Crisis-proof services: Why trade in services did not suffer during the 2008-09 collapse

Andrea Ariu 24 December 2013

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Following the failure of Lehman Brothers in September 2008, international trade in goods collapsed by 30%. This dramatic collapse was highly synchronised across countries and mostly concentrated in the category of durable goods (Baldwin 2009). Surprisingly, international trade in services barely reacted to the crisis. Many service industries continued to grow at a brisk pace, with the only exception being transport services which experienced a modest decline (Borchert and Mