• Analysis and Studies
• Financial Services: import and export

The term "financial services" refers to a range of services provided by different firms, such as banking, investing, and insurance; they provide key activities such as enabling transactions, mobilizing savings, managing assets (financial institutions give advice or invest money on behalf of clients who pay them for their services), distributing capital funds, managing risk, deposits, and repayable funds and more. The World Bank estimated that the whole financial sector was worth 653 billion dollars in 2020.

Fees and costs for financial services can vary widely. For relatively simple transactions, compensation can be on a flat-rate basis, based on a commission, or based on profits.

Regulation for the sector is fundamental. Financial services are very important for our economies and their wealth. This is shown by the fact that a crisis in the sector always has some effect on a larger scale. Let's take into consideration the 2008 global recession: the mortgage crisis in the US market spread to the rest of the world through linkages in the global financial system.

Financial services always appear to be something quite difficult to understand. Indeed, there is a great deal of confusion about this world. A future challenge is to push for more financial education in schools and universities. It is important for citizens to know more about the sector, given the great importance, it has in our lives. Everybody has encountered or will encounter financial institutions once. It might be for buying a house or investing. Being aware of the risks and benefits is fundamental.

Let’s take into consideration imports and export of financial services. In 2020, the top exporters of financial services were the United States ($144 billion), the United Kingdom ($78 billion), Luxembourg ($63 billion), Singapore ($31 billion), and Germany ($29 billion).The top importers were Luxembourg ($43 billion), the United States ($42 billion), the United Kingdom ($21 billion), Ireland ($18.841 billion), and Germany ($18.337 billion).

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