CARIFORUM and UK EPA Study

(US$3.2 billion) and Travel services (US$2.9 billion) represented the second and third largest categories of services exported to CARIFORUM overall, accounting for 21% and 19.3% of the region’s total services imports, respectively. Notwithstanding, the non-Transport and non-Travel related categories of commercial services, referred to as “Other Commercial Services”, and under which falls “Other Business Services”, represented the single biggest block of the region’s services imports, accounting for US$9 billion or just shy of 60% of the total services imported by CARIFORUM from the UK. All five major services categories, with the exception of Government services, trended upwards during the period 48 . However, both construction services and financial services exhibited persistent downward trends, while personal, cultural and recreational services stood constant at the end of the period, despite some fluctuations and even some significant increases in demand for such services being observed throughout period. The sectoral analysis of the UK’s exports to CARIFORUM suggests, therefore, that the UK’s export services advantage with the CARIFORUM region lies in a few dominant non-goods and non-government related services categories: Other Business Services; Transport; Travel; and Insurance and Pension Services, which accounted for over US$13 billion or 87% of the UK’s total exports of services to CARIFORUM, by value, during the period 2008-2019. Furthermore, all sub-sectors, with the exception of the aforementioned construction and financial services sectors, showed signs of growth potential, with CARIFORUM’s demand for Maintenance and Repair services (83%), Insurance and Pension services (76%) and Other Business Services (56%) from the UK, in particular, growing by the largest percentages between 2008 and 2019.

48 These included Goods-related services, Transport Services, Travel Services and Other Commercial Services.

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