EU27 international trade in services declined in 2009 following the onset of the global financial crisis

The global financial turmoil of 2008-2009 had a strong negative impact on the international exchange of goods and services. This paper provides analysis of the international trade in services (ITS) of the European Union in 2008 (final data) and 2009 (preliminary results). The EU remained the largest global player in ITS, but the total exports and imports declined by almost 6% in 2009. However, the impact of the crisis on the international exchange of goods was considerably stronger. The paper summarises also the developments in ITS in the EU by Member State, partner country and service sector.