What does trade in services mean?

There used to be a very simple rule of thumb defining services as ‘anything that you cannot drop on your foot’. This was probably intended to mean that trade principally comprises goods, services and agricultural products; and services are anything that is not a good (goods being both agricultural and industrial products). The reality is more complex. Intangible (or invisible) trade also covers broader items such as foreign direct investment (which can relate to goods as well as services), intellectual property rights and royalties (which are received as exports from selling a country’s services abroad).

Sustainable Development Goals:

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions