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According to the World Trade Organization (WTO), service exports refer to the cross-border sale or supply of services by residents of one country to residents of another country. Service exports can include a wide range of activities such as transportation , tourism, telecommunications, financial and insurance services, computer and information ...
Trade in services statistics are economic statistics which detail international trade in services.They received a great deal of focus at the advent of services negotiations which took place under the Uruguay Round, which became part of the General Agreement on Trade in Services, one of the four principal pillars of the World Trade Organization (WTO) trade treaty, also called the "WTO Agreement".
International trade in services is defined by the Four Modes of Supply of the General Agreement on Trade in Services (GATS). (Mode 1) Cross-Border Trade – which is defined as delivery of a service from the territory of one country into the territory of other country, e.g. remotely providing accounting services in one country for a company based in another country, or an airline flying ...
The U.S. trade deficit in goods widened to a 2-1/2-year high in September amid a surge in imports, prompting some economists to trim their economic growth estimates for the third quarter.
Services constitute over 50% of GDP in low income countries and as their economies continue to develop, the importance of services in the economy continues to grow. [2] The service economy is also key to growth, for instance it accounted for 47% of economic growth in sub-Saharan Africa over the period 2000–2005 (industry contributed 37% and agriculture 16% in the same period). [2]
These two goods are constituting 53% total imports, 34% total exports and nearly 100% of total trade deficit (136 billion US$) of India in the financial year 2013–14. [2] The services trade (exports and imports) are not part of commodities trade. The trade surplus in services trade is US$70 billion in the year 2017–18. [3]
As my colleague Lee Clifford notes in our inaugural ranking of the 100 Most Powerful People in Business, power is nuanced: hard-won and easily lost, it’s never static.
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