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MULTILATERAL TRADENEGOTIATIONSTHE URUGUAY ROUND
RESTRICTED
MTN.GNS/W/23*30 October 1987Special Distribution
Group of Negotiations on Services
COMMUNICATION FROM THE EUROPEAN COMMUNITIES
The European Community's External Trade in Services
The attached communication is circulated at the request of thedelegation of the Commission of the European Communities to the members ofthe Group of Negotiations on Services.
English only/anglais seulernent/inglés solamente
GATT SECRETARIATUR-87-0330
MTN.GNS/W/23Page 2
Introductory notes . . .. . .... . . . . . .
General . . . . . . . . . . . . . . . . . . .
Delimitation of the study ...........
Description of the data-base .. . .......
The asymmetr'y discomfort ............
Trade in service of the Community with the rest
Total "market" services ..................... .
Overall trends . . . . . . . . . . . . . . . .
Geographical breakdown .... . ........
Sectoral composition . . . . . . . . . . . .
Individual services items . ..................
Transport . . . . . . . . . . . . . . . . . .
a/ General ........... . .
b/ Individual sub-items ............
Insurance on transport . . . . . . . . . . . .
Travel (Tourist trade) . . . . . . . . . . . . .
Other services. . ...... . .
a/ General ..................b/ Individual sub-items ............
c/ Other Services - Other. .........
Simulation of extra-EUR 12 trade in services
Other services n.i.e) and income items ...
Labour income.................
Investment income ..............
Government services not included elsewhere...
Conclusions ..... . . . . . . . . . . . .
Main findings. . . . . . . . . . . . . . . . .
5.2. Preliminary outlook for 85-190 3.............
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MTN. GNS/W/23Page 3
Appendix 1 Balance of payments tables
- Balance of payments of EUR 9 with geographical zones:for the year 1972.. .............. 41for the year 1975 .. . .... . . . . . . . . . . . . . . . 42
- Balance of payments of EUR 10 with geographical zonesfor the year 1979 ................. ... . ..43for the year 1980 ... 44for the year 191.8.1 ....... . . ,... . 45for the year 1982 . . .46for the year 1983 . . ........ . 47for the year 1984 ................ .. 48
- Balance of payments of Elm 10 for the years 1979 to 1984with Third Countries (ERl ) ........... . . ... 49with U.S.A. ............... . ... . 50'
with Japan . ... 51with Canada ..... . 52with Australia - New Zeal5nd 53with other OECD countries .54with Other Countries. 55not located ....................... . 56
Appendix 2: Description of data weaknesses ... . . . . . . . . . . 57
Appendix 3: Asymmetries in Elm 10's balance of payments
- Intra Community flows - the Current Account . . ......... . 58
- Impact of the asymmetry discomfort on study outcomes ...... . 60
- EUROSTAT's on-going work with respect to asymmetries ... . . . . 64
Appendix 4: Simulated EUR 12's international trade in services . . . 66
Appendix 5 . Other Services Other: synopsis of replies to survey 667
MTN.GNS/W/23Page 4
1. INODUCTORY NOTES
1.1. GENERAL
This document is intended primarily to provide annual information oninternational trade in services for the Community as a whole (EUR 10)for the period 1979-1984. In order to obtain a longer term view,figures for 1972 and 1975 covering EUR 9 are added. EUR 9 figures arefairly well consistent with EUR 10 figures as on the one hand thestructure of Greece's current account is similar to that of the otherMember States and on the other hand Greece's transactions have nosignificant impact on EUR 10 totals.
More particularly, the report attempts to assess- the development of the growth and the importance of internationaltrade in services of EUR 10;
- its geographical and sectoral composition.No analysis of the material will be presented, as this goes far beyondthe intention of this report.
Data are presented according to a scheme derived from thatrecommended in the fourth edition of the International Monetary Fund'sBalance of Payments Manual, supplemented by additional details which arecollected on a regular basis. Data contained in the present documenthave been provided by the national authorities according to astandardized questionnaire. Data in national currencies have beenconverted by FUROSTAT into millions of ECU.
Differences may arise between similar data published in otherEUROSTAT publications and those in this document owing to revisionsincluded in the latter, not being carried out as revisions in thecomplete geographical breakdown data-base.
1.2. DELIMITATION OF THE STUDY
The aggregate "International Trade in Services" has been defined asthe sum of the following services transactions:
* Transportconsisting of
Sea-freightSea-passengersAir-freightAir-passengersOther transport
* Insurance on Transport* Travel* Other services
consisting of:
MTN.GNS/W/23Page 5
Property IncomeBankingNon-merchandise InsuranceConstruct ion/EngineeringFilms/BroadcastingOther services - other
these items are generally regarded as "market" services items, thatis, items the exchange of which is subject to normal market forces.This definition diverges from the standard EUROSTAT presentation asnon-market services and income items are not included, viz. "LabourIncome", "Investment Income" and "Government Services n.i.e.". The lastof these for, example, includes expenditures for embassies and militaryforces abroad, the purchases of which are not determined by normalmarket conditions. Investment income, on the other hand, includesincome from direct and portolio investment. Direct investment income'reflects the gains from the setting up of firms abroad, which undercertain conditions could be of interest in the context of internationaltrade in service's. Portfolio investments are made for purely financialreasons and are unrelated to trade in services. As a clear distinctionbetweenthe two is not possible within the EUROSTAT scheme at present,th)e item comn. ris-ng both has been excluded from the services aggregateanalye:ed. Labour income transactions are clearly not trade in servicesan il covers exclusion all kind of renumerations earned by workers.
NeverthelesF., in order to enable appropriate comparisons to be made,data are also provided for these items (see appendix) and brieflydiscussed, separately, in part3.
As was requested, global figures have been broken downgeographically, focusing in particular on EUR 10 trade in services withit major OECD partners. The following partner countries or areas aredistinguished:
* the United States (US)* Japan. Canada. Australia + New Zealand (Aust/NZ)* Other OECD countries (OECD - other)* Other Countries* Sums Not Allocated (Not All)
The residual component of the geographical breakdown, OtherCountries, accounts sometimes for a very substantial part of extra-EUR10 trade in services. Where appropriate, therefore, the commentary willprovide information on the major contributory zones of this area.
The sectoral analysis examines the relative importance of differentservices transactions in total trade in services. An attempt has beenmade to throw more light upon the contents of "Other Services - Other"by integrating in this report the results of a specific questionnairecovering this item.
MTN.GNS/W/23Page 6
1.3. DESCRIPTION OF THE DATA-BASE
The services data are derived from those which the autorities in thevarious countries compile for their own balance of payments according todefinitions and methods which are not always completely standardized.In order to fill gaps in the data available for certain Member States,some rough estimates have been made by EUROSTAT to make possible theestimation of data for the Community as a whole. Despite the effortsmade to harmonize or to estimate the data, some reservations have to beexpressed concerning the quality of the information provided.
However, taking into consideration the data deficiencies and thenecessary reservations in interpreting the results, the presentdocument, by providing an overall picture of the international trade inservices of the European Community with its major partner countries orzones, gces a long way towards improving our knowledge of the magnitudeand the structure of the Coniunity's external services transactions.
For the sake of completeness, the major data flaws and correspondingremediess" are briefly enrumerated in appendix 2.
Finally, it should be noted that data for the UnIted States as apartner count-ry may be overestimated, since countries may terks toallocate some of their international transactions dernominate-d in US$ tothe United States and because in some Member States U.S.-figozres includeCanada. On the other hand, trade with Japan, Canada and Australia/NewZealand appears to be underestimated as some Member States record thosetransactions in OECD - other, overestimating the latter consequently.
Regarding the pectoral breakdown, data deficiencies seesi; toexaggerate thre importance of the items Other Transport and OtherServices Other at the expense of the other detailed transactions. Thecontents of the latter item, an amalgam of very heterogeneoustransactions, will be analysed more closely in paragraph 3., on thebasis of the replies to a questionnaire aiming at a careful examinationof Other Services Other.
1 .4. THE ASYMMETRY DISCOMFORT
A recurrent discomfort in the analysis of developments ininternational trade (be it commodities, services or other transactions)is the discrepancy in payments statistics, (the degree of which varieswidely among items, however). This particular problem has also beenencountered in the present study; especially in distinguishing betweenintra and extra-EUR 10 trade the discrepancy has come to light. Thetotals of transactions that the European Community countries carry outamong themselves should present identical values for credits (exports)and debits (imports). Consequently, all the balances of theIntra-Community balance of payments items should total zero.
MTN. GNS/W/23Page 7
Unfortunately, in practice, the data in the intra-Community balanceregularly deviate from the figures that would correspond to thisprinciple, as may be seen in appendix 3. The current account ofintra-EUR 10 shows a smoothly increasing positive surplus,in nominalterms, representing on average 2.4 X of the recorded transactions. Thissurplus reflects either over-.recorded receipts or under-recordedexpenditures, or some combination of the two.
As the statistical discrepancy reveals a stable pattern over time,these errors do not seriously distort a time series analysis ofdevelopments in international trade in services, of extra-EUR 10. Thedanger of biased conclusions is further limited since the studyprimarily concerns the trends in flows (credits and debits) and not thenets. A more complete explanation of the trivial impact of asymmetrieson the present data and derived conclusions may be found in appendix 3.
MTN.GNS/W/23Page 8
2.TRADEINSERVICESOFEUR 10 WITH THE REST OF THEWORLD
2.1. TOTAL"MARKET"SERVICES
This part is intended to give an overall view of the EuropeanCommunity's situation in international trade in services. The role ofthe Coanunity with regard to the overall exchange in services as well asthe geographical and sectoral structure are described here, while thenext part (2.2) analyses each services item in detail. Only thetransactions of the Counity with the rest of the world are considered.
21.1. Overall trends
From 1972 to 1982 the credit and debit flows on "InternationalTrade in Services" between the European Couunity (EUR 10) and the restof the world have increased by a multiplier of by five and a half.Services exports increased from ECU 20.7 to 111.6 billion, while importsincreased from ECU 19.8 to 103.2 billion. This implies annual growthrates of 16.6 S and 16.2 % respectively over the intervening period, asis shown in the summary table below (derived from the figures inappendix 1).
GROWTH OF INTERNATIONAL TRADE IN SERVICES OF EUR 10(annual growth rates in percentages)
1979-1984 1972-1984CREDITS DEBITS CREDITS DEBITS
WORLD + S + 13.91 13.67 17.66 18.1012.03 11.32 16.62 17.03
S + I 18.10 19.25 20.01 20.41S 11.53 11.79 1 16.46 15.93
INTRA H + S I ! 11.77 11.64 17.09 16.83N I 10.77 10.43 1 16.38 16.12S + I 14.95 15.49 1 19.42 19.12 1S 9.96 10.01 16.30 15.46
EXTRA M + S 4 I 1 15.80 15.45 1 18.14 19.23 11 13.38 12.24 1 16.86 18.12 1
S + I I 19.89 21.57 1 20.32 21.16 1IB 1 12.73 13.00 1 16.55 16.24 1
I 1 Itransport 1 10.31 11.99 1 14.58 14.52 1insurance 1 16.15 16.17 1 15.63 17.98 1travel ! 14.56 10.49 1 16.11 14.66 1other ser 1 13.80 15.67 1 18.63 19.46 1
M= Merchandise; S = Services; I = Income.
MTN.GNS/W/23Page 9
From this long term perspective it emerges, moreover, that extra-EUR10 trade performance was less good in the more recent period 1979-1984,than over the entire period. Between 1972 and 1979 trade figures -bothfor merchandise and services- tripled, whilst they only doubled between1979 and 1984, implying average annual growth rates for the latterperiod of 12.7 % and 13.0 x for extra-EUR 10 services exports andimports respectively. This finding is not so surprising, given the wellknown deceleration of the international trade of most industrialcountries during the first half of the eighties. More startling,perhaps, is the parallel development of credits and debits; theyseemingly follow an identical growth path.
These period growth rates mask, however, some markedfluctuations inthe year to year variations, as is shown below.
YEARTO YEAR VARIATIONSIN EXTRA/EUR 10 TRADE INSERVICES
1979 1980 1981 12982 1983 1984
exports (13.6) 15.6 21.3 5.3 9.7 12.2imports (16.1) 18.0 23.7 8.0 3.9 12.3
) estimates
Exports and imports showed accelerating increases up to 1981, theirgrowth rates fell sharply in 1982-1983 and they regained their strengthin 1984. Whilst exports suffered for only one year, the slow down wasspread over two year in the case of imports. The rupture in the growthpattern, most acute in 1982 and less dramatic in 1983, is an essentialfeature of extra-EUR 10 trade in services; its is encountered in allrelated time series.
Another interesting feature of the table is the divergent growthpattern of different transactions. Generally, extra-EUR 10 trade inservices has developed in a similar way to trade in merchandise, as isshown in graph 1. Services exports rose from ECU 20.7 billion in 1972to ECU 111.8 billion in 1984, services imports from ECU 19.7 billion toECU 103.2. The corresponding figures for merchandise were ECU 64.2billion to 356.4 billion and ECU 57.2 billion to 357.4 billion. Butfrom 1979 to 1984 growth rates of services exports decelerated a littlefaster than those of merchandise; the contrary is true for imports.Income transactions held firm during the last period, as emerges fromthe higher rates for Services + Income ( I). This fact isessentially due to the share increase in "Investment income", caused byrapidly surging volumes of international capital movements and bysky-rocketing interest rates.
MTN.GNS/W/23Page 10
GRAPG1:Extra-EUR10trade in services and merchandis(in ECU billion,los,scale)
TOOO CREDITS DEBITS
100
72 p5 '79 80 81 82 83 84 72 75 79 80 81 82 83 84
0 MERCHANDISE U SERVICES
Thirdly, the table provides some insights into the sectorscontributing to the growth of services trade. The most dynamic sectorsseem to be "Travel" and "Other services", with annual growth rates of14.6 % and 13.8 % over the period 1979-1984, followed by "Transport"with 10.3 %. The order is reversed for the period 1972-1984, indicatingon the one hand an acceleration of travel exports and on the other,perhaps a more accurate recording of transactions, reducing theimportance of the residual item. "Insurance" has a higher growthrate,13.3 %, but its weight in total services is significantlyunder-stated, owing to recording of net figures for "Insurance'-, whilstother are in general gross figures. For "Other Services' the growthrate of imports is higher than that of exports.
Finally, and maybe astonishing, EUR 10 trade in services hasdeveloped much faster outside than inside the European Conmmity between1979 and 1984. Whilst both growth rates were nearly identical in19;2-1984, they diverged considerably during the most recent years; viz.extra-EUR 10 services exports grew at 12.7 % and imports at 13.0 %,against 10.0% and 10.0 % for trade in services between the EuropeanMember' States. Consequently, the share of extra-EUR 10 in total EUR 10services trade has grown steadily from 1919 to 1984, except for atemporary fall in 1982, both on the export and the import-side, as isshown below.
