Fix the Trade Deficit, Fix the Economy

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Mexico runs a trade surplus with the United States owing trade balance by country 2010 movie oil exports and cross-border supply chains, with imported U.

At the same time, Mexico runs a large trade deficit with Asia, the result of a surge of imports from that region over the past two decades. These developments have helped Mexico reduce its need to borrow more from the world to make up for lost petroleum export revenues.

These cross-border supply chains predate NAFTA, with plants in Mexico processing and assembling inputs produced in the United States and then shipping the assembled products trade balance by country 2010 movie across the border.

The bilateral trade balance by country 2010 movie balance largely reflects the value-added created in Mexico, given this import-export pattern. This is not to discount another factor boosting the surplus, namely components from Asia and Europe that are assembled in Mexico and then exported to the United States.

These flows, however, are moderated by strict rules of origin that eliminate tariff preferences for goods exported to the United States if they have too much content from non-NAFTA countries. The auto industry is the most important factor in these cross-border supply chains. Mexico breaks down domestic consumption into indexes for purchases of locally produced goods and trade balance by country 2010 movie of imported goods.

These data reflect a significant transformation of consumer behavior, with consumption of locally produced goods growing at a 1 percent annual rate from towhile consumption of imported goods grew at a 6 percent annual rate. Bythe U. China accounts for half of the deficit with Asia. A country running a trade deficit needs to borrow from the rest of the world to make up the difference between export revenues and spending on imports. A key factor is that domestic consumption of all imported goods has been increasing at only a 3 percent rate sincematching the increase in demand for domestically produced goods.

These data suggest that import penetration may have hit a plateau in Mexico and that import growth cannot significantly outpace the growth of overall demand.

The chart below shows the recent swing in the petroleum and non-petroleum balances to all trading partners. The petroleum trade balance continued to fall through as imports of gasoline and natural gas increased while petroleum exports remained stagnant. One observation from the above chart is that the two balance lines have often mirrored each other, so the recent offsetting behavior is not unusual. Posted Under Economy Think Tank.

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Production errors were discovered in the International Trade in Services Statistical Bulletin originally published on 27 March The International Trade in Services publication provides a detailed breakdown of annual trade in services estimates, analysing data by product, industry and country. The data are sourced from the Office for National Statistics comprehensive surveys into international trade. It is important to note that the survey does not contain data for transportation, travel and banking industries.

This data is obtained from other sources such as the International Passenger Survey and the Bank of England. As a result, these industries are excluded from the figures reported in this publication. Estimates for the overall level of trade in services, including these industries, are published in the Office for National Statistics Pink Book publication. Over a period of 30 years, the UK economy has witnessed a shift to a more service based economy, with 75 per cent of output now attributed to services, compared with 15 per cent attributed to production and 10 per cent attributed to manufacturing.

Over the last decade, the balance between exports of services and goods has continued to tip towards services. The share of UK exports of services has risen from 30 per cent to 39 per cent compared with 25 per cent, 30 years ago , whilst the share of UK exports of goods has declined from 70 per cent to 61 per cent compared with 75 per cent, 30 years ago. This is the highest reported value displayed in this time series.

Trade in services exports have risen considerably over time, having more than doubled between and This is the highest reported value in this time series. UK imports of trade in services have risen considerably over time, having more than doubled between and This section shows key geographical findings for the total international trade in services excluding travel, transport and banking for exports, imports and balances for the UK. Germany and the Irish Republic contribute notably followed closely by the Netherlands and France.

This section illustrates UK trade in services exports, imports and balances broken down by prominent product groups. Each group is analysed by continent, making comparisons between and The breakdown of UK exports of technical, construction, operational leasing and other business services, by continent, reported in , were as follows:. Asia continued to be the second largest destination for UK exports of technical and operational services in , accounting for 29 per cent of the total.

Europe accounted for 51 per cent of total of imports of technical, trade related, operational leasing and other business services. This accounted for 15 per cent of the total UK imports of technical and operational services. Although this was a decrease of 15 per cent, it still accounted for 28 per cent of the total UK imports of these services in Asia was the largest contributor to the overall UK balance of these services. Europe accounted for 25 per cent of the UK surplus balance in this group of services in The breakdown of UK imports of professional, management consulting and research and development services by continent, reported in , were as follows:.

This was largely driven by an increase in UK imports of these services from Japan. This was due to a 13 per cent increase in exports and a 10 per cent decrease in imports. The breakdown of UK exports of merchanting, other trade related services and services between related enterprises, by continent, reported in , were as follows:.

This represented 55 per cent of the total UK exports value of these services. This accounted for 13 per cent of total UK exports of these services in The breakdown of UK imports of merchanting, other trade related services and services between related enterprises, by continent, reported in , were as follows:.

The USA continued to be the single largest source of UK imports for these services, with a 19 per cent share of the total. This increase can be attributed to a larger rise in exports than imports for the merchanting, other trade-related services and services between related enterprises for all continents.

