“The importance of Trade in Services in Trade
Author : luanne-stotts | Published Date : 2025-05-24
Description: The importance of Trade in Services in Trade between EU Thailand January 2023 EU Economy per sectors GDP est 2017 Services 73 of EU GDP 55 of Thai GDP A rather low level for an emerging country Source CIA FactBook 2021
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Transcript:“The importance of Trade in Services in Trade:
“The importance of Trade in Services in Trade between EU & Thailand” January 2023 EU Economy per sectors – GDP – (est. 2017) Services = 73% of EU GDP 55% of Thai GDP (A rather low level for an emerging country) Source: CIA FactBook - 2021 The share of Trade in Services in the EU GDP is higher than in other high income countries! 27.3% (20.9% in Thailand) Source: World Bank Total World Export of services 2022 (excl. Intra EU) = 5833 Bio US$ - Source: WTO Trade Statistical Review & Global trade outlook 2022 – Bio US$ TOP 20 WORLD EXPORTERS OF TRADE IN SERVICES EU is the first largest global exporter of services Thailand is the 22nd largest global exporter of services Source: Eurostat bop_its6_det. Top 25 EU Trading partners in Services - (Extra-EU27) – 2022 - €Bio 444.1 218.2 108.3 57.6 684 28 52.4 47.6 41.4 40 24.2 21.3 16.7 35.9 28.6 26.5 26 25.8 16.7 13.3 10.8 9.4 8.1 7.6 7.6 6.4 Thailand is 22nd EU Trading Partner IMPORTANCE OF TRADE IN SERVICES EU27 (Extra EU) Comparison between Balance of Payment (BoP) & Trade in Value Added TiVA Total Export Extra EU27= 4029 $Bio Source: WTO WTS2020 & OECD/WTO TiVA 32.9% 67.1% IMPORTANCE OF TRADE IN SERVICES in Thailand Comparison between BoP & TiVA Total Export EU= 325$Bio Source: WTO WTS2018 & TiVA 11.7% 88.3% EU27-Thailand Trade & Investment (Imports and exports of goods & services & FDI) Source: Eurostat - [ext_lt_maineu] + [bop_its6_det] 29.8% 70.2% 10.1% 89.8% Total exports: 18,972 Bio€ Total exports: 24,712 Bio€ Source: Eurostat Importance of trade in services in the EU27-Thailand trade relationship 18.6% 81.3% Total exports: 43,684 Bio€ Services represent only 18.6 % of the total trade between EU & Thailand (29.8% of EU exports to Thailand = Services) Source: Eurostat bop_its6_det. IMPACT OF BREXIT: 2019 UK = 21% of EU Exports of Services; and 18% of EU Imports! EU surplus: +3143 €Mio EU Exports: 154% in 11 years EU Imports: -40% in 11 years EU27 Services Exports and Imports with Thailand per sectors (2019 - € Million) Source: Eurostat 2020 – Note: Other business services comprise mainly: research and development, professional and management consulting services, technical, trade-related services. Statistic figures for EU27 not available yet. Exports - Total 4 789 – Imports - Total: 5 596 60% of Thailand Exports 31 % of EU Exports 24 % 17