SHARE OF EXTRA-EUR 10 INTOTAL EUR-10 SERVICES TRADE(2)
1979 59.6 58.21980 59.7 58.61981 61.2 61.11982 59.4 61.21983 62.7 61A11984 62.9 61.5
MTN. GNS/W/23Page 11
Although it was stated in par ;--t- 1.4 that the net position ofextra-EUR 10 trade in services i.--, primary concern in this report,nevertheless a brief allusion t.. as to be made. Over the wholeperiod concerned EUR 10 reports a surplus in its external trade inservices. In 1984 the surplus peakted at ECU 8.6 billion, representingabout 8 % of services exports. Traditional deficits appear for"Insurance" (ECU -0.4 billion in 1984) and "Travel" (ECU -0.7 billion),although the deficit in the latter is narrowing significantly. "OtherServices" accounted almost entirely for the surplus, ECU 10 billion in1984, whilst "Transport", in surplus untill 1983, turned slightlynegative in 1984 (ECU -0.4 billion). The distribution of the surplus in"Other Services" will be analysed further on.
2.1 . 2. Gyec-a <hLbreakdown
The overall figure on external trade inhowever, some major variatio.>\. between partnergraph 2 shows the share of partner countries; thefigures.
services disguises,countries or zones.table gives absolute
GRAPH 2: Geographical breakdom of exra-EUR 10 services(avereae 1979-1984. E
INTERNATIONAL TRADE IN SERVICES(1979-1954) averageBUR - 10 Vitt: Rio BCU
U S.A JAPAN CANADA AUSTR. NZ. OTHER OTHER UN- EXTRAOECD COUNTRIES ALLOCATED BUR 10:
4 2 3888
219041984
2881
1 6451236
15941305289
21411238
903
18351
24938-6587
328665
25578
72l8
50904487
603
86M12
812605552
NoR AoDaS.d Not DllBtet
26 U~~~~~~6i
Ot OthCour~trte. <Jw5g "
Cnu, c';t.1 ,Utt5N) g'-4r*;'..A2\?21 ~~ ~ ~ 3 S J.S .#AutV 3 U9
et/Irz3 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ei
2!D nt* OMz t!%
II
II
MTN.GNS/W/23Page 12
The geographical structure seems to be virtually stable over time, sothat in this commentary only ,he six-year averages are presented anddiscussed. It is shown that about 60 % of extra-EUR 10 servicestransactions have been carried out with other OECD countries. Amongthese, the US was by large the most important partner, accounting for 282 of exports and 27 % of imports. With the four individually mentionedOECD-partners (the US, Japan, Canada and Aust/NZ) EUR 10 has recorded asmall surplus, which was offset by a more than corresponding deficitwith OECD-other (ECU - 6.6 billion). Traditionally, EUR 10 reported adiscernible trade surplus with the non-OECD countries, a surplus whichamounted to ECU 7.8 billion in 1984. Given the important, butdeclining, share of Other Countries in extra-EUR 10 trade in services afurther breakdown is perhaps desirable. From the extended data-base itemerges that the most important sub-zones, OPEC, ACP and State-tradingCountries (STC), accounted respectively for 17 %, 10 X and 12 x onaverage (i.e. over the six years and imports + exports).
A geographical breakdown by service transactions is outlined in graph3. For reasons of visual clarity Canada and Australia/New Zealand areaggregated with OECD-other. It can be seen that the overall servicespresentation masks some variations between the items. A. sCch it isclear that the US is the most important single partner for the foursectors, except "Trav.". Whilst the share of Japan, Cana-a and Aust/NZvaried little among sectors, those of the other areas did, as will bediscussed in more detail later on. Finally, the graph indicates themagnitude of the different sectors. Once again the predominant positionof "Other Services" appears; next important are 'Transport" and"Travel".
GRAPH 3: Geographical breakdown by service item (ECU .billion)(average 1979-1984)
4C D NCV1
E2 0oC70 thE."
D *jAFA!N20
IoI0
OTHER TRANSPORT TRAVEL INSURANCE onSERAVICES TRANSPORT
.4c , 13 NClI;
MTN.GNS/W/23Page 13
2.1.3. Sectoral composition
The sectoral structure of extra-EUR 10 services trade is presented ingraphs 4 and 5. The most important items within the servicestransactions were : "Transport" with about 36 x of the overall creditand debit flows, "Travel" (about 22 %) and 'Other Services" with about41 % of the aggregate flows. "Insurance on Transport" accounted onlyfor 1 x of services trade. The global percentages of graph 4 are splitup in graph 5 among major trading partners.
GRAPH 4 :Sectoral structure of extra-EU 10 services(average 1979-1984. 1)
DJ rrS
Trvr.ftport goI\
It can be seen that for EUR 10 "Other Services" is the most importantservices sector in its trade with the US and Other Countries. Theshares of "Transport" and "Travel" showed marked variations amongpartners; with Japan "Transport" is the most important imported service(on average 68 V), whilst for OECD-other "Travel" represented thehighest proportion (49 V). The; share of "Insurance" hardly changed andwas of some interest only in EUR 10 trade with Japan.
The analysis hitherto carried out was based on very general servicessectors; viz. "Travel", "Transport" and the very heterogeneous "OtherServices". Consequently, the importance of "Insurance' was perhapssomewhat biased as it is really the only which refers to a singleservice sector. Therefore, in the remainder of this report moreattention will be payed to the individual sub-items, with in particulara closer examination of the contents of the latter two sectors. Abreakdown of "Travel" in sub-items is not yet feasible. To concludethis first part, the simulated results for extra-EUR 12 trade inservices are analysed in the next paragraph.
MTN.GNS/W/23Page 14
GRAPH 5: Sectoral breakdown bypartnercountry(2)
UNITED STATES JAPAN Other OECD
5 OTHER E TRAVEL U INSURANCE onSERVICE'S TRANSPORT
Other COUNTRIES
TRANSPORT
MTN. GNS/W/23Page 15
2.2. INDIVIDUAL SERVICES ITEMS
2.2.1. Transport
a/ General
The item "Transport" covers freighting and other distributionservices relating to merchandise, as well as services of the sae type
performed for most other goods. The hewing "Transport" includes
services performed by carriers, principally under the heading "Travel",together with goods and services acquired by carriers and consumed intheir operations. The main flows recorded under this heading for theperiod 1979-1984 were as follows.
TRANSPORT(1979-1964) averageBUR 10 with Nio BCU
U.S.A JAPAN CANADA AUSTR. NZ. OTHER OTHER UN- EXTRAOECD COUNTRIES ALLOCATED BUR 10
1178
1114
636650
1071
79064 -14 287 -19t
Q0O3i2292-29
2555 31260 12259 30209 '296 1051 |
The item as an
percentage error(see appendix 3).of ECU 1051 mio,-371 mio in 1984.
aggregate has been reported by all Member States. Theof intra-EUR 10 flows varies between 2.7 x and 6.4 %
The ex-tra-EUR 10 surplus fluctuated around an averagewith a peak in 1980 of ECU 2588 mnio and a low of ECU
The geographical breakdown of the "Rest of the World" shows thatabout 26 % of the Community's trade in transport with other countrieswas accounted for by the United States. The OECD as a whole accountedfor about 54 % of the Comnunity's credits and debits on transport.
GRAPH 6 :georaphical boakdown of extra-EUR 10Transports(average 1979-1984)
8345
896
CRIDTS MITI
Not All-omted Not Al-ae
states Contie
40%
38 4
MTN. GNS/W/23Page 16
b/ Individual sub-items
The data on additional details on transport should be interpretedwith the reservation that some countries did not give a completebreakdown of the additional items. Estimates were made by EUROSTAT tocalculate the EUR 10 aggregate. The sectoral and geographical breakdownare presented in the combined graph 7.
GRAPH 7: Geographical breakdownby transportitem(ECUbillion)(average 1971-184)
5o NOT ALL
DJ OTHER
Ed OECDother
12
9
6D
C
OTHER SEA - AIR - AIR - SEA -TRAN.SPORT FREIGHT PASSENGERS FREIGHr PASSEGERS
Sea Transport
These items are equivalent to the NACE-CLIO groups 741 and 742,which include units exclusively or primarily engaged in thetransportation of passengers and goods in sea-going and coastal vessels.Also to be classified under this heading are units exclusively orprimarily engaged in the operation of sea-going tugs.
Sea Transport - Freight
The definition of this item corresponds to the IHF Balance ofpayments Manual, fourth edition, paragraph 261. (see appendix 5).
Sea-freight was on average the most important sub-item of theaggregate "Transport". Normally it recorded a fast growing deficit,except in 1980, attaining a record deficit of ECU -2466 mio in 1984.The credit and debit figures for Sea - freight represented about 41 X ofaggregate transport figures.
D
* JAPAN
: US
MTN. GNS/W/23Page 17
SEA TRANSPORT-BRIGHTEUR - 10 Vith, (1979-1984) average Rio BCU
U. S. A JAPAI CANADA AUSTR. EZ. OTHER OTHER UN- EXTRAOBCD COUNTRIES ALLOCATED E1W 10
* 3835 464 155 637 1501 4467 1153 12W27- 3479 498 275 224 2084 5454 1151 13164
356 -34 -119 413 -57 968 12 -937
Transport - Passenger Services
The definition of this item corresponds to the IW1F Balance ofPayments Manual, fourth edition, paragraph 265.. (See appendix 5)
This sub-item was of least importance for transport services.However, credits and nets showed a regular upward trend over the period.
SEA TRAISPORT-PASSEIEGB SERVICESEDi 1tO Vith: (1979-19841 average Rio ECD
U. S.A JAPAN CANADA AUSTB. IZ. OTHER OTHBR UN- EXTRAOECD COUITRIES ALLOCATED 1UR 10
,+ 30 t17 26 98 58 110 219 843.,- 36 8 2 0 85 37 16' 334
9 24 -27 80 52 509- . - . . . . - - . - - - ....-- - . - . - - - . . - . . . . - . . - . . . . . .
Air transport
These items are equivalent to the NACE-CLIO group 750, whichincludes units exclusively or primarily engaged in the transport ofpassengers and goods by air on scheduled or chartered services. Also tobe classified under this heading are helicopter and air taxi. services,local pleasure flight operators etc. Also to be included are cityoffices of airline companies. Not included, however, are unitsexclusively or primarily engaged in aerial advertising aerial sprayingor aerial photography and not transporting passengers or goods.
Air transport - Freight
The definition of this item corresponds to the IMF Balance ofPayments Manual, fourth edition, paragraph 261. (See appendix 5).
AIR TAISPORT-PRBIGHTKU 10 with: it9T9-1964) average lio ECU
U. S. A JAPAN CANADA AUSTR. NE. OTHER OTHER Ua- EXTIAOECD COUITRIES ALLOCATED RUE 10
', +207 48 26 16 116 414 467 1294'- 122 15 23 16 105 367 167 751
85 33 3 0 It 47 300 543
MTN. GNS/W/23Page 18
Air Transport - Paissenger Services
The definition of this item corresponds to the IMF Balance ofPayments Manual, fourth edition, paragraph 265. (See appendix 5).
Both sub-items Air-freight and Air passenger services showedsurpluses for the entire period. Passenger services were on averagefour times as high as Air-freight. Trade in both sub-items was largelyconcentrated in the categories Other Countries and Not Allocated.
AIR TRANSPORT-PASSENGER SERVICESEUR 10 with: (1979-1984) average NioBCU
U. S. A JAPAN CANADA AUSTE. RZ. OTHER OTHER UR- EXTRAOECD COUNTRIES ALLOCATED EUR 10
+ Y876 1.96 l41 865-t 20el 5156 5557585 76 t1?4 93 51i 1596 1207 4192291' 120 l 7 70 455 09 1365 '
Other Transport
"Other Transport" is a residuall item that includes other shipmentservices (IMF, Balance of Payments Manual, fourth edition, paragraph265), port services etc. (I3PM, paragraph 270 to 277), (see appendix 5).This item includes not oillly known services (port services, airportservices, etc.) but also transactions which cannot be classified in theother transport items. Theicredit and debit figures for this item madeup about 37 % of the aggregiote transport figures.
OTHER TVAISPORTSUR - tO vith: (19T9-1914) average BID ECU
U. S. A JAPAK CAKADii AUSTR. IZ. OTH8R OTHER Ul- EXTRTAOECD COUKTRIES ALLOCATED EVR 10
+t 3119 45, 286 240 3204 4945 -909 11339- 3228 5Si 2261 457 2872 4839 -310 11768
-l09 -6i2 60 -217 332 106 -539 -429
The balance on this itein has steadily declined from 1981 onward.From small surpluses in 1979 (ECU 62 mio) and 1980 (ECU 171 mio) itturned negative, with a record deficit of ECU -1327 mio in 1984.
MTN.GNS/W/23Page 19
2.2.2. Insurance on transport
This item covers the insurance of movable property while it is in
transit. "Insurance on Transport" was not reported separately by theUnited Kingdom and Ireland. For the UK the figures on this item ar
included in the item "Non-merchandise insurance" (see below). Thus, ifthe overall sum of the two insurance items for EUR 10 is analysed thenet situation might differ. The figures below represent in fact EUR 8.
INSURANCE 0N TRANSPORT
Zug - 10 Vilth: (1979-1964) average N go
U.S.A JAPAN CANADA AUSTR. I1.. OTHRR UN- A n 11
OCID COUNTERlS ALLOCAUY ag 10
377 29 21 6 '! 68 8b 910V431 60 28 to 254 291 so MO:-54 -31 -T -4 -107 -29 -18 -250
A permanent deficit towards the rest of the world is apparent,attaining ECU -348 mio in 1984. The lion's share of transactions in"Insurance on Transport" seems to be performed with the US, but there isprobably some positive bias caused by the denomination of transactionsin US$. They accounted for about 41 % of the Community's exports andfor about 37 2 of its imports. Both these percentages have risen duringthe six years under review, except in 1983 when a marked drop wasrecorded.
OR-AM 8 :feorarhical breakdown of "Inswrances"(average 1979-1984)
MTN.GNS/W/23Page 20
2.2.3. Travel (tourist trade)
Travel exports cover all goods and services acquired from an economyby non-resident travellers during their stay on the territory of thateconomy and for their own use; imports cover all goods and servicespurchased by residents of the declaring country during their stayabroad. It thus reflects international tourism and business traveland corresponds to the IMF Manual and World Tourist Organisationdefinitions of international "Tourism".
TRAVEL
VUI - 10 with: (1979-1984) average Rio ECU
U S. A JAPAN CANADA AUSTR. NZ. OTHER OTHER UV- EXTRAOECD COUNTRIES ALLOCATED EUR 10
5322 323 393 452 6120 3637 -366 160082- 3017 110 30T 196 12109 4103 103 19977
2305 213 56256 -5969 -286 -479 -3895
-- --
The deficit of EUR 10 with the rest of the world grew steadilyfrom 1979 to 1982, peaking at ECU - 7738 mio. From then on the deficitdeclined very quickly, probably reaching equilibrium in 1985. Thedeficit was nearly completely attributable to net travel outflows toward
OECD -other.
The geographical breakdown of the travel expenditures andreceipts reveals that the European Community earned most from OECD -other (37 %) and the US (31 %), while Community tourists spentpredominantly in OECD - other (61 V), followed next by Other Countries
and the US. The high share of OECD-other is in particular accounted forby travel spending in Spain and Portugal.
GRAPH 9 :Geographical breakdown of travel (average 1979-1984)
CREDIT Pans
Not Allocated U.Lt d S t t do
Other -
21% CanadaIUnited £ut/NZ I 9
23 States~~~~~~tat..
61N
MTN. GNS/W/23Page 21
2.2.4. Other Services
a/ General
This item comprises a variety of services transactions, in particularthose transactions which are difficult to classify. The asymmetries onintra-EUR 10 trade (see appendix 3) are particularly large, but with adownward trend, both in absolute and in relative values (ECU 1660 mio in1984, equal to 6.6 x of the arithmetic mean of credit and debit flows).For this reason, inter alia, the Extra-EUR 10 figures should beinterpreted with care.
