Football clubs spent a record $1.57 billion on transfers in the January transfer window, the sport’s world governing body FIFA said on Thursday, with an all-time high number of international deals taking place last month.

In the women’s game, the total number of international transfers also reached a new all-time high with 341 across borders, an increase of 30.2% compared to January 2022. A total of $774,300 was spent in the recent window – a new record.

According to FIFA’s International Transfer Snapshot for January 2023, a total of 4,387 international transfers were completed in men’s football in January — the most since the launch of the Transfer Matching System in 2010.

The $1.57 billion spent on transfer fees was some $230 million more than the previous January window record in 2018.

The number of transfers in men’s football increased by 14.4% compared to the same period in 2022, with the total value of transfer fees rising by 49.4% compared to the amount spent in January 2022.

English clubs topped the table for spending on international transfer fees in January 2023 with a total outlay of $898.6m which is 57.3% of total spending in January globally — followed at a considerable distance by France with $131.9m.