CARIFORUM and UK EPA Study

The sectoral analysis of CARIFORUM’s exports to the UK, therefore, suggests that while the region’s gross exports of services to the UK trended upwards throughout the period, this was propelled mainly by the Travel services sector, which accounted for more than four-fifths of the region’s total exports, followed by Other Business services and Transport services. The positive growth trends observed in the region’s exports of Insurance and Pension services as well as Personal, Cultural and Recreational services to the UK also suggested that there was considerable room for further growth and expansion of exports to the UK, particularly when one accounts for the UK’s global imports within these two sub-sectors, which provides additional evidence of potential opportunities and untapped markets for CARIFORUM. However, sectors such as Manufacturing services on Physical Inputs Owned by the UK, Telecommunications, Computer and Information services, Transport services and Charges for the use of Intellectual Property were among the worst performing export sectors for CARIFORUM, possibly suggesting areas to avoid, unless there is significant productivity and competitiveness enhancing investments in these sectors by the region.

7.14 Competitive and comparative advantages in CARIFORUM-UK Services Trade

i.

Summary of Total CARIFORUM-UK Services Trade

During the period of analysis, the top five traded services between the UK and CARIFORUM were Travel services, followed by Other Business services, Transport services, Insurances and Pension services and Financial services, which accounted for more than 93% of the total US$33.7 billion worth of trade in services that occurred between them. These sectors of greatest concentration closely mirror the trends observed for both CARIFORUM’s total exports and total imports of services from the UK.

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