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UNCTAD: Services exports outpace goodsThursday, December 10, 2015 > 09:51:06
(Business World Online)
EXPORTS of services accounted for 21% of total global exports in 2014, rising nearly 5% year on year, compared with nearly flat growth in merchandise goods amid weak commodity prices, the United Nations Conference on Trade and Development (UNCTAD) said.
In a statement accompanying the launch of UNCTAD’s Handbook of Statistics 2015, the agency said services export growth was strong across developed and developing countries, posting gains of 5.3% and 4.8% respectively. The global value of services exports was $24 trillion, it said.
The handbook showed the Philippines with $24.84 billion in services exports in 2014, nearly triple its 2005 level of $8.61 billion. The latest year’s result is up 6.44% over 2013.
The Philippines is also a net exporter of services, having shipped in only $19.963 billion worth in 2014.
Regionally, the Philippines trails Singapore, Thailand and Malaysia, which have services exports of $140,433 billion, $55.295 billion and $39.484 billion, respectively. Its services exports were just ahead of Indonesia’s, which posted a total of $23.53 in 2014.
UNCTAD said global trade in merchandise goods was hurt by weak commodity prices, with prices of crude petroleum down 43% during the year and minerals, ores and metals down 18%. Food is estimated to have fallen 13% and agricultural raw materials 12%.
The handbook also showed a 16% decline in foreign direct investment globally to $1.2 trillion, though flows to developing economies rose 1.6%, led by Asia which gained 9%.