Compared with the previous GATT-contribution (covering 1979-1982)EUROSTAT has substantially changed the data included in "Other Services- other" (OSO). In the earlier document the Merchanting trade (animportant component part of OSO) of France was estimated on a grossbasis, including not only commissions but also the values of themerchandise concerned, considerably inflating the size of OSO. Thiscompilation method is inconsistent with the procedure of the otherMember States, which report Merchanting trade on a purely net basis.Therefore, EUROSTAT has estimated net figures for France in order toenhance the consistency of the data. EUROSTAT is also endeavouring toharmonize the different national compilation methods with respect toMerchanting trade.
The available data show a continuously rising surplus of EUR 10towards the rest of the world (except in 1982) amounting to ECU 10billion in 1984. Credits and debits seem to have risen at a veryregular pace. The geographical distribution of "Other Services" ispresented below in graphs 10 and 11 and in the corresponding table.
GRAPH 10 : Geographical breakdown of "Other Services"(average 1979-1984)
CAEDITS DEBITS
Not AllocatedNot Allocated 7 %
United States
Other Other United
OEC - other
MTN.GNS/W/23Page 22
GRAPH11 : Geographicalbrakedownof sub-itemsof"otherServices" (average 1979-1984)
25
C NOT ALL20 D OTHER
15 other
C . JAPAN10 US
5 D
OSO CONSTRUCTION PROPERTY non-MERCHAND BANKING
INCOME INSURANCE
OTHER SERVICESEUR -10 vith: (1979-1984) average Nio ECU
U.S.A JAPAN CANADA AUSTR, NZ. OTHER OTHER UK- EXTRAOECD COUNTRIES ALLOCATED EUR 10
9844 1351 544 606 6618 16158 2839 38560 i11007 361 320 242 6918 8866 2035 29914-1163 990 224 364 -300 7892 804 8646 '
b/ Individual sub-items___________________
Property Income
The definition of this item corresponds to the IMF Balance ofPayments Manual, fourth edition, paragraphs 321 to 324 (see appendix 5).
PROPERTY INCOMEBUR - 10 with: (1979-1984) average Rio BCD
U. S. A JAPAN CANADA AUSTR. NZ. OTHER OTHER UN- EXTRAOECD COUNTRIES ALLOCATED EUR 10
* 995 313 38 62 372 465 348 25932661 53 41 6 654 113 384 3911-1666 260 -3 56 -282 352 -36 -1318
The transactions under "Property Income" accounted on average for 6.7and 13.1 % of OSO's credits and debits. They rose significantly
faster than the aggregate 060, viz. 16.96 % and15.31 % for credits and
MTN.GNS/W/23Page 23
debits against 13.80 % and 15.67 %. As usual, EUR 10 showeded a risingnegative balance, attaining ECU - 1715 mio in 1984.
Banking
This item covers financial services performed by the banking sectoras measured by the amount of their charges. It does not include figureson the main sources of bank income in the differential between borrowingand lending rates. This item was not reported separately by Germany,Ireland and Greece.
Earnings from "Banking" increased more quickly than the average, whilepayments declined in 1983 and 1984, both leading to a relatively highsurplus in the last two years (ECU 1213 mio in 1984). As can beobserved, here too the US seems to be the European Community's majortrading partner.
BANKING(1979-1984) averageEUR - 10 vith: lio ECD
CANADA AUSTR. i1. OTHEROECD
OTHER D- EXTRA ;COUNTRIES ALLOCATED OR 10
800 239977 24-177 215 11
10 147 410 315 2007 '1 142 19 279 1511
39 5 351 36 496 '
Non-merchandise Insurance
The definition of this item corresponds to the IMF Balance ofPayments Manual, fourth edition, paragraphs 326 and 327 (see appendix5). To a considerable extent the data may correspond to net rather than
gross flows, thus understating the overall importance of trade flows inthis sector. For the United Kingdom the figures include "Insurance ontransport", which was not reported separately (see above).
NON-MERCHANDISE INSURANCE(1919-1904) averageBW - 10 vith: 1io BCD
U.S.A JAPAN CANADA ASTR. IZ. OTHER OTHER Di- EXTRA
OBCD COUNTRIES ALLOCATED 9VR 1o:
1386
6417
139
57
3324 6
17 400 331 149 2441 127 540 231 113 1553 :
50 -140 103 6 788
Credits and debits showed a rather irregular upward trend, with asurplus fluctuating around the average. In 1984 exports reached ECU3144 mio and imports ECU 2451 mio.
U. S.A JAPAN
MTN.GNS/W/23Page 24
Construction / Engineering
This item has two components- Earnings of general building and civil engineering work on projectsthat wholly or partially take place on the territory of a foreigncountry.
- Technical services : fees for services provided to non-residents byunits exclusively or primarily engaged in engineering, consultingengineering and architects' offices as well as independent engineers,consulting engineers, architects and surveyors.
Also to be classified in this group are construction site supervisionoffices, technical design offices and technical test centres andlaboratories (technical services is one of the components of NACE-CLIObranch 71 "Business services provided to enterprises").
CONSTRUCTION/ENGINEERINGEUR - 10 vith: (1979-1984) average io ECU
U. S A JAPAN CANADA AUSTR. EZ. OTHER OTHER UN EXTRAOECD COUNTRIES ALLOCATED EU 10:
+ 579 41 98 167. 674 8922 55 10537710 St 28 30 617 2669 '3 4140 '131 10 70 137 57 5253 22 5397
Construction/Engineering, apart from the residue OSO, is by far themost important component part of "Other Services", representing onaverage 27.3 % and 13.8 % of its credits and debits. In contrast to allother services items, it has shown both for exports and imports a(structural ?) downward trend since the peak year 1983. In the last twoyears exports declined by ECU 1351 mio and imports by ECU 1153 mio, toreach ECU 11850 mio and ECU 4677 mio respectively in 1984. In nominalterms, the surplus on Construction/Engineering stagnated around ECU 7000mio, equivalent to 105 % of the total surplus on services on average.Since 1983 this share has declined below 100 %.
This item differed from other transactions in another way too. Forthese transactions EUR 10 is not principally oriented towards the US(share of 8.7 % on average), but to Other Countries (84.7 x of creditsand 64.4 % of debits). A further breakdown highlights the followingshares (in %) for the major sub-areas:
1982 1984Credits Debits Credits Debits
OPEC 42.5 35.8 47.0 43.7ACP 13.4 8.2 16.5 7.5STC 2.3 2.2 2.7 2.4
MTN. GNS/W/23Page 25
The predominant position of OPEC in this field (and to a lesserextent also of the ACP countries) is further accentuated by the factthat the decline was almost entirely accounted for by those areas. E.g.exports to OPEC declined by ECU 1158 mio between 1982 and 1984 and byECU 589 mio to ACP. This deterioration is basically imputable to theworsening financial position of both areas.
Films, Broadcasting
This item includes transactions with the rest of the world in respectof production costs, royalties, rentals and purchases of cinematographfilms and television material. Cinematograph films exposed anddeveloped are recorded under exports and imports of goods, and thereforenot included here. So also are transactions related exclusively orprimarily to advertising films.
The Community showed a permanent deficit which reached its highestlevel in 1981 with ECU -127 mio, narrowing from then on to almostequilibrium in 1984.. The regional breakdown shows that the Communitydeficit with third countries stemmed from its even larger deficit withthe United States. Only in 1982 was this deficit smaller than theoverall EUR 10 deficit with all third countries. The figures thusreflect the dominant role of the United States film industry on EUR 10markets.
FILMS BROADCASTINGBUR - 10 vith (1979-1984) average ALO KCU
U.S.A JAPAN CANADA AUSTR. RZ. OTHER OTHER UK- EXTRAOBCD COUNTRIES ALLOCATED BUR 10
* 238 9 24 14 37 46 15 384- 305 5 7 3 56 27 3L 435: -67 4 17 11 -21 21 -16 -52
MTN. GNS/W/23Page 26
c/ Other Services - Other
For Other Services - Other Community transactions with the rest of' world showed a continuous surplus, which fluctuated around average
an of ECU 2333 mio. A more detailed geographical breakdown shows thatTne Coummunity surpluses towards OECD partners were relatively small;only with Other Countries was the surplus of any importance.Transactions covered by Other Services - Other were fairly equallyspread over the US (29.7 %), OECD - other (25.3 %) and Other Countries(31.5 ), whilst Japan, Canada and Aust/NZ are in this respect notsignificant trade partners.
OTHER SERVICES - OTHER(1979-1984) averageBUR - 10 Vith: Bit ECU
U. S. A JAPAN CANADA AUSTR. IZ. OTHER OTHER Ul- EXTRA !OECD COUNTRIES ALLOCATED ER 10 '
58455707139
139 322 246361 203 175330 119 7I
49874907
80
65495146803
19511 165192
2059716264 ;7333
GRAPH 12: Geographical breakdown of Other Services -other(average 1979-1984)
Other Services - Other comprises a variety of heterogeneoustransactions, in particular those which are difficult to classify. Apilot questionnaire bearing upon a sectoral breakdown of the item OtherServices Other (OSO) was presented and distributed during the 1985meeting of the Balance of Payments Working Party, on behalf of the 113Committee needs. Indeed, the huge share of OSO in trade in services -
MTN. GNS/W/23Page 27
about 56 % of the aggregate "Other Services" and 22 % or so of totalservices- necessitates an attempt to identify the contents of this blackbox. The information collected in this way for EUR 8 - replies byDenmark and Greeceare missing - makes it possible to gain supplementaryinsights into OSO. Thee main findings are reproduced in the table below;methodological explications are summarized in appendix 4.
From the table above emerges first of all that, unfortunately, asubstantial part of information remains concentrated -i.e. hiden- inthe residu "other"; viz. OSOO represented on average 48 % of creditsand 30 % of debits. Setting aside OSOO four categories of transactionsseems to be of major importance; Commissions, Services Related to Trade(includes merchanting, net), Services Related to Technological Transfersand Services between Related Companies.
These four sub-items occupied a relatively important position inextra-EUR 10 trade in services as their average magnitude (see column 2)was of equal and/or greater significance than several sub-items of"Transport" or "Other Services" and twice the size of "'Insurance ontransport".
From the wide variations in growth rates (see column 3) can bederived that the presented sectoral configuration will in all likelihoodundergo major changes in the future. Communication and Services betweenRelated Companies (and to a lesser extent Cultural Activities) had thehighest growth rates of ALL services items. Their shares, at presentrather small, should thereforeincrease substantially.The othersub-items were among the group of slow growers.
MTN.GN
S/W/23
Page
28
SOME
PROPERTIES
OFTHE
SUB-ITEMS
OF
OTHER
SERVICES
OTHER
averages
for
the
period
1979-19831
SHARE
(%)
ABS.
VALUE10
ECU
GROWTH
RATES
(%)
Credits
Debits
Credits
Debits
Credits
Debits
COMM
ISSI
ONS
10.1
23.1
1813
3237
11.73
11.0
0
SERVICES
RELATEDTO
TRADE
11.1
12.1
1988
1688
10.95
8.15
SERVICES
RELATEDTOTECHNOLOGICAL
TRANSFERS
10.0
10.7
17.3
314
9913.38
11.19
COMM
UNIC
ATIO
N4.5
8.2
805
1142
20.7
721
.77
CULTURAL
ACTIVITIES
3.9
0.3
694
4715.38
14.88
SERVICES
BETWEEN
RELATED
COMPANIES
9.2
13.5
1642
1893
22.99
19.06
OTHER
SERVICES.
MISC
ELLA
NEOU
S51
.232.
191
584491
9.16
13.0
5
---
Other
services
other
other
(48.
5)(3
0.2)
(868
2)(4262)
(9.43)
(11.
23)
TOTAL
(Other
services
other)
100
100
1788
313997
12.0
112
.70
!!
MTN.GNS/W/23Page 29
3.SIMULATION OF EXTRA-EUR 12 TRADE IN SERVICES
At present Spain and Portugal do not provide EUROSTAT with ageographical breakdown of their balance of payments. Therefore,EUROSTAT was obliged to estimate figures in order to gain anyunderstanding of EUR 12 trade in services and the way the latter islikely to develop in the coming years. The procedure of this staticsimulation is based on the assumption that both countries joined theCommunity in 1979 and that the integration had no effects on balance ofpayments. As no detailed figures were available for trade between Spainand Portugal, these transactions are considered as external, inflatingextra-EUR 12 figures to some extent. The results of this exercise areset out in the table below (see als appendix 4).
EUR12 INTERNATIONALTRADE INSERVICES(average 1979-1984, mio ECU)
EUR12 EUR12 - EUR10! + : - :4- ! : - : -- !
. . .
Marchandise 2 297014: -19627 5036 15754 -10718Services 92140 80007 12133 5328 -1253: 6581
. . . .9
Transport 33012 31311 1701 1752 1102 650Insurance on transport 910: 1280 -370 0 120 -120
Travel 20259: 176: 226 4177: -234: 6521Otherservices 37960 29783 8177 -600 -131: -469
The performance of EUR 12 in external trade in services seems onseveral points to diverge markedly from that of EUR 10. First, theextended European Community should report a surplus that is twice aslarge as that of EUR 10, viz. ECU 12.0 billion against ECU 5.6 billionon average over 1979-1984. This finding implies that on balance Spain +Portugal's trade in services is more important with third countries thanwith EUR 10. It should be kept in mind, however, that the figures forEUR 12 are positively biased towards external trade, since trade betweenSpain and Portugal is included
Second, EUR 12 would have a larger share in world exports as itsexports were on average 6.1 % higher than those of EUR 10, implying thatexports of Spain + Portugal to countries outside EUR 10 are moreimportant than services exports to EUR 10. Imports, on the otherhand,seem to decline by 1 %, indicating that the new Member States importmore services from EUR 10 than from third countries.
Third, the aggregated services performance conceals wide variations
MTN. GNS/W/23Page 30
among the individual services items. The difference between EUR 12 andEUR 10 is attributable in large measure to effects on the "Travel"account. Since the two new member States, and especially Spain, arevery important earners of net travel expenditure from EUR 10, EUR 12would record lower "Travel" imports. On the export side, the secondenlargement would produce even larger (positive) effects given thesubtantial net earner position of Spain + Portugal in tourist trade withthird countries. The other services sectors would be less affected:"Transport" would increase, whilst "Other Services" would diminish.
Fourth, given the divergent sectoral impact, the sectoral structurewould be rather varied, as is outlined below. With regard to growthrates, the simulation projects rather minor impacts, except on "Travel"credits. It is remarkable that the second enlargement would have alarger impact on services exports, except "Other Services", than onimports.
BECTORAL PROPERTIES OF EUR 12 TRADE IN SERVICES AVERAGE PERCENTAGECHANGES IN SHARES (1) AND GROWTH RATES(2)
(1) (2)Exports Imports Exports Imparts
Services 0.59 0.38Transport -0.3 1.9 0.56 0.37Insurance 0.0 0.2 0.29 0.27Travel 3.4 -2.6 1.46 0.490th. Serve. -3.1 0.5 0.16 0.22
MTN. GNS/W/23Page 31
4. OTHERSERVICES (N.I.E. ) AND INCOME ITEMS
Figures are given here for "Labour Income", "Investment Income" and"Government Transactions n.i.e." for ease of comparison with standardbalance of payments data. They are not included in the definition of"trade in services" employed in this report.
