CARIFORUM and UK EPA Study

Table 35: CARIFORUM-UK Total Trade in Services by Sector (2008-2019) – US$ Millions

CARIFORUM-UK Total Trade in Services 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

52 46

4 0 37

7

9

1 1

7

7

4 1 3

8

7 1 6

8 1 7

1 2

172

- Total Manufacturing Services on Physical Inputs Owned by the UK

1 6

3 6

5 6

1 6

1 6

1 7

1

99 73

- Total Maintenance and Repair Services

6

3

1 1

Total Transport Services Total Travel Services

350

314

3 35

3 24

366

445

496

292

2 35

2 33

2 96

352

4 ,038

1,453 1,308 1,300

1,352 1,301 1,420 1,542 1,634 1,558

1,560 1,857 1,956 772 1,370 1,239

1 8,241 1 0,910

Total Other Commercial Services - Total Construction services - Total Insurance and pension services

927

875

8 79

8 58

847

866

907

699

6 71

14

10

13

5

4

10

8

6

8

4

4

1 0

96

172 155

185 115

1 30 1 06

1 67 1 27

209

108

90 56 23 82

9 8 6 1 2 2 5 2

81 55 45 74

179

528

3 26

2 ,273

- Total Financial Services

64 23 67

72 31 68

41 41 59

4 2 3 7 8 2

5 5 3 4 7 3

949 382 815

- Total Charges for the use of intellectual property n.i.e - Total Telecommunications, computer and information services

32 64

32 63

33 68

29 63

- Total Other Business Services

462

449

4 93

4 41

449

540

601

426

3 64

410

647

7 02

5 ,984

- Total Personal, Cultural and Recreational Services

23

17

34

20

24

32

41

2 9

36

28

2 5

3 4

343

Total Commercial Services

2,780 2,538 2,519

2,545 2,523 2,743 2,953 2,632 2,477

2,572 3,531 3,557

3 3,370

Total Government goods and services n.i.e

16

1 8

33

33

3 2

2 8

2 7

23

27

22

2 9

2 8

316

Total Services

2,797 2,557 2,554

2,579 2,558 2,771 2,980 2,657 2,505

2,596 3,559 3,587

3 3,700

Source: WTO Database

The bilateral trade flow data on services supplied between the parties confirm that, in the case of the leading traded service – i.e., Travel services, CARIFORUM was the larger player, exporting more than five (5) times as much of that service to the UK than vice versa. The UK, however, dominated the bilateral trade relationship in all other categories, exporting in excess of 9 times as much Insurance and Pension services to CARIFORUM than occurred in the reverse, at the higher end, to just under 4 times the value of CARIFORUM’s exports in relation to Transport Services at the lower end. Notwithstanding the greater intensity of the UK’s exports relative to CARIFORUM’s, across these diverse services sectors, the region enjoyed an overall positive trade in services surplus with the UK, with CARIFORUM being responsible for approximately 55% of the total bilateral trade in services figure, led mainly by the significantly positive outturn observed within the Travel services sector. Consequently, the assessment of CARIFORUM and the UK’s services trade shows that, while the UK led CARIFORUM in four of the top five services traded between itself and region, CARIFORUM’s significant dominance in the major bilateral trade category of Travel services was sufficient to give the region an overall positive trade surplus with the UK.

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