This was an increase of 19 per cent. This was largely driven by an increase in exports from the UK to both India and South Korea, whilst imports from these countries remained relatively stable. Comparisons are made between and In , these industry sectors continued to make up 90 per cent of the exports from the UK and 88 per cent of the imports to the UK. The professional, scientific and technical industries accounted for the largest proportion of UK exports of services for both and The information and communication industries accounted for the second largest proportion of UK exports of services for both and This amounted to 30 per cent of the total UK imports of all services in compared with 26 per cent in The professional, scientific and technical industries accounted for 29 per cent of the total UK imports in compared with 31 per cent in In , the five largest product groups for total UK exports of trade in services were business and professional services, royalties and licence fees, financial services, technical services and communications services.

These product groups accounted for 74 per cent of the total UK exports of trade in services. The business and professional services accounted for the largest proportion of UK exports for both and This amounted to 37 per cent of the total UK exports of all services in These product groups accounted for 87 per cent of the total UK imports of trade in services. This was mainly driven by a 41 per cent decrease in UK imports of construction services outside the UK.

This accounted for 17 per cent of the total balance of UK trade in services in compared with 15 per cent in The total UK trade in services balance increased between and , was primarily driven by merchanting and trade related services. In , the largest product groups for the manufacturing industries were royalties and licences, business and professional services, technical services, other trade in services and computer and information services.

These product groups accounted for 92 per cent of UK exports of services within the manufacturing industry. The breakdown of UK exports for the manufacturing industry, by product, reported in , were as follows:. The breakdown of UK imports of services in the manufacturing industry, by products, reported in , were as follows:.

Business and professional services, accounted for the largest percentage of UK imports for the manufacturing industry for both and This amounted to a 42 per cent share of the total UK imports for the manufacturing industry, compared with a 38 per cent share in The breakdown of UK exports for the wholesale and retail industry, by product, reported in , were as follows:.

The breakdown of UK imports for the wholesale and retail industry sector, by product, reported for , were as follows:. This was due to an increase of 26 per cent in UK exports compared with a decrease of 11 per cent in UK imports within this industry sector.

The breakdown of UK exports in the information and communication industry sector, by product, reported in , were as follows:. UK imports for all of the main services within this industry sector increased between and This was due to a drop in services for the use of franchise and similar rights fees and other royalties and licence fees.

The breakdown of UK exports in the administrative and support service industry sector, by product, reported in , were as follows:. Business and professional services accounted for the largest proportion of total UK exports within this industry sector for and , representing a 52 per cent share of exports from the UK in The breakdown of UK imports for the administrative and support service activities industry sector, by product, reported in , were as follows:.

This increase can be attributed to the large rise in industry exports of personal, cultural and recreation services within this industry sector. Personal, cultural and recreational services accounted for the largest proportion of UK exports within this industry for both and The breakdown of UK imports for the arts, entertainment and recreation industry sector, by product, reported in , were as follows:. This section illustrates UK exports and imports for the film and television industries. The exports and imports figures are analysed by country and continent.

UK imports from the Americas and Europe continued to dominate the film and television industry sector. This was driven by substantial increases in UK exports of television services. It has also been incorporated into the quarterly ITIS survey from This will be the first time this data will have been collected on a quarterly basis.

The Quality and Methodology Information The text and charts within this publication should be used in conjunction with the adjoining tables in Sections B, C and D. The main purpose of the publication is to respond to the increasing demand for information on international trade in services.

The ITIS survey which consists of a quarterly component addressed to the largest businesses and an annual component for the remainder covers receipts from the provision of services to residents of other countries exports and payments to residents of other countries for services rendered imports.

Residents of other countries are companies, governments and individuals. Although companies classified to the financial auxiliaries sector are included in the ITIS survey, businesses classified to other financial areas are not included in the sample. This does not mean that financial services are not covered as these services can be imported by companies classified outside the financial sector. The annual survey is made up of approximately 14, businesses for the annual component and 1, for the quarterly component.

An on-line data collection service would be desirable and is currently being investigated. ITIS selects across the whole of the economy with a number of exceptions detailed at point 5 of this document.

An additional 5, businesses are made up of a fixed panel of known traders and as such are not subject to weighting. A matching exercise of samples and universes was undertaken to ensure no duplication. Following this quality assurance exercise, data from approximately 9, companies were used in the ITIS results.

The country and product detail are estimated using like companies from the fixed panel of known traders. Like companies are those within the same SIC and employment strata. Respondents are requested to provide figures for the current calendar year 1st January to 31st December , although some respondents provide figures for their actual accounting year. All values for ITIS are at current prices. Current prices refers to prices as they were at the time of measurement and not adjusted for inflation.

The statistical output from the ITIS survey covers the value of transactions between the UK and residents in other countries in respect of 51 products. The industry analysis enables estimation for the total international transactions in services by economic classification for well-defined areas of the economy using SIC information. Data for the and reference years in this publication have been published in SIC classification which is an internationally recognised standard industrial classification.

This provides a framework for the collection, tabulation, presentation and analysis of data about economic activities. Prior to , sic classification would have been used. Both industry and product information are analysed geographically.

The tables within this publication show the countries to which services are exported, and from which services are imported.