4.1. LABOUR INCOME
This item covers wages, salaries and other remuneration (whether incash or in kind) earned by workers from the work they perform for aneconomic unit whose place of residence is different from their own(frontier workers, seasonal workers, etc.).
LABOUR INCOMEEUR - 10 vith: (1919-1984) average Mo SCU
U. S. A JAPAN CANADA AUSTR. EZ. OTHER OTHER Di- EXTRAOECD COUNTRIES ALLOCATED EUR 10
635 35 24 15 1007 1383 378 347,' -785 49 33 13 1044 1048 108 3080i-50 -14 -9 2 -37 335 270 397
The available data indicate a steadily declining surplus for theCommunity with the rest of the world, turning negative for the firsttime in 1984 (ECU -296 mio in 1984). Besides, it has to be born in mindthat the asymmetries on intra-EUR 10 trade are quite large, representingabout 32 % of the arithmetic mean of recorded credit and debit flows.This development was due to a slackening of labour earnings, whilepayments rose smoothly throughout the period, with even an accelerationin 1984, to attain ECU 4285 mio.
4.2. INVESTMENT INCOME
This item covers income of non-residents from their financial assetsinvested in the compiling economy (debit) and income of residents fromtheir financial assets invested abroad (credit). It includes interestsfrom manufacturing and services investments as well as from portfolioinvestment. It does not include undistributed earnings. Thus, onlypart of the flows registered represents transactions connected withinternational services activities.
MTN.GNS/W/23Page 32
INVESTMENT INCOMEBUR - 10 with (1979-1984) average mio BCD
U.S.A JAPAN CANADA AUSR. IM OTHER OTHER Uo- EXTRAOBCD COUNTRIES ALLOCATED EUR 10
28504 3280 2018 1542 6345 26229 1453 1137033007 2045 1311 204 14585 19312 1439 11903-4503 1235 707 1336 -6240 6917 14 -533 '
"Investment Income" was the fastest rising of all items. Its annualgrowth rate over 1979-1984 reached the phenomenal levels of 30.85 % forreceipts and 34.20 % for payments. Sky-rocketing interest rates andincreasing volumes of international capital movements were conducive tothe fact that "Investment Income" surpassed the size of total servicesfrom 1983 on. Whilst at the beginning of the period EUR 10 stillrecorded a surplus, from 1982 on payments exceeded receipts by ECU 3.5billion (receipts were ECU 123.5 billion).
The United States is EUR 10's privileged partner with on average 39.92 of EUR 10's " Investment Income" receipts and 45.9 2 of its payments.The US share in both the Community's Investment Income credit and debitflows has steadily decreased (credits from 45 % to 36 %, debits fromaround 63 % to about 42 ), in favour of Other Countries and Japan.
GRAPH 13 : Geographical breakdown of "Investment income"(average 1979-1984 )
* CREDITS CREDITS
mrd ECU
20
10
0OECD-other
MTN. GNS/W/23Page 33
4.3. GOVERNMENT TRANSACTIONS (N.I.E)
This item covers transactions by the resident public sector, orother resident sectors, with non-resident public sectors. The maintransactions are carried out by embassies and consulates abroad,military organizations and other bodies abroad, common militaryorganizations, etc. Other goods and services provided or received bythe government are also included under this heading.
GOVERMENT TRANSACTIONS (N.I.E.)501 - 10 with: l1979-9641 average Rio BCU
---------------------------------------------- ................ I....................................
U. S. A JAPAN CANADA AUSTR. IZ OTHER OTHER Di- EXTRAOBCD COUNTRIES ALLOCATED IBD010
5070 36 170 39 182 1837 65 7396- 973 36 42 23 260 1186 24 3146
4091 -2 126 16 -76 51 4252
The transactions with non-EUR 10 countries showed a steadily growingsurplus (from 2.1 billion ECU in 1979 to 6.9 billion ECU in 1984). TheCommunity's receipts on this item were highly concentrated on onepartner: the United States. Their surging share accounted for nearly74 % (7.8 billion ECU in 1984) of total credits. Compared with thisamount, the other OECD countries only played a minor role. The non-OECDcountries have a share of about 25 %. From the geographical breakdownof expenditure emerges a different picture: the United States accountedfor about 31 2 of the EUR 10's debits and the non-OECD countries fornearly 57 %. The high share of the latter is a reflection of theEuropean Community's development policy; the ACP countries received 12.3% of EUR 10's transfer payments abroad and the Other DevelopingCountries 21.2 %.
MTN. GNS/W/23Page 34
5. CONCLUSIONS
This report focuses on some aspects of EUR 10's trade in serviceswith third countries over the years 1979 to 1984. First, somemethodological and statistical pecularities are dealt with.Subsequently, developments in total services and in individual componentparts are discussed. The data permit geographical and pectoralbreakdowns, although detailed figures should be interpreted with care,given some annoying data flaws. The main findings are summarized below,followed by a tentative outlook for developments in the second part ofthe eighties.
5.1. MAIN FINDINGS
1. Establishing the economic significance of a sector requires anadequate statistical basis. With respect to international trade inservices any detailed analysis runs up against data deficiencies. Firstof all, there exists a manifest conceptual problem. In the field ofinternational trade, the concept of services refers generally to veryheterogeneous transactions (products, renumerations, transfers,financial operations), subject to different rules and trends. In thisreport services are limited to what can be called "tradable productservices", as e.g. Transport, Travel, Insurance, Construction, Film,ect.
Second, some methodological particularities raise some doubts aboutthe accuracy of the data. As regards the method of measurement, a lotof transactions are valued on a net basis, undermining on the one handthe consistency of the data base and on the other hand the relativeimportance of international trade in services. Categories supposed tosuffer heavily from recording in net are Insurance, Travel, Merchanting,Communication, Construction and Services between Related Companies.
On a more general level, the discrepancy in payment statistics owingto divergences in compiling methods, a recurrent discomfort in theanalysis of developments in international trade, is also encountered inthe present study. Although the alleged asymmetries may lead to biasedoutcomes in various analyses, it is not unreasonable to assume thattheir impact on the main conclusions of this report is rathernegligible. Indeed, given the small magnitude of revealed intra-EUR 10asymmetries, the reliability of e.g. absolute levels and growth rates ofcredit and debit flows could not seriously be biased. Balance figuresshould more cautiously be interpreted, instead.
Finally, the study of international trade in services of theEuropean Community is seriously hindered by the non-availabilty ofessential information in several Member States. Therefore, despite allefforts to overcome data flaws, some reservations have to be expressedconcerning the quality of the information provided in this report.
MTN.GNS/W/23Page 35
2. Viewed within the total of the European Community's external currenttransactions, services are of major importance. According to thefigures, extra-EUR 10 trade in services amounted in 1984 to ECU 111.8billion for exports and to ECU 103.2 billion for imports. Over thewhole intervening period EUR 10 recorded a surplus. It peaked in 1984at ECU 8.6 billion, representing about 8 % of services exports.
For the period 1979-1984 trade in services grew, perhapsunexpectedly, at a very similar pace to that in merchandise, viz. annualgrowth rates of 12.73 % and 13.00 % for exports and importsrespectively. There were some marked fluctuations in year to yearvariations. An essential feature of extra-EUR 10 trade in services wasthe rupture in the growth pattern, most acute in 1982 and less dramaticin 1983. The abrupt slackening is encountered in all related timeseries, sometimes even resulting in negative growth rates (e.g. for"Sea-freight" and "Construction/Engineering"). The divergent growthpattern of different transactions is another interesting feature.
Perhaps astonishingly, EUR 10 trade in services has developed muchfaster outside than inside the European Community between 1979 and 1984.This finding does not seem to be jeopardized by the existence ofasymmetries in balances of payments statistics. From a concisequantitative analysis it emerges that the asymmetries discovered inintra-EUR 10 trade (1.6 % on average) do not significantly distort theresults.
A simulation of the extended European Community's external trade inservices shows marked differences between EUR 12 and EUR 10. First, EUR12 would report a surplus that is twice as large as that of EUR 10.stemming from higher exports ( * 6 %) and somewhat lower imports ( - 1U. The divergence between EUR 12 and EUR 10 is largely attributable toeffects on the "Travel" account; changes are minor for the otherservices sectors, but not negligible.
3. The overall services performance is the result of widely varyingperformances between individual items. The following table attempts togive a synopsis of the different results. Services are ranked indescending order, taking into account for each item average growth ratesand shares. The column containing the balance provides additionalvaluable information.
The upper part of the table contains what can be called the goodperformers, to which the European Community should pay specialattention, whilst the lower part presents the more troublesome services.Items marked with an asterix were elucidated through an supplementaryexercise aiming at disclosing the contents of the black box "OtherServices - other" (22 % of total services). Given that not allcountries report separate figures for these items, their performance islikely to be underestimated. For the same reason that of "Travel" israther over-stated, as it is the only non-disaggregated major sector.Finally, values of some items may be negatively biased, owing torecording in net (e.g. "Insurance" and "Services related to trade").
MTN.GNS/W/23 Page36
CLAS
SIFI
CATI
ONOF
SERVICES
ITEMS
ACCORDING
TO
RELATIVE
SIGNIFICANCE
PERF
ORMA
NCEa
GROWTH
RATE
SHARE
BALANCE
INDEX
(%)
(%)
Imio
ECU)
1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
TRAV
ELOTHER
TRANSPORT
SEA
-FR
EIGH
TSE
RVIC
ESBETWEEN
RELATED
COMPANIES
*CO
MMUN
ICAT
ION
AIR
-PASSENGER
CONSTRUCTION/ENGINEERlNG
OTHE
RSE
RVIC
ESOTHER.
MISCELLANEOUS
aPR
OPER
TYIN
COME
NON
- MER
CHAN
DISE
INSURANCE
TOTAL
SERVICES
INSURANCE
CULTURAL
ACTIVITIES
*SE
A-PASSENGER
COMMISSlONS
*BANKING
SERVICES
RELATED
TOTECHNOLOGICAL
TRANSFERS
tAIR
-FR
EIGH
TSERVICES
RELA
TEDTO
TRADE
FILM,
BROA
DCAS
TING
137.28
126.
56
125.48
123.
74
123.22
122.
77
122.03
120.
94
120.70
120.08
119.
82
117.44
116.
11115.86
115.65
115.
39115.22
114.16
112.78
111.25
14. 9. 7.
22.
20.
16.
10. 9. 16.
13.
12.
16.
15.
13. 11.
17.
13.
12.
10. 5.
56 99 60 99 78 13 79 16 96 31 73 15 38 94 73 21 38 34 95 57
10.49
12.44
10.24
19.05
21.77
16.06
13.95
13.05
15.37
21.23
13.00
16.17
14.
8816.51
11.00
8.92
11.
1213.28
8.15
15.93
19.0
13.
114.
12.
21.
36.4
12.
111.
1
3.0
2.8
100.
0
1.0
1.1
0.6
2.7
2.3
2.5
1.5
2.8
0.4
25.0
14.5
16.3
2.3
1.9
5.1
5.1
6.6
4.8
2.0
100.0
1.0
0.6
0.5
5.0
1.
8
2.8
0.9
3.1
0.5
-3895
-429
-937
-251
-337
1365
6397
4667
-131
878
8
7103
-250
547
509
-1424
496
284
543
300
-52
a.The
performance
index
iscalculated
bymultiplying
for
each
Item
the
average
ofth
egrowth
rates
with
the
average
ofthe
shar
es.
b.Average
value
for
1979-1984;
for
Item
swi
tha
the
peri
odis
1979
1983
.The
balance
of
total
services
171031
does
not
correspond
with
figu
rementioned
on
page
10(5552)
due
tothe
different
coverage
ofth
eIt
ems
with
aa.
c.Mean
value
ofth
e19
items.
MTN.GNS/W/23Page 37
For the European Community it is disturbing that its servicessectors of major interest (1 to 5) all recorded a negative balance. ForEUR 12, however, the situation would partially be different; "'Travel"would show a considerable surplus, whilst for the other items nosubstantial modifications are expected. Two other developments aredisquieting too; namely the deficit on "Property Income" and therelative low growth rate of "Construction/Engineering" exports, a verysignificant services sector with subtantial surpluses. The worseningfinancial position of OPEC and ACP were conducive to the drasticdeterioration of these exports in 1983 and 1984.
Otherwise, it is fairly promising that for rather new services,characterized by low shares (e.g. "Services between Related Companies"and "Communication") high growth rates appear.
"Investment Income" not considered as belonging to services, albeitundoubtedly comprising some services-like parts, is of greatsignificance in the European Community's external current transactions.Due to phenomenally high growth rates its size exceeded that of the sumof all services in 1983 and in 1984. Since 1982, payments havesurpassed receipts, reaching a deficit of ECU -3.5 billion in 1984.
4. Geographically the European Community's external trade is basicallyand increasingly oriented towards the other OECD countries. Almost 60 %of extra-EUR 10 transactions in services have been carried out with OECDmembers. The upward trend is highly attributable to developments in"Travel" earnings. Among the OECD members, the US was by far thelargest individual trade partner. The importance of US shares evenincreased slightly , both for European exports and imports, with presentshares equivalent to 29.6 % and 27.9 % respectively. The otherindividually reported OECD countries had shares of similar size; Japan(almost 3 %), Australia/New-Zealand (more than 2 %) and Canada (almost2%.
Again, the average figures are seen to mask wide differences.Generally,however, shares remained fairly stable throughout the period.For one particular services item, "Construction/Engineering" theEuropean Community's transactions were not centered on the US, but onOther Countries (85 % of credits and 64 % of debits). The deterioratingfinancial position of OPEC and the Developing Countries led to a markedcontraction of flows, especially of EUR 10 exports.
5.2. PRELIMINARY OUTLOOK FOR 1985-1990
The second part of the eighties may probably be expected to see ageneral continuation of the expansion of the European Community'sexternal trade in services. The rupture in most series in 1982-1983hampers medium term projections, however. Nevertheless, on the basis ofthe perhaps quixotic assumption of unchanged medium term growth ratesthe following table reproduces the simulated situation for 1990.
CLASSIFICATION
OF
SERVICES
ITEMS
ACCORDING
TO
RELATIVE
SIGNIFICANCE
IN1990
PERFORMANCE
ABS.
VALUE
(MIO
ECU)
!IN
DEX
CREDITS
DEBITS
TRAVEL
SERVICES
BETWEEN
RELATED
COMPANIES
*OTHER
TRANSPORT
AIR
-PASSENGER
COMMUNICATION
*SEA
-FREIGHT
PROPERTY
INCOME
NON-MERCHANDISE
INSURANCE
CONSTRUCTION/ENGINEERING
TOTAL
SERVICES
OTHER
SERVICES
OTHE
R,MISELLANEOUS
INSURANCE
SEA
-PASSENGER
CULTURAL
ACTIVITIES
*BANKING
COMMISSIONS
*SERVICES
RELATEDTO
TECHNOLOGICAL
TRANSFERS
*AIR
-FREIGHT
SERVICES
RELATED
TO
TRADE
*FI
LM,
BROADCASTING
138.36
125.93
125.42
124.70
124.07
122.58
122.04
121.
