  This paper documents a new feature of international trade: the increase in
the number of low-value transactions. Using Spanish data, we show that the
share of low-value transactions in the total number of transactions increased
from 9% to 61% in exports and from 14% to 54% in imports between 1997 and 2023.
The increase in the number of low-value trade transactions is related to the
rise in e-commerce and direct-to-customer sales facilitated by online retail
platforms. In the case of exports, the increase in the number of low-value
transactions is also explained by the fast-fashion strategy followed by
clothing firms.
