 |
 |
20/94 |  |
Trade in services
International trade in services is growing in importance both among OECD countries and with the rest of the world. Traditional services – transport, insurance on merchandise trade, and travel – account for about half of total international trade in services, but trade in newer types of services, particularly those that can be conducted via the Internet, is growing rapidly.
Definition
International trade in services is defined according to the 5th edition of the IMF Balance of Payments Manual (BPM5). Services include transport (both freight and passengers), travel (mainly expenditure on goods and services by tourists and business travellers), communications services (postal, telephone, satellite, etc.), construction services, insurance and financial services, computer and information services, royalties and license fees, other business services (merchanting, operational leasing, technical and professional services, etc.), cultural and recreational services (rents for films, fees for actors and other performers, but excluding purchases of films, recorded music, books, etc.) and government services not included in the list above.
Comparability
BPM5 was issued in 1993 and countries began to implement it in the next two or three years. Prior to that, services were defined according to BPM4. All OECD countries now report international trade in services broadly according to the BPM5 framework, and BPM4 is of interest principally for some historic series that have not been revised. The main difference between them is that BPM5 makes a clear distinction between transactions in services and payments of income. In the 4th edition, labour and non-financial property incomes were included with services. Countries have tried to preserve continuity by revising earlier figures in line with BPM5 but this has not always been possible.
|
Long-term trends Between 1997 and 2005, growth of service imports was highest in Ireland and was also well above average in Greece and Iceland. Imports of services grew relatively slowly in Japan. In the same period, the growth rate of service exports for Ireland was again well above the average and relatively high growth was also recorded for India, Luxembourg and Greece. Rather low relative growth occurred in Turkey, France, and Mexico. Averaged over the last three years, trade in services was relatively balanced for most countries but large surpluses were recorded for United States, United Kingdom, Euro Area and Spain and substantial deficits occurred in Germany and Japan. The fastest growing services in OECD exports are now insurance and computer and information services, and for imports insurance and government services not included elsewhere (n.i.e.). Construction services has been the slowest growing export category. |
Sources
- OECD (2006), Main Economic Indicators, OECD, Paris.
- OECD (2006), OECD Statistics on International Trade in Services: Volume I: Detailed Tables by Service Category – 1995-2004, OECD, Paris.
Further information
Analytical publications
- OECD (2004), Export Credit Financing Systems in OECD Member and non-Member Countries, OECD, Paris.
- OECD (2004), Promoting Trade in Services: Experience of the Baltic States, OECD, Paris.
- OECD (2005), Trade and Structural Adjustment: Embracing Globalisation, OECD, Paris.
- OECD (2006), OECD Trade Policy Studies – Liberalisation and Universal Access to Basic Services: Telecommunications, Water and Sanitation, Financial Services, and Electricity, OECD, Paris.
- OECD (2007), Infrastructure to 2030 (Vol. 2): Mapping Policy for Electricity, Water and Transport, OECD, Paris.
Statistical publications
- OECD (2002), Measuring Globalisation: The Role of Multinationals in OECD Economies, Volume II: Services 2001 Edition, OECD, Paris.
- OECD (2006), International Trade by Commodity Statistics, OECD, Paris.
- OECD (2006), Statistics in International Trade in Services, OECD, Paris.
Methodological publications
- IMF (1993), Balance of Payments Manual, 5th edition, IMF, Washington, DC.
Websites
- OECD International Trade in Services, www.oecd.org/std/trade-services.
| Texts | |
| • | Indicator web page |
| • | Indicator in PDF |
| Tables (xls) | |
| • | Services trade balance: exports of services minus imports of services |
| • | Imports of services |
| • | Exports of services |
| Graphics | |
| • | Services trade balance: exports of services minus imports of services |
| • | Relative growth in imports of services |
| • | Relative growth in exports of services |
Services trade balance: exports of services minus imports of services
Relative growth in imports of services
Relative growth in exports of services
|
20/94 | |