15
120.90
b
119.85
118.98
118.09
116.14
115.74
115.57
114.86
1114.79
114.28
112.40
111.25
46119
8061
21238
15938
3052
19900
7855
5873
19780
190892
16615
2704
2132
1928
6055
4342
4960
3131
4992
387
39639
7087
26096
11841
5412
26479
10841
6418
8985
174139
10060
3442
876
124
2338
7201
3420
1778
4719
1259
23.6
4.
1
10.9
8.2
1.6
10.2
4.0
3.0
10.
100.0
8.5
1.4
11
1.0
3.
1
2.2
2.5
1.6
2.6
0.2SHARE
BALANCE
(7.)
!(mio
ECU)
22.3
4.0
14.7
6.7
3.0
14.9
6.1
3.6
5.0
100.0
5.7
1.9
0.5
0.1
1.3
4.0
1.9
0.
1
2.7
0.7
6480
974
-4858
4097
-2360
-6579
-2986
-545
10794
17045
6555
-739
1256
1803
3716
-2859
1540
1353
273
-672
a.The
performance
index
is
calculated
bymultiplying
for
each
item
the
average
of
the
growth
rates
with
the
average
of
the
shares.
b.Mean
value
of
the
19
items.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
MTN.GSN/W/23
Page
38
MTN.GNS/W/23Page 39
According to the results of this exercise, some modificationswould appear in the classification of the services in 1990:
- four of them would develop quickly and consequently improve theirperformance:- Services between Related Companies (2th instead of 6th)
- Air - passenger (4th instead of 6th)- Property Income (7th instead of 9th)- Non-merchandise Insurance (8th instead of 10th)
but, the composition of the first group would hardly be altered.
- three items would regress:- Sea - freight (would lose 3 places to 6)- Construction/Engineering (9th instead of 7th)- Other Services Other, miscellaneous (would fall 2 places
to 10).
The other items would keep more or less the same position. This isparticularly true for "Travel", which would strengthen its first place,and for the last four items.
MTN .GNS/W/23Page 40
APPENDIX 1 :BALANCE OF PAYMENTS SERVICES
BALANCEO
FP
canlB
GEOG
RAPH
ICALO
F
EUR-9
K)UlI
1R2
__~~~~~-TCUN_.r
-1:
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rw
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an_s
a
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2-,7'19
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er
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fCO
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t3s
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Lfi
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c!32M9
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978
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Os
U!14
Vi.3
tt21
41,49
3-,IMfl-
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aMMD-f
LPrivte
fwI7TM
4w1
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P.(Y
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!W12
mm
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tie
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Page
41
GEOGRAPHICAL
BALANCE
OFPAYMENTS
-GE
OGRA
PHIC
ALOFSERVICESTRADE
HIOB
OU19
75
THIRDDO(EUR-9)USA
JAPANCANADA
OTHEROECDOTHER
COUNTRIES
____
*II
IIII
uiII
LIEI
ZEIE
IEII
ZZ*
*=_
AGoods
services
andincome1.
WuaM!&
2Services
21Transport
2L23M-
.services
2L3Ar
-freight
L4Air
-PSOW
serv
ices
2L9Oetherat
aa
mnwzwm
m'tiuAp
23
Mwel
24
cOwab9
R.41
lyUV=
a423
MMOr
M&TW
a434icmmuwm
kmmirwi
24
9Otherservices
-other
3Government
trade
ie)
3B LPrivateiuufus
COzmmm
accountAte8
:188
i11318
7Z75
13781an
751
303
M-11
NM
6723
-231
7139
10651
29
147
13M4
1613
1110
1C0
84
4m
13w5
-am
aw
eri
-3M5
255
7565
-48w
17mm
17
90
9~i32g
-3_
1293
17939
-5222
am
79S
299 105
Irez
31%
2057
1887
518
468 OD
142
4118
216
33
765
39 417
54
189
-31
-1013
155S
S
16
-t2
-5 129
-37
29547
33175
-M
IIce
*7 79 51
399
373
13
13
aD 3
SW
A -9t5
3
4me
E710
831
am
64M
-13
11
-4
:53
149
231
153
2N
1A4
239
14
-1
12
1
to
7
12
a
355
Wm
-i
2423
753
239 6
at8
57
423 777
131 3
2M 217
12
115
118
1Z2 10
t2e
317
;TS
taS
I4173D
328
W7I9YM
WM
16I1
7077
10811
-3731
2ol
2972
-474
75
65
-8
245
5135
-c57
2119
eiU&
-5
189p
3719
-1677
1%
3190-
-1745
435
159
-lt7
165
223
-72
655
62112
6213
17170
1M4
'8
724
6M
908
ta
12
12
t~12
;3
-75
015
372
43
B7
5315
M13
6M
35G3
2M
539
35
151
122
MT
-4
310
10M31
-4
1145
3_
-a3
2334
8a5
-431
0
-sa 51
.
-0
132
33D
Mt
1-4
53
-183 S3
_M
-7
I421S8
3004
zs
1917
95
61MT
-03
MTN.GNS/W/
23
Page
42
:R
MTN.GNS/W/23
Page23.BLANCEOFPAY
MENTS-BALANCEDESPAIEMENTS
sFceg
W80<-
S8ggg31
P|0
0W:O
I2
i2a~|Sgso
GEOG
RAPH
ICAL
BREA
KDOW
NBYREPORTINGCOUNTRY-VENTILATIONGEOGRAPHIGUEPAR
PAYS
DECLAPANT
MIO
ECU
DR-10
EXTRA
EUR-10USAJAPANCANADA1979!0oE
i0
4o
42wtoi
o48
1§a
°O;
iS
YIL
|§
~-~!
a!gRX!n:
aw1
A.Goodsservicesandincome;
1-
i-mf-
0._u
5,11.
-r
1.Mer
damdis
e2.
Servic
es2.
1Tran
sport
2.1.1
Seafre
ight
2.1.2
Sea-
pass
enge
rse
rvic
es-
2.1.3
Air
-freight
|0~~~~Ge
031.
Z~li
se^~$;
4iLil
SNw
vweYvwrro
L2.
1.4.
aIR
-PASSENGER
SERIVCES
2.1.9
Othertrasport2.2Insuranceontransport2.3Travael2.4Other
srvices
eu_
l|°
ao
S;°
olio
>0||w
gww,
1:°w2.,,
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ulj
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o~o~otS0ooS~so_
b11u
2.4.
1Property
inco
me2
4.2
Banking.22.4.3.Nonmerchandiseinsurance2.4.4.Cons
truc
tion
/eng
inee
ring
~~~~~~~~~~~~~~~~
leG
sr2.4.5.Filme
J~~~~~~5
2.4.
9.Ot
herservices
-otherInc
ome3.1Investmentincome3.2Labourincome3.2Governmenttrans/
(nue)IIs
wjiT1
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R.Unrquitedtransters1.Privatetransfers2.OfficaltransferCCrrentaccount(A+B)IL_i*iE..,........,.,S.Ll~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~IAUSTRILIANEW-ZEALANDOTHERORCDCOUNTRIESOTHERCOUNTRIESSURSFOR
A.Good
sservi
cesand
inco
me1.Marchandise2.Serivces2.1Transport2.1.1see-freight2.1.2.
See-
passen
gerser
vices
2.1.3.
Air-freight2.
1.4.
Air
-passangerservices2.1.9Insuranceontransport2.3Travel2.4Otherservices
2.4.1Po
pert
yin
come
2.4.1.Propertyincome2.4.2Bnaking2.4.3.Nonmerchandiseinsurnace2.4.4Construmection/engineering0 2.4.5.Pilms,broadcasting2.4.9.Otherserivces-Other3.Income3.1Irrevesumentincome3.2Labourincome 3.3
Government
trans.
(nie)
B.Unrequited
transters
1.Private
transfers
2.Official
transfers
C.Current
account
(A+B) Q3F Af E I"
f(n.
.-V
(,n)
nsrX
nuru
!'!,
ru,ru
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MTN.GNS/W/23Page 44
BALANCEOF PAYMENTS - BALARCEDES PAIMENTSGEGORPHICALBRE BY REPORTINGCOUNTRY- VEEIMATATION GEOGRAPHICALPAR PAYS EU.ARAN
EUR-10 MIO ECU 1960
A. Goods services and income349,708 357449 -7743 66958 7896 -12000 7622 14013 -6391 529 66 -18
1. Marchandise 218335 248776 -28441 28938 41380 -14444 4624 12000 -7476 2928 4.916 -1988
I2. Services 71019 66128 4891 17832 16917 91 2167 129 888 1185' 1098 87
2.1 Transport 27762 25174 258 716 8023 1164 935 837 96 537 579 -4.22.1.1 Sea freight 1M50 11253 253 3301 2900 401 4,20 354 66 152 278 -1262,1.2 Sea-pasaerer services 761 332 489 252 38 215. 12 3 9 19 0 19
'2.1.3 Air freight 987 587 400 177 106 71 28 7 21 e1 21 02.1.4 Air-passenger services 4228 2893 1335 734 404 330 11e 34 64 1071 69' 182.1.9 Other transport 10280 10109 171 2723 2577 146 357 439 -62 238 191 4'2.2 Insurance on transport 678 918 -240 241 307 -68. 19 43 -M? 13 23; ~ 1O2. 3 Traval 12732 17204 -4472 3405 24915 9i0 233 72 1151 253 257 -42.4 Other services 2987 22832 7015 6999 809 -1093 980 347 633. 382 239 1432.4.1 Property income 1910 mm9 -1189 719 1980 -126CM 224 30 194 23 34 -it2.4.2 Banking 1504 11t89 315 507 700 -193 171 9 W6 14 5 92.4.3 Mon merchandise insurnace 1585 10O8 537 850 294 556 '12 17 2~! 36 I6 18Z.4.4 Construction/enineering 8269 2797 5472 448 456 -8 39 46 -7 - 20 56
2. 4.5 Films, roadcasting 306 339 -33 i75 234 -58 6 4 2? 23 65 172.4.9 Otherservices - other 16273 14360 191 4299 442 -1219 4984 241 25'-08 150 52
3. Inecome 50710 44548 616t 22190 20661 1529 931 714 21711 48M 632 514
3. 1 Investment income 42215 39464 2731 18435 19527 -1092 879 654 22 977 579 3983.2 Labour income 2890 2311 579 488 49 -5 25 31 -6 15 19 -43. 3 Governmenttrans (nie) 51505 2750 2665 3270 644 25Z6 27 29 -2 154. 34 120
9B1 Unrequited transfers 661 20241 -13625 I1141 1406 -20f-5 6r 40 29 13 592 -469
1. Private tranfers 369 91,10 -5411I 1,071 764 287 61 32 29 ?.6 4'4 -3482. Official transfers 2917 111,31 -8214 70 62C-52 8' 7 118 -I11
C. Current account(A+B) 35632-2 37769 -213568 WM09 80364 -12255 7891 14053 -6362 5 9L 7238 -1O48j
AUSTRILIANEW-ZEALAND OTHER OCDCOUNTRIES OTHER COUNTRIES 9.I NOT ALLOCATED
A. Goods services and income 629 3320 2970 8625 86149 -89i 1157S590 159262E -1692 11066 9050 2006
1. Merchandise 3401 2193 1208 6388 55235 8629 1211407 12537.4 -14907 - 7 4676 5917
2. Services 17,81 929 852 15429 21060 -5631 28091 21181 690714833 3640 893
2.1 Transport 975 637 338 4663 4789 -126 11073 10391 662 12391. 1918 4732.1.1 Sea - freight 621 153 468 1330 1934 -604 4523 4626, -103 I159, 1008B 1512.112Sea -passenger services 77 0 77 31 77 -45 108 ~I; 81 262 189 732. 1.3Air -freight 14 12 2 64 68 -41 325 304 21~ 357 69 2882.1.4 Air - passenger services 67 57 10 364 275 891 16526 1069 557w 121 95 2472.1. 9 Other transport 196 415 -219 ?874 2435 4n9 4491 4.36 126j -599 -313 -2882 1Insuranceontransport 4 7 -3 116 203 -87 e34 269 _35 51 66 -15
2. 3 Travel 371 138 233 4921 104~79 -5558 3506 YT2n - :19~ 43 -7 s2.4 Otherservices 431 147 28,4 5729 5589 140 13278 6799 64'9 2046 1619 429
2 1. Propertyincome 44 6 38 253 613 -3860 386 965 290 261 340 -792.4 2 Banking 5`8 0 58 216 104 112 2349 42 19 m 330 -312.4.3MM 'WM IdIinsurnace 37 5 32 264 412 -146 223 159 64 12 143 -it
2. 4.4.Construction/engineering 109 14 95 488 450 18 7101 17W0 534i 25 5 -242.4.5 Films, C'ASUM. 12 2 10 30 58 -28 49 18 31 1 17 -624,9 Other services - other 171 120 51 449 3952 548 528 4724 556 f1319 739 580
3. Income 1108 198 910 5965 9854 -3889 1809 11724 6368 127 762 516
3. 1 Investment income 10= 165 895 4985 6815 -3830 15068 9036 8032, 811. 706 1073.2 Labourincome 7 10 -3 696 818 -122 1352 899 453 310 44 2663.3 3Goverment trans(nie) 41 23 18 264 P-21 63 1672 175.9 -1171 1 57 10 147
B. Unrequired transfers 153 704 -551 921 4728 -38C7 404 12283 -8241~ 157 '18 -331
1 Private transfers 151 598 -447 634 3854 -32.20 1514 2935 -14u I 142E 432 -29
2. Official transfers 2 106 -104 287 874 -58 2528 934-V -Wi'; I iS 56 -41
C, Oument account (A+B) 643 4024 2419 86179 90877 -469 156132 171565 -9933 11243 91568 1675
MTN. GNS/W/23Page 45
BALANCE OF PAYMENTS - BALANCEDESPAIEMENTS
GEOGRAPHICAL BREAKDOWN BYREPORTING COUNTRY -VENTILATIONGEOGRAPHICAL PAR PAYS DECLARANT
EUR-10 MIOECU 198
EXTRA EUR-10 USA JAPAN CANADA
A. Goods services and income 2890542 743 -8?7 94031 101874 -784310194 18VI 1-8077 678867545 -759
1. Merchandise 271073 '281610 -10537 38206 476 -9555 55so 15217 -M ~ 3r747 sa35 -i06
2.I Services 86169 81834 4335 23192 22693 499 2791 1871 920 1468 1330 138
2.1 Transport 32124 31159 965 8795 842 375 1255 1204 61 628 632 -62.1. 1Sea -freight 13008 13868 -860 4257 4166 91 537 536 1 166 254 -882.1.2Sea -passenger services 755 364 391 292 30 254 16 8 6 20 3 172.1. 3 Air -freight 1279 847 432 190 16 30 52 17 35 25 25 02. 1.4 Air - passernger services 5176 4107 1069 7410 614 126 179 65 114 1265 1117 92. 1. 9 Other transpor-t 11906 119,73 -67 3316 3442 -126 4081 578 -97 289 233 562. 2 Insurnaceon transort 857 1089 -232 350 376 -26 22 55 -33 17 27 -t02.3 Travel 15006 20547 -5541 4365 3203 1162 324 101 223 354 3448 82. 4 Other services 38182 29039q 9143 96082 10694 -1012 1160O 511 569 471 325 1462. 4. 1 Property income 2562 3646 -1084 1008 2422 -1414 303 47 258. 37 36 I2. 4.2 Bnaking 1929 1725 2104 96,1 1126 -165 106 13 93 24 luQ 142 4, 3 Nonmerchandiseinsurance riandise insurance 2631 1641 990 1609 769 84 61 29 3_ 14 26 -12
