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EU External Surplus in International Trade in Services in 2007 grew by 22.8%
- Share to:
The European Union continued to be the biggest global player in international trade in services (ITS). In 2007, the EU´s international trade in services recorded a surplus of €84.1 billion, compared to €68.5bn in 2006 and €54.1bn in 2005. The USA remained the EU’s main trading partner. Of all the EU Member States, the UK was the biggest contributor to extra-EU transactions. Trade in services grows faster than trade in goods Services play a major role in all modern economies. An efficient services sector is critical to trade and economic growth and to vibrant and resilient economies. Trade in services also plays an important role in creating wealth and jobs for all economies around the world, and is a catalyst for development. Services are the backbone of economies and trade around the world and provide vital support to the economy and industry as a whole, for example through finance, logistics and communications.
Increased trade in and availability of services will boost economic growth, business growth and development by improving the performance of other industries, since services provide key intermediate inputs, especially in an increasingly interlinked globalised world.
Mushtaq HUSSEIN, Bernd SCHWEINBERGER - Personal Name
NONE
Economics
English
2009
1-8
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