO data.
Of the total commercial services, about 19 percent or $9.71 billion were in travel services while 7 percent or $3.57 billion were in transport.