2. 4. 4 Constrction/engineering 10749 3771 6978 527 748 -221 44 8! -37 108 38 702. 4.5 Films,lm.i rC~adcastimI 274 401 -127 141 281 -140-' 9 3 6 21 6 15E. 4. 9 Other services - other 200371 17855 2182 5436 534.8 68 657 338 3119 267 ?2C'9 58
7. Income 71684 66299 53r)5 32633 31419 1214 1853 1183 570 1571 980 591
3. 1 Investment income 61726 60564 1!5E 277,54 29702 -1948 1790 1IiCN 686 1348 912 43153.2Labour income 3323 2895 4.28 655 7114 -59 28 39 -11 36 28 83. 3 Governmenttrans. (nie) 665 26.40 3775 4224 1003 32L1 35 40 -5 157 40 147
a Unr--a~ted transfers 7608 2-2968 -153650 1454 1647 -193 92 SC 43- 138 1579 -541
I . Private transfers 45.20 10136 -5616 1366 939 427 78 33 45 132 544 -4122. Official transfers 3088 128-32 -9744 88 708 -620 14 17 -3 6 lit -129
C. Current account (A+B) 436514 452711t - 16197, 9545 103521. -8036 10286 18321 -80351 6924 8224 -1300
AIUSTRALIA,NEW-ZEALAND OTHEROECD COUNTRIES SUMS NOTALLOCATED m wr Au=flA2
__[IILILZ~~~~iZLZ]L~~~~iIIELI-iIZIIA. Goods services and Incom 7586 4059 3527 95593 101086 -5493 200698 1,85996 14702 14.018 10912 310t~
1. Merchandise 4125 264. 1470 69279 62056 72.23 143174 143280 -114 6992 5406 1586
2. Services 8085 1230 855 17340 24331 -6983 33935 26322 7613 5350 4056 1294
2. 1 Transport 1100 792 308 5216 5177 39 12611 12781 -170 2512 2154 3582. 1. I Sea - freight 680 201 479 1509 1898 -389 4752 5654 -902 1108 115 -512. 1.2See - passenger services 87 0 87 27 82 -5S 97 33 64 215 201 142. 1. 3 Air -freighgt 15 16 -1 118 114 4 465 417 48 415 98 317
2.14 Air - passenger Services 78 73 5 506 470 38 2034 1519 515 1511 1249 2622.1.9 Other transport 240 502 -252 3054 2613 4.41 5263 5158 1015 -37 -553 -184
2.2 Insurance on transport 7 10 -3 140 249 -109 e65 294 -29 56 78 -222. 3 Travel 423 193 230 5302 12168 -6866 4045 4448 -403 193 88 1062. 4 Other services 555 235 320 6690 67i7 -47 17014 8799 8215 2589 1736 8532. 4. 1Property income 63 5 50 351 644 -293 467 129 338 333 363 -302. 4.2 Baking 21 1 20 245 171 74 309 110 199 263 293 -302.4.3Non merchandiseinsurance 85 29 56 368 457 -89 319 191 128 174 140 342. 4. 4Comstrution/engineering 130 36 94 596 622 -26 9308 2205 7103 36 41 -52. 4. 5Filme, broadcasting 16 2 14 30 50 -20 43 24 19 14 34 -202. 4. 9 Other services - other 240 162 78 5100 4793 307 6568 6140 488 1769 865 904
3. Income 1376 183 1193 8966 14699 -5733 23589 16386 7203 1676 1450 226
3. 1 Investment income 1307 150 1157 78aC- 13442 -5557 20352 13676 64765 1290 1378 -8a3. 2 Labour income 22 12 10 914 .930 -24 1325 1110 215 3,43 54 2893. 3 Government trans. (nie) 47 21 26 167 319 -152 191 1400 512 43 18 25~
a Unrequited transfers 189 898 -70,9 1055 5096 -4041 4483 14144 -966 196 454 -258
I. private transfers 187 727 -540 747 4183 -3436 1830 3317 -148? 160 393 -2132. Offical transfers 2 171 -169 308 913 -605 2653 108.7 -8174 16 61 -45
C. Current account (A+B) 7775 4957 2816 9664 106182 -9534 20518! 200140 5041 14214 11366 2840
MTN. GNS /W/23Page 46
BLANCEOFPAYMENT-BALANCEDESFAIEMEXGEOGRAPHICALBREAKDOWNBYREPORTINGCOUNTRY-VENTILATIONGEOGRAPHIQUE
GEOGRAPHICALPARPAYSDECLARANTMIOEOU 1982
EXTRA EUO-10 USA JAPAN CANADA
AGood servicesandincome 4694.27 457981 1146. 1105949 110994 -5045 11434 20422 -8988 7315 7745 -4.29
1. Merchandise 289734 294410 -4676 L44477 51320 -6843 6380 17064 -10704 1~3765 5319 -1554
2. Services 90723 88429 2294 25091 24056 1035 3016 1930 1086 1553 1424 229
2.1 Transport 33731 32436 1295 915~4 8389 765 1281 1209 72 656 661 -5I. Sea -freight 12982 13602 -620 4328 3846 4.62 510 510 0 150 262 -112
21. 2Sea-passenger services 830 377 4~53 285 '43 242 17 7 10 22 2 2O0.2.1.3. Air- freight 1372 839 533 227 140 87 53 21 32 27 24 32. 1.4 Air passenger services 6078 4737 1341 9159 706 253 214 ¶03 III 147 137 10
2.1.9. 9 Other transport 12469 12881 -412 3355 3654 -299 487 568 -81 310 236 742. 2 Insurnace on transport 95 21 -20 40 62 -42 24 515 -31 28 37 -92. 3 Travel 13.812 21550 -7738 5276 3373 1903 336 118 218 414 38e7 472 1 I Other services 412195 33228 8967 10241 11832 -1591 1375 548 827 555 359 1962. 4. 1 Property income 2682 4170 -1488 1051 2772 -1721 313 57 256 40 465 -
2. 4.2Banking U~290 2181 109 9,45 1521 -5718 332 34 298 26 9 12. 4. 3 Non merchandlse insurance 2761 1814 947 1519 660 859 56 35 21 29 52 -23
I2. 4.4 Construction/engineering 13201 5830 7371 693 850 -t57 48 61 -13 103 3.8 652. 4. 5Filmebroadcasing 373 436 -63 252 297 -45 8 4 4 18 7 11.4.9 Other r services - other 20888 18797! 209, 5781 5732 49 618 357 2051 39 20 13
3 1Income 78707 75122 3565 36381 35618 763 2058 Q142 3CI0 1898 1002 896
i1 Investmentincome 6652 68341 -14.89 30129 33587 -3458 1973 1338 635 II1717. 928 7892 Labour income le 4)000 3385 515 78 953 -225! 48. 51 - ~ 27 37 0
3.3Governmenturans.(nie) 7855 ~ 6 445 5524 107t8 444.5 39 39 1,54 37 I1
2 - -T~i.7~.ed tansfers W8A 24849 -18045 1701 1833 -132 131 6.4 6,7 187 71ro -514
1. Private transfers 503 0589 -5506 1592 1033 559 107 42 ~ 7 50 -1312. Official transfers 3721 14260 -10539 109 800 -691 24 22 2 j 8 151 -4
Current account (A+B) 476231 482810 -4579 1076150 I28.2e -517ji 11585_ 20486 -89211 7503 844 -943
A. Cods services and income 8798 4863 4135 1105287 1106.23 -5336 207145 189748 17397 13234 1.3765 -531
2. Services 2344 1349 905 19369 26852 -74,83 35999 28228 7771 13250 4590 -1340
2.1 Transport 1147 813 334 6278 6117 161 12405 128415 -440 2808 2403 4052. 1. Sea -freight 689 22-2 4j67 15871 2075 -448 I444'4 15490 -1046 1274 i197 r72. 1.2.Sea passenger services 85 0 85 8.6 106r -20 96 33 63 239 186A 53~2.1. 1. 3 Air -freight 17 16 1 114 111 3 436 412 24. 49'? 11.6 3812.I. 4Air -passenger services 93 95 -2 6.25 586 39 2282 166. 3915 17T7 1244 53312. I. Othertransport 263 4.80 -217 3866 32:39 627 518 5043 i 12 -9,79 -340 -639.2. 2 Insuranceontransport 6 a -2 154 252 -98 296 323 -27 58 78 -201123 Travel 452 247 205 6182 12982 -6800 4108 43.63 -n-5 -295 100 -052. 4 Other- services 739 281 458 6755 7501 -746 19190 10697 8493 3340 2009 13312. 4. 1 Property income 64 6 58 385 716 -351 451 115 33Ml 398 459 -6
12. 4. 2Banking 4.8 1 47 104 200 -96. 498 90 408 337 326 11'2. 4. 3 Nonmarchandiseinsurances 107 22 85 477 640 -163 415 248 167 ¶58 157 12. 4. 4 Construction/enguneering 222 58 164 707 726 -19 11370 41-11 7259 58 -15 7
i2. 4.5Films.PPlIMS, ¶z-oadcast1M It 3 8 33 58 -25 39 24 15 12 42 -30~2. 4.9Other services - other 287 191 96 5069 5161 -92 6417 6109 308 2377 1040 1337
3. Income 1399, 211 1186 9357 16385 -7028 25724 1864 70178 1890 1832 58
3.I Investementincome ~ 1335 174 1161 8084 15009 -6925 22268 1563C 6638 1346 1675 -3293. 2 Labourincome 22 14 8 113 1095 0 1547 1163 384 527 72 45513.3 Goverment trans. 42 23 19 170 281 -11.1 1909 1853 .5f- 17 85 -68
a Unrequted transfers 251 981 -73.0 1160 5251 -4101 5115 t4e60 -9555 258 1339 -1081
1. Private transfers 249 788 -5J9 808 4213 -3405 1923 3153S -1616i 225 4124 -192. Official transfers 2 193 -191 352 1048 -696 31l2 113I 73t3 1 -a62
C. Current account (A+B) 9049 56414 345 106447 115884 -9437 212280 204418 7WJ 13v492 15104 -1612
MTN. GNS/W/23Page 47
BALANCE OF PAYMENTS BALANCE DES PAIEMENTSGEOGRAPHICAL BREAKDOWN BYREPORTINGCOUNTRY -VENTILATION GEOGRAPHIGUE PARPAYS DECLARANT1
MIO ECUCt7-' 1983
A Goods services and Incom 522752 512854 9898 122836 123649 -1013 16696 25V507 -8811 10031 8774 1257
Merchandise ~308Z74 3074 1530 51813 51119 694 7006 19650 -12544 4438 5030 -592
Services 991670 91920 7750 28195 25063 312 3516 21!7 1399 19:6 1439 477
I Transport 33657 33282 375 9005 807 929 1300 1258 42 716 715 32.1.2.Sea- freight 1~~2503 1401 -151 4043 3595 448 447 578 -131 151 267 -116
2.1.3Sea- passenger services 1024 332 692 384 37. 347 20 9 Is 37 5 322.1.Air - freight 1396 768 628 202 112 90 55 16 39 27 23 4
2. 1 4 Air passenger services 674'I 5123 1621 106.8 703 365 272 102 170 174 151 232.1.9Other transport 11990 13045 -1055 3308 3629 -321 506 553 -47 329 269 Go~
2.2 Insurane on transport 1054 1342 -288 444 541 -97 30 6a -38 24 cm -2'2 3 Travel 19719 21873 -2154 6913 3281 3632 356 129 227 492 321 1712.4 Other services 45240 35423 9817 11633 13165 -1332 1830 682 1168 682 377 305
2.4.1 Property income 3177 4852 -1475 1193 33-03 -2110 3153 73 29 45 43 22. 4 2 Banking 2343 1453 890 902 926 -24 358 43 315 30 13 172. 4. 3 Non merchandise insurnace 2845 2027 818 1603 777 826 64 55 8 40 38 22 4. 4 Construction/engineering 12053 5330 6723 689 84.5 -159 44 51 -7 119 28 912.4. 5 Films,broadcasting 532 551 -19 356 392 -36 1 3 8 5 35 8 272. 4. 6.Otherservices - other 24290 21410 2880 7090 6919 171 988 431 5t57 413 247 166
3 Income114808 114190 618 42828 47567 -43 674 70 234 37 205 12
3.1Investment income 101673 106831 -5158 35400 4535 -9950) 8093 3639 Zq454 3478 221I1 12673.2Labourincome 4027 3686 341 766 1137 -351 39 58 -195 26 45 -19.3 Governmenttrans.(nie) 9108 3673 5435 664 1160 5462 42 43 -l 173 49 124
BUnrequiredtransfers 10366 26165 -15799 1853 1994 -141 13b 88 67 j 162 756 -594
B.Privatetransfers 5730 11261 -5531 17652 11657 595 109 43 88 15e. 600 -44
C.Currentaccount(A+B) 533118 539019 -590 124689 125843 -1154 D15683: 25575 -874k 110193 9530 5663
AUSTRALIA,NEW-ZEALANDOTHEROECECOUNTRIESOTHER COUNTRIES OTHERCOUNTRIES SUMS NOT ALLOCATED
A Goods services and income 9234 5053 4181 1160,54 125T72 -9716 2-28W07 207973 20234 19691 15926 3765 I
1. Merchandise 4757 3293 1464 6207 76375 5703 147536 142421 5115 10646 8850 .1790
a. Services 2410 1".6 964 201594 E7784 -7190 36323 28748 7576 5, 14 5325, 1389
2.1 Transport 1090 058 232 5950 6260 -310 12841 13520 -679 2753 2595 158'2. : I Sea - freight 590 236 354 1539 2141 -602 4462 588 -1420 1el1 1315 -4412 1.2 Sea - Passener services 132 0 132 90 90 0 143 43 100 218 148 702. i3 Air - freight 16 20 -4 117 103 14 423 372 5 1 556 12F2 434E. 14 Air - Passener services 102 138 -36 676 541 35 2473 ?001 472 19'79 1387 592E.1.9 Other transport 250- 464 -214 3528 3285 243 5340 522. 118 -1271 -37,7 -894
2.2 Insurance on transport 6 10 -2 i7~~~~~~~~~~~~~~~~~~8273 -95 ~~~~~~~~~~~6336 -41 vs 68 -13I~~~~~~~~--8 73 -9 C2 3 Travel 490 232 258 7212 13331 -6119 4154 4469 -315 101 110 -92 4 Other services 82,2 346 476 7254 7920 -68 19033 104#20 86!3 3785 2532 125312. 4. Property income 69 6 63 546 677 -131 530 126 404 431 424 7
*2. 4.Banking 51 2 49 117 137 -20 529 96 433 3`56 D36 120;2. 4. 3Non mrchandise insurnace 113 48 65 500 647 -147 419 356 63 105 1052. 4.4 Constuction/engineering 260 54 206 836 748 88 10054 3594 646 51 6 452. 4.5 Films,broadcating 16 5 1 1 44 63 -19 60 36 24 8 39 -31!2. 4.9 Other services - other 313 231 82 5211 56.48 -437 7441 6212 1229 2834 172.2 1.112
3.Income 2067 314 1753 13382 21613 -8231 44348 36807 7541 2331 1745 5815
3. 1 Investment Income a0ii 271 i740 11977 2.0189 -8212 40589 33554 7335 1824 1617 2073.2 Labour income 18 16 2 1237 1180 57 1518 1127 3191 403 123 2803. 3 Government trans. (nie) 38 27 It 188 244 -76 1941 212?6 -185 104 5 99
316, 1066 -750 137 5381 -4006 6279 16188 -9889 247 732 -485Unrequited transfers
313 870 -557 1019 4266 -3247 2133 3923 -1790 239 392 -1531. Private transfers 3 1965 -193 356 1115 -759 4146 12245 -809 8 34', -332
Curent account (A+B) 9550 6119 3431 11J74,29 131153 -13724 234486 224141 10345 19938 16658 3280
El iP,- 1 0
MTN.GNS/W/23
