Spending on transfer fees for international players has declined during the summer transfer window for the 2024-25 season, according to research conducted by the International Federation of Association Football (FIFA) and published on Tuesday.
FIFA said clubs committed to spending $6.46 billion on international player transfers during the June-September transfer window, compared to $7.43 billion during the same period last year.
The average transfer fee paid by clubs in Europe, the richest transfer market ever, was $3.13 million, compared to $3.8 million a year ago.
FIFA's study is not a complete guide, as it does not take into account the biggest transfer deal in the European off-season, and does not include player movements between two clubs in the same country.
Kylian Mbappe joined Real Madrid without paying a transfer fee, as the French star was a free agent after his contract with Paris Saint-Germain expired.
However, Real Madrid paid Mbappe a signing bonus that multiple reports put at between $110 million and $165 million.
The biggest cross-border transfer fee was that of Argentine striker Julian Alvarez from Manchester City to Atletico Madrid, reportedly worth around €75 million ($83 million), and French defender Lenny Yoro from Lille to Manchester United for €62 million ($69 million).
FIFA's study does not include deals between two clubs in the same country.
The top 10 transfer fees, which are not included in FIFA's figures, include England striker Dominic Solanke from Bournemouth to Tottenham, Portugal winger Pedro Neto from Wolves to Chelsea and Dutch midfielder Teun Koopmeiners from Atalanta to Juventus.
English clubs were the biggest spenders, with a net outlay of $1.69 billion on international transfers, and $1.25 billion returned.
The combined spending of clubs in England, Italy and Saudi Arabia has reached at least $400 million.
Belgian clubs made a net profit of $302 million, receiving $412 million from selling players abroad and spending $110 million on players from clubs in other countries, according to the FIFA study.
Those deals included Brazilian striker Igor Tiago moving from Club Brugge to Brentford, and Ghanaian Ernest Nwamah moving from Molenbeek to sister club Lyon.
FIFA said that Argentine clubs received about $130 million more than they spent, while Brazilian clubs made a collective profit of $98 million from international deals.