CARIFORUM and UK EPA Study
Suriname, which includes 3 of the 7 more developed countries within the region, exhibited declining trends. However, the overall trend for the region, combined, was positive, despite a decline in services export activity from 2009 to 2012, following which exports regained strength and trended upwards throughout the remainder of the period. This dip in the region’s services export performance with the UK was likely attributed to the effect of the global financial and economic crises, which began around 2008. CARIFORUM’s services exports data, therefore, suggests that the “big five” global services exporters within CARIFORUM also largely play a significant role in the region’s growing exports to the UK, though the importance of that market as a potential destination for CARIFORUM services exports appear to be under utilized given that the UK imported US$2.7 trillion worth of services during the period 2008 to 2019, of which the region’s exports to the UK amounted to just 0.7% of that country’s global services consumption. This suggests, further, that there is considerable room for growth and expansion by CARIFORUM into the UK’s market, which accounted for less than 8% of the region’s total exports. The growth of the region’s exports to the UK, however, would of course be subject to any barriers of hurdles that may confront CARIFORUM services exporters.
ii.
Sectoral analysis
Table 34: CARIFORUM Total Exports to the UK by Sector (2008-2019) – US$ Millions
CARIFORUM Total Exports to the UK by Sector (2008 - 2019) - US$Millions
Product/Sector
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2008-2019
Total Goods-related services
46 46
37 37
1 1 0
4 3 1
6 5 1
3 1 2
2 1 1
1 1 0
1 1 0
1 1 0
1 1 0
1 1 0
104
- Total Manufacturing Services on Physical Inputs Owned by the UK
99
- Total Maintenance and Repair Services
0
0
5
Total Transport Services Total Travel Services
99
84
74
78
63
71
66
62
59
66
64
70
856
1225 1116 1079 1109 1010 1067 1277 1377 1375 1397 1612 1664
15308
Total Other Commercial Services - Total Construction services - Total Insurance and pension services
166 157 142 148 153 143 155 149 142 156
182 202
1895
0
1
0
0
0
0 5 9 1
0 8
0 9
0 7
0
0
0
1
15 14 48 73 6
10 16 50 65 6
13 14 48 59 3
14 16 46 61 4
10 14 42 69 12 4
37 11 25 65 15 0
44 13 26 83 15 0
50 11 26 96 18 2
222 155
- Total Financial Services
15
10
12
- Total Charges for the use of intellectual property n.i.e - Total Telecommunications, computer and information services
1
1
1
29
31 79 15
30 82 15
28 80 16
29 73 16
429 885 145
- Total Other Business Services
- Total Personal, Cultural and Recreational Services
7
6
5
5
Total Commercial Services
1532 1390 1294 1341 1232 1283 1501 1587 1579 1620 1860 1936
18155
Total Government goods and services n.i.e
14
17
31
32
31
28
27
22
27
22
28
27
306
Total Services
1548 1408 1327 1374 1266 1310 1528 1611 1607 1644 1888 1965
18476
Source: WTO Database
Page 130 of 241
Made with FlippingBook Learn more on our blog