Page 48
BALANCE CF PAYMef(S - RkAWJE DUS PAIDIWIS
E~ r M I Y R c~ T~ a3 J W W f W1T IEr A hi4IQ U E
Ioo ECJ I1984
EXM UR-to UAJAPANI CARADAIL
A. G.KXIs services and uv~cl 606386 595545 10841 158491 1i&3580 12911 20896 31643 -19? 12384 10315 2069
Merrhandase 356431 357378 -947 69921 5808 11903 881 23997 -15387 609 590 150)
C Services 1I1846 103223 8623 33086 2.8793 4293 3915 2545 1370 2266 1617 649
7ra,-isp)r-t 37396 37767 -371 9852 8897 955 1497 1483 34 836 821 15LI. I '.ea - rjM 13797.- 16263 -2486 4348 3919 429 553 704 -151 186 .731 .145~I2Se?.- pssengerersev2ices 1110 408 702 414 38 376 23 14 9 42 2 40,I. 3A.r --fr. 175 953 797. 288 129 159 72 20 5Z 39 31 &I. 4 y.r passenger services 7546 583 1923 1I155 721 444 279 11Z 166 1915 180 15
Ot trarsot13193 14520 -1327 3837 4090 -453 57 W1 -42 r374ar277570972.2lmrance on transport .1279; 1627 -348 606 664 -58 59 106 -47 32 35 -3
2.1 Tr-avel 23373 24072 -699 8807 3753 5054 472 166 30 585 340 2k5~Ohr services 4.9798 39757 104 32 549 -66 i87 80 '7 81 41 32
2 4.1 Pmroerty inrcom 3589 5304 -1715 1415 381 -2400 467 84 W363 63 52 It2.4. 2EkWss lg 2737 1524 12-13 1096 990 106 420 39 381 41 17 242.4 3 N-,n. mec-id , In~stanare 3144 2451 693 1798 1120 5718 79 41, 38 41 47 -6P. 4. 4 cowr'ntionVengineer.ng 11650 4677, 7173 7331 9718 -241 - 43 41 a 1165 30 6624 5F'l r.I- stng595 601 -6 385 437 -5 4 9 5 31 9 22:4 9 Crtv,'w sc(-l,-es - other 27883 25200 2683 8394 8139 255 864 5965 266 521 268 255
1-CME i~~~~38109 134944 3165 53484 58769 -3285 83171 E30 1 3070 4059 2789 1270
3I Irrvesti1~it =met 123553 127014 -348 44908 54430 -952.2 8272 5164 3108 3776 2678 1092 Uab't-y irnce 3987 4265 -298 78 10i45 -3017 51 82 -31 .27 50 -23
3 3 G~veri~ve-t u-i-a (rile) 10669 3645 6924 7638 1294 6544 ik 55 -7 258 61 1912295 28955 -16670 1649 2083 -234 142Z 86 56 194 789 -1595
-a Vve-,u ted transfers5875 1123 -4748 1737 1172 565 13 52 83 184 621 -437
Private transfers 5420 1734 -11922 112 911 -7-,99, 7 34 -27 ~ 10 168 -158
Current accmt (A.B) 618681 624510 -5829 158340 145683 12577 21038 31929 -10891 12578 1 1104r 1474
________________________________ II AMVAI.A. ?NW-VAL? NI MWh OD 03AlMRIE am Oh I S.3M W ALUcCATE
A. CA services and inrmn 11410 6047 5383 133467 149518 -16,051 249202 234928 14274 22t38 19318 32181
I lerr-aru~.se 6108 3998 2110 94435 92680 1755 159074 16260O -3596 12224 1010'7 2117
2 Service,- 2699 1647 1052 23948 31197 -7249 38801 31002 7799 7131 6425 706,
2. Tr-wxport 1263 1027 236 5673 7476 -603 13943 15168 -12-25 j3131 2916 2152. 1. I Sea - reight 659 368 2T71 1870 2658 -788 4727 6809 -208.2 1484 1474 -20:1I.-2!~--a - passenger services 0 14,9 86 127 -41 17 52 113~ 22,3 158 54
2.1. 3Air - fnelg 2 25 -3 138 122 16. 521 473 48 6710 153 517142.I. 4Air - asre evcsB517 -1 75 A 9 % .1 i O L7 9
2. 1. 9 -t transse r se3c116 1487 -317 757. 6683 91g 264 21 27 17 90t~~~~~tr transport317 487 -170 40223903 119 5856 5807 24~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~-1583456-1127~~~~~556 567 24, 08 -52. 2 insurance on txanspart 10 17 -7 186 358 -172 299 339 -40 86 108 -222. 3 7--ave 628 270 3M *4 14482 -6,239- (33 41W2 489 316 249 6712. 4 Otrtir services 798 333 485 864 8881 -235 20238 10683 953 3598 3152 4462. 4.1 Prvperty znc~m 89 10 79 485 742 -257 545 150 495 425 451 -2612. 4.2 EaLr" 62 2 60 143 12 17 633 109 524 342 241 1012. 4.3 Ron MeMMYU~Se insma-ame 91 60 31 574 749 -175 416 320 96 146 114 32 4. 4 Constrctioz~n'gLnerLM ~ 197 16 181 932 723 209 9807 2Ewa 6919 22. 2 22 4.5 Fili, broaftast=4n 18 4 14 57 67 -10 61 45 16 29 31 -22. 4.9 Otb±tr services - other 341 241 100 6455 8474 -19 8874 7171 1503 26834 2313 32
3. Inccaw 26,03 402 2201 15084 25641 -10557 51327 41258 100'71 318 2788 395
2.I Investment irton 2552 357 2195 13474 23847 -10373 47845 38073 9772 2726 2466 26032 Labou ir=W 17 20 -3 1453 1521 -68 1296 1249 47 405 317 681
3. 3 Goveryu1Stf t~rwa. (rule) 34 25 9 157 273 -11ib 218 1934 252 50 3 47
a Unreri-uxted tranfers 357 1113 -758 1951 6530 -4579 7238 173915 -10157 585 968 -403
I Private transfers 355 910 -555 1626 4350 -2724 2381 39159 -1578 458 558 -1Cc)2. NflLcial transfers 2 203 -201 325 2160 -1855 4857 13436 -8579 i017 410 -30
Cwrrerit accozit (A.B) 117567 7160 4807 1354186 158048 -2030 2540 252323 4117 23101 20288 2815
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MTN.GNS/W/23Page 57
APPENDIX 2: DATAWEAKNESSES
Country Nature of data deficiency Solution
No data compiled for Banking
Incomplete sectoral decompo-sition of Transport and OtherServices in geographicalbreakdown.Merchanting: gross figures,including merchandise values.
No data available for tradewith Canada and Aust/NZ.No separate data availablefor Construction/Engineering.Imperfect sectoral decompo-sition of Transport and OtherServices in geographicalbreakdown.Investment income: no geo-graphical breakdown for1981-1984.
Estimates pro rata of sec-toral decomposition forintra and extra-EUR 10.
Estimates of net figuresfor merchanting
Estimates pro rata of sec-toral decomposition forintra and extra-EUR 10.
Estimates based on assump-tion of unchanged regionalcomposition.
Netherlands
BLEU
U.K.
No figures for Non-merchan-dise insurance.
No data for air transport.
No data for Insurance onTransport.
Denmark
Ireland
Greece
No data are available withJapan, Canada and Aust/NZ.No figures for Insurance ontransport, Property income,Banking, Non-merchandiseinsurance and Construction/Engineering.
No additional details forTransport and Other Services
Eur. Inst.
Germany
France
Italy
MTN.GNS/W/23Page 58
APPENDIX 3: ASYMMETRIES IN EUR10 BALANCESOF PAYMENTS
Here some aspect of ayumetries are dealt with. Firstly, theirmagnitude is assessed. Subsequently, their possible impact on presentoutcomes is analysed, whilst the third part summarizes EUROSTAT'son-going work in this field.
Intra Community flows - The current account
All transactions between countries concerning the exchange of goods,services and income and unrequited transfers are in principle recordedby both countries involved. An expenditure of one country should beequal to a receipt by the partner country within the same balance ofpayments item (in the same period). Consequently, when EUR 10 trade isbroken down by area, the net balance of payments of intra-EUR, coveringall transactions between Member States, should total to zero in allitems.
At present, this intra-EUR 10 balance of payments is calculated byadding up the individual country's recordings. It showed considerabledeviations from zero over the period 1979-1984, as outlined in table 3.1in absolute terms (ECU) and in percent. The percentage represents theratio between the net figures and the arithmetic mean of thecorresponding credit and debit figures and is thus an indicator of therelative magnitude of the deviation.
During these six years EUR 10 recorded an increasing surplus on itsintra-EUR 10 current transactions; as percentage of global trade flowsit fluctuated around an average of 1.6 %. This discrepancy was mainlydue to merchandise, with very small figures for services, income andtransfers. However, important asymmetries are revealed in servicesitems, both in absolute and in relative terms. Disaggregating itemslead to higher discrepancies, as could be expected. Regarding services,the highest absolute discrepancies are shown in "Other Services -other",whilst "Films" and "Insurance on transport" presented the largestrelative asymmetries.
JaTM
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MTN.GNS/W/23Page 60
Impact of the asymmetry discomfort on study outcomes
Trying to assess the impact of the existence of asymmetries inbalances of payments statistics is a very complex task. Not onlybecause it is hardly possible to isolate the real cause of a particulardiscrepancy, but also by the random nature of some asymmetries, rulongout any standardized, clear-cut solution. The matter is even morecomplicated if aggregated trade flows are considered (c.q. EUR 10)since they enable possible compensation between asymmetries of thecomponent parts.
In the context of a concise appendix some broad considerations maysuffice to justify the previous statement in the commentary, namely thatthe asymmetry discomfort does not jeopardize the main study outcomes.
Discrepancies may lead to biased outcomes in three fields:- the assessment of the importance of trade in services,- sectoral structure- geographical distribution.The first corresponds to wrongly estimated values for trade figures,leading implicitly to a biased sectoral structure, when the relativesize of the discrepancy is different among services items. The thirdpossible impact is related to difficulties encountered in thegeographical breakdown of global trade flows.
Although all three effects may distort the results, it is notunreasonable to assume that their extent is negligible with regard tothe main conclusions. The following arguments support this view.Firstly, the revealed intra-EUR 10 asymmetry (see table 3.1) is rathersmall and constant over time; viz. 1.6 % on average for all currenttransactions. Consequently, the global levels and growth rates of theservices items should be very reliable. Secondly, the relativeasymmetries do vary noticeably among items, however, with the specialfeature that their size is inversely proportional to the significance ofthe trade flows: e.g. compare "Films" and "Air-freight" with "Travel"and "Sea-freight"). This finding is not 50 surprising; the more onetries to refine the information system, the more likely are inaccuraterecordings. Therefore, too detailed analyses may lead to perverseresults, whose overall impact should not be maximalized. As table 3.1seems to indicate, the most serious doubts should be cast on thevalidity of statistics on item level; a quantitative attempt wasundertaken to estimate the impact on pectoral distribution. Two extremehypotheses were analysed: credits are correct (complete adjustment ondebits) and debits are correct (complete adjustment on credits). Theresults are reported in tables 3.2 and 3.3. The impact on sectoralconfiguration is then outlined.
MTN.GNS/W/23Page 61
(1) (2) (3)CreitsDeits -Credits -Debits Credits-Dbt
Transport 36 37 36 38 35 37Insurance 1 1 1 2 1 1Travel 19 25 19 25 19 25Other Serv. 44 37 44 35 45 37
Serv/Merch 32 29 32 29 32 29
(l) = original data(2) = debits adjusted with net intra asymmetries(3) = credits adjusted with net intra asymmetries
These results present a striking evidence of the virtual irrelevanceof revealed asymmetries for the study of the sectoral structure of tradein services.
Thirdly, the on-going research activities of EUROSTAT outlines rathersmall asymmetries in the bilateral balances of EUR 10 with the US andJapan (for the other partners there are no bilateral balancesavailable). Generally, the significance of the US seemed to be slightlyover-estimated, whilst that of Japan appears to be somewhatunderestimated. Once again, figures free from asymmetries should notreverse present results.
Finally, one should never forget that statistics always are anapproximate reproduction of reality. Therefore, and certainly in thecase of statistics on trade in services, one should attach majorimportance to global levels and ratios, and treat refined figures anddetails only as welcome additional information.
