The amount represents a 5.8% increase on 2018, with English clubs accounting for the largest total outlay at just over US$1.5 billion – a drop of 22.1% on previous figures.

However, 80% of all spending on transfer fees came from 100 clubs combined, according to the global transfer market report.

Portuguese clubs achieved the highest net balance with US$384 million while those in England produced the largest negative net balance of US$549.9 million.

A total of 18,042 international transfers were made – another record.

They involved 15,463 players of 178 different nationalities.

There was also a 16.3% increase in spending in women’s football, with the total figure rising to US$652,000 from US$560,000.

The number of transfers climbed from 696 to 833.

“It is remarkable to see a new record number of transfers in the men’s market,” said Fifa’s chief legal and compliance officer, Emilio Garcia Silvero.

“We observe as well, increasing all-round figures in the women’s market, which is a sign of the positive overall development of women’s football over the last year which we trust will continue in 2020.”