MTN.GNS/W/23Page 62
Table 3.2
I_/_EXTRAEUR-10 1979 1980 1981 1982 1983 1984
2. Services
2.1 Transport2. 1.1 Sea - freight2.1.2 Sea - passenger services2.1.3 Alr - freight2.1.4 Air - passenger services2.1.9 Other transport2.2 Insurance on transport2. 3 Travel2.7 Other services2.7.1 Property income2.7.2 Banking2.7.3 Non merchandise insurance2.7.4 Construction/engineering2.7.5 Films, broadcasting2.7.9 Other services - other
DEBITS - NETS / EXTRA EUR-10
I . Merchandise
Services
2.1 Transport2.1.1 Sea - freight2.1.2 Sea - passenger services2.1.3 Air - freight2.1.4 Air - passenger services2.1.9 Other transport2.2 Insurance on transport2.3 Travel2.7 Other services2.7.1 Property income2.7.2 Banking2.7.3 Non merchandise insurance2.7.4 Construction/engineering2.7.5 Films, broadcasting2.7.9 Other services - other
NETS / EXTRA EUR-10
1. Merchandise
2. Services
190257 218335 271073 289734 308274 356431
61438 71019 86169 90723 99670 111846
228919567578978
35728196605
11847260951640123716837099225
14211
2776211506
761987
422810280
67812732298471910150415858269306
16273
3212413008
7551 2795176
11 906857
150063818225621929263110749
27420037
3373,.12962
8301372607812469
9851381242195268222902761
13201373
20888
3365712503102413966744119901054
1971945240317723432845
1 2053532
24290
37396137971 1 1017507546131931279
2337349798358927373 1 4 4
11850595
27883
------====----------------------------------------
1979 1980 1981 31 1982 ][ 1983 1984
197282 242433 276524 288667 297869 346391
54609 64228 79092 82546 91172 102012
210799888112452
2592
8035
980
15346
17204
2844
943
867
258320
9649
241811 0858
297510
263198751 194
180532080033671140
11622980392
11759
3029813270
248745
3813122221412
20672267103922160517134142451
14877
3184113135
241748
4470132461551
1836530789455821091 91 2
6099489
15622
3395614373
237638
4749139591661
2118 2
343734919121720925380752
20013
307331 6 862
318805
5223155252075
23107380975691125127134550
78323099
:== ---------------------------------------------
1979 1980 ][ 1981 1982 1983 1984I= -= -- -- -- --= 1 -- - - - - - -= - - - - --= - - - - --= - - - - - -I - - - - - - --7025 -24098 -5451 1567 10405 10040
6829 6791 7077 8177 6498 9834
2.1 Transport 1812 3581 1826 1890 -299 -13372. 1. 1 Sea - freight -321 638 -262 -154 -1670 -30652. 1. 2 Sea - passenger services 466 464 507 589 787 7922. 1. 3 Air - freight 526 477 534 624 758 9452.1.4 Air - passenger services 980 1597 1363 1608 1995 23232.1.9 Other transport 161 405 -316 -777 -1969 -23322.2 Insurance on transport -375 -516 -555 -566 -607 -7962. 3 Travel - 3499 -5321 -5666 -4553 -1 4 63 2662.7 Other services 8891 .9047 11472 11406 10867 117012. 7. 1 Property income -1204 -1457 -1360 -1876 -1742 -21022. 7.2 Banking 294 364 324 181 1126 1486
2. 7. 3 Non merchand se insurance 816 423 91f8 849 753 4312.7.4 Constructiongengilneering 4518 5289 6607 7102 6673 72902.7.5 FilIms. broadcasting -95 -86 -177 -116 -220 -1882. 7. 9 Other services - other 4562 4514 5160 5266 4277 4784
1. Merchandise
2.Services
MTN. GNS/W/23Page 63
Table 3.3
CREDITS +NETS / EXTRA EUR-10 1979 1980 1981 1982 1984
1. Merchandise 193615 222678 276159 295977 317149 367418
2. Services 62854 72919 88911 96606 100418 113057
2.1 Transport 23248 28755 32985 34326 32983 364302.1.1 Sea - freight 9666 11891 13606 13448 12144 131982.1.2 Sea - passenger services 656 796 871 966 1119 12002. 1. 3 Air - freIght 1037 1.064 1381 1463 1526 18982.1.4 Air - passenger services 3650 4490 5470 6345 7118 79462. 1. Other transport 8239 10514 1t657 12104 11076 121662.2 Insurance on transport2.3 Travel2. 7 Other services2.7.I Property Income2.7.2 Banking2.7.3 Non merchandise insurance2.7.4 Construction/englneering2.7.5 Films, broadcasting2. 7. 9 Other services - other
|F DEBITS / EXTRA EUR-IO
1. Merchandise
2. Services
2.1 Transport2.1.1 Sea - freight2.1.2 Sea - passenger services2. .3 Air - freight2. 1.4 Air - passenger services2.1.9 Other transport2.2 Insurance on transport2.3 Travel2.7 Other services2.7.1 Property income2.7. 2 Banking2. 7. 3 Non merchandise insurance2.7.4 Construction/engineering2.7.5 Films, broadcasting2.7.9 Other services - other
NETS / EXTRA EUR-IO
1. Merchandise
1|2. Services
TransportSea - freightSea - passenger servicesAir - freightAir - passenger servicesOther transportInsurance on transportTravelOther servicesProperty incomeBankingNon merchandise insuranceConstruction/engineeringFilms. broadcastingOther services - other
394 402 534 649 735 83111i17 11883 14881 16997 20410 24338
318791642155314718086253
18874
4051122862049255910378
22423015
4463422942362266312932
32024063
462 9 0291025792780
12003331
25687
280951391128717526952192
16521
51458320230102882
11967413
29984
1979 1960 1981 1982 I 1963 1984======= ------ ------- ------ ------------====_===
200640 246776 281610 294410 306744 357378
56025 66128 81834 88429 91920 103223
214369987
1 90511
26708078769
14616192042595993936
2434287
11959
2517411253
332587
289310109
91817204228323099118910482797339
14360
3115913868
364847
4107119731089
205 4 7290393646172516413771401
17855
324361 3602
377839
47371288I1215
215503322841702181S 8 1 45830*436
18797
3328214014
332768
51231 3045
1 3422i873354234652145320275330551
21410
3776716263
408953
5623145201627
2407L397575304152424514677501
25200
1979 1980 1981 1982 1983 1984
-7025 -24098 -5451 1567 10405 10040
6829 6791 7077 8177 8498 9834
1812-321466526980161
-375-34998891
-1204294816
4518-95
4562
35816384644771597405
-516-53219047
-1457364423
5289-86
4514
1826-2625075341363-316-555
-566611472-1360
3249 1 8
6607-1775160
1890-1545896241608-777-566
-455311406-1876
181849
7102-1165266
-299-1870
7877581995
-1969-607
-146310867- t742
I ILa753
6673-2204277
-1337-3065
792945
2323-2332-796266
11701-21021486431
7290-1884784
2.
2.2.2 .2.2.,2 .
2 .
2 .
2.-2 .
2.-2 .
2.-2.-
1.I.1.2.377 .
7 .
7.-7 .
7 .
7 .
2349
23459
MTN.GNS/W/23Page 64
EUROSTAT's on-going work with respect to asymmetries
In the "European Communities" Study on International Trade inServices", submitted to the Director-General of the General Agreement onTariffs and Trade on 20th September 1984, it was stated in theIntroduction that work is continuing on estimating the majorunderrecording of world receipts from services exports. While suchenquiries were to be pursued by the IMF and the OECD, it was also statedin a subsequent paragraph of the Study that "the European Community andits Member States have been engaged in far-reaching studies in thisfield" of invisible transactions and the possible underestimationthereof. It may be useful to recapitulate at this stages thepreliminary results of EUROSTAT's current enquiries into the possibilityof underrecording within the matrix of balance of payments transactionsbetween individual Member States of the European Community (EUR 10).Also included in this matrix are the United States and Japan. Data forPortugal and Spain have not yet been incorporated.
An important line of enquiry at present being followed inEUROSTAT's examination of the matrix of balance of payments transactionsconcerns the bilateral asymmetries that consistently reappear throughoutthe five years covered (at present 1979 - 1983). if one country'sestimates of a particular category of transactions are always lower thanthose of its partner country, EUROSTAT has proceeded on the assumptionthat the lower estimates require, as far as it is practicable, to bebrought into line with the higher estimates declared by the partnercountry.
While bilateral asymmetries may result from many types ofdifference in the methods of compilation adopted by the statisticians inthe various Member States, including differences in timing and ingeographical attribution, the initial line of enquiry has concentratedon possibilities of underestimation by one or the other of the bilateralpartner countries. Although the only satisfactory solution to any suchproblems of asymmetry is a thoroughgoing comparison of methodologies andthe correction of either or both partner's deviations from theinternationally accepted standard, those correctional measures almostalways require years rather than months to undertake and complete. Theprocess of correction would also be further delayed by the size of thematrix which EUROSTAT has been working. With 12 categories oftransaction and 12 countries covered by the matrix, and with bilateralasymmetries the rule rather than the exception, a tremendous number ofindividual asymmetries require discussion, solution and finallyimplementation of agreed solutions at the national level.
Computer printouts from EUROSTAT's Data Bank have been used tosummarize the bilateral asymmetries in the balance of payments matrix ina comprehensive manner that has already pointed the way to ascertainpossible interim solutions. One solution, available without delay, thathas been considered and rejected, depended on the assumption that therecording of debits in the balance of payments is normally more reliablethan the recording of credits. Thus, the matrix might have beenreprinted using only the debit figures declared by countries for eachcategory. The associated credit figures would have been ignored, and noconflicting versions (asymmetries) would have appeared. Two objectionsto such a course appeared insuperable. First, there are actually many
MTN.GNS/W/23Page 65
cases in which a partner's declared credit figures are known to be morereliable than the corresponding debit figures declared by the otherpartner. It would be foolish to abandon superior statistics forinferior statistics. Second, there are at present certain categoriesfor which some Member States do not provide any data (notably Insuranceon shipment and Labour income). In some of those cases the data may beobtainable only from the credit side.
A more promising method of reducing asymmetries in the matrix isthe algorithmic approach, that is, the use of arithmetical formulaefirst to identify then to correct existing asymmetries. This approachhas so far been systematically applied only in the area of suspectedstatistical underestimation by one of each pair of declaring countries.Asymmetries are examined category by category and year by year for eachpair of countries. A persistent bias towards underestimation by onepartner in a given category is first established by the application ofthe "Student's" test, which provides an objective criterion to establishthe existence of such bias. On the assumption that the underrecordingby the one country is the result of a partial netting out betweencredits and debits (which in many cases has been established empiricallyas the cause of underestimation, the underestimated figures are theng-ossed up be algorithm. For a few categories in certain countries,there exists a different problem of estimates that are believed to betoo high, so that the country with the lower estimates has the morecorreat figures. Where such cases have been identified, they are beingexcluded from the algorithmic procedure.
Algorithmic correction has two immediate advantages. First, thereis no long delay, which would result from having national statisticianstry bilaterally to reconcile conflicting estimates and then struggle tobe allowed to correct their national balance of payments statistics.(Navional authorities are never in haste to reissue statistics that havealready been accepted a, valid in their uncorrected version).Second, whether the corrected matrix is for use within EUROSTAT or forcirculation to Member States, the grossing-up procedure will not havechanged the net result of any given national balance oaC payments.EUROSTAT itself may be seeking to achieve fuller gross statistics, butmost national policy makers look only at the net result of their balanceof payments and will therefore be less disconcerted by revisions that donot change the net totals.
It remains to be seen whether or not the algorithu-nic corrections tothe balance of payments matrix will quickly make it possible to usebilateral figures with more confidence. At present the asymmetrieswithin the matrix cast serious doubt on the validity of statistics thatcan be so self-contradictory. Regional and global totals tend to beless asymmetrical, implying that one algorithm that is still requiredwould have to redistribute the geographical allocation of nationalbalance of payments estimates. Nevertheless considerable asymmetriesexist between many of the regional totals in the matrix. EUROSTATregards as urgent the need to continue these studies which attempt toreduce the asymmetries in the balance of payments matrix until it can bepresented to users as a system of figures that supFort rather thancontradict one another.
Appendix
4:Si
sula
tedEUR12'sex
tern
altr
ade
inServic
es
+-=+-
=+
-=
+-=+
-=
A.Goods
serv
ices
andIncme
16949
298431
-148
2134
5942
3714'-)'5906
I43
8257
449909
-116
5216
9360
4801
36-10776
1.Merchandise
193076
209521
-16445
2208
362f0596
-3?7f
1275821
299917
-240
06204658
313672
-191
14
2.Se
rvic
es64380
54102
1027
874
387
6470
691e,3
90877
8072
410
153
96-3
5287904
1448
2.1
Tran
spor
t23938
2189
?72041
2911
826090K
3028
3381
632758
1458
3518
633
607
1581
2.2
Insuranceon
transport
605
839
-234
664
1012
-34
85"
t199
-345
071
1345
-374
2.3
Trav
el14315
1252
71781
1561
5j55-q4
251
18714
1838
7'27
18.76
19092
-816
2.4
Othe
rservices
25522
18839
6613
28990
2224
057
5037I
W26
A8P13
4191
733
860
8057
3.Income
3949
334
308
4685
50719
4614f,
4571
7159
69268
2291
7.450
78560
-110
3.1
Investment
Inc
32V181
3026
519
2342207
'409
fl5
1221
ri61599
6339
2-1793
6668i
71787
-5106
3.2
Labour
irco
2557
1758
799
2195
2122
57;I
3153
L575
578
3840
3058
782
3.3
Gove
rmen
ttr
dns
(nle)
4748
2785
1963
5717
Y.r'
0Zfi-
3807
3301
35m
7929
3715
4214
1983
1984
Average
+-
=+
-=A.
Goods
services
and
income
534496
532433
205
625013
616022
8901
451671
45P.06q
-6393
1.Merchandise
313793
323562
-9769
366W36
37481,
-8577
277387
297014
-19627
2.Services
IOf1
.'90923
1527
1120644
!N684
1oW60
92,,
14.
50007
12133
2,1
Transport
35911
34703
1208
40101
39213
888
33012
313t1
1701
2.2
Insurarreon
transport
1068
14190
-42?
1295
17,6
-501
910
120
-370
2.
3Travel
24530
19333
5197
30098
21002
9006I
?025P.
17633
2625
2.4
Oter
services
44fi5
35397
9288
49150
3953
q56j,
37960
207P3
1377
3.Icotre
114511
t17948
-3437,
38i33
'395?5
-!392
62144
v1043
ItO1
3.1
Invesutort
tncr
io0438
110551
-9113
1235137
15!lft5
-e303e
t283
7v13
13m.%5
32
Labo
urli
bc-n
wjj
ra3
1srl
3.05
13e;7
-|
-43
215,42
3.3
Goverirtt
trmL.
(nle)
.0
>*
5!f9
j')697
:1'.l
6775-.
'474
14W4
MTN.GN
S/W/23
Page66
MTN.GNS/W/23Page 67
APPENDIX 5: OTHER SERVICES-OTHER : SYNOPSIS OF REPLIESTO SURVEY
The questionnaire aimed at analysing in more detail the contents ofOSO in order perhaps to classify some new transactions into sub-itemsand to determine the sectors which make the most important contributionsto OSO.
In the light of recent proceedings at EUROSTAT, viz. the proposal fora new classification of exchange of invisibles (CEI), and on the basisof the replies to the questionnaire, EUROSTAT has somewhat modified thestructure of the questionnaire. Basically, these are minormodifications, which enhance the comparability of the survey with thedraft CEI and with the replies received.
The questionnaire has been returned to EUROSTAT by eight MemberStates; replies from Denmark and Greece are missing. A qualitativesynopsis of the replies is presented hereafter, enabling a quickoverview of the quality and reliabilty of the reported figures. As maybe seen the availability of data varies widely among sub-items and amongreporting countries. Generally, there are more "-" (no figures) than"x" (figures recorded). Nevertheless, on the aggregated heading levelmost Member States do report figures.
MTN.GNS/W/23Page 68
OTHER SERVICES - OTHER :synopsis of replies to survey
COUNTRY BRO F I* NL BLEU UK IRL DK HITEM
OTHER SERVICES-OTHER
COMMISSIONS
-COMMISSIONS RELATED TO TRADE-OTHER COMMISSIONS
MISCELLANEOUS SERVICES RELATED TO TRADE
-MERCHANTING TRADE, NET-OTHER PAYMENTS ANCILLARY TO TRADE
SERVICES RELATED TO TECHNOLOGICAL TRANSFERS
-TECHNOLOGICAL-PROCESSING-OTHER
COMMUNICATION
-NEWSPAPERS, ABONNEMENTS-OTHER COMMUNICATION(INCL,-ADVERTISINGI, TRADE FAIRS-OTHER
POSTAL SERVICES)
CULTURAL ACTIVITIES
-REMUNERATION OF ARTISTS.AUTHORS-EDUCATION NI,E.-OTHER
SERVICES BETWEEN RELATED COMPANIES N.I.E.
OTHER SERVICESMISCELLANEOUS
-EMPLOYMENT N. I E. (E G.INTERIM SERVICES)-MEDICAL SERVICES NlE.-LEASING-ESTIMATED AMOUNTS FOR MISSING REPORTS-LOSS/DAMAGE TO UK IMPORTS-OTHER
K
KK
K
XK
K
XK
K K KK
X x- X
K
K
XK
X
X
K
X X
XK
X
U X
K
K
X
K
XX
X
XK
X
- X
X X XXa
* Only figures avaiIable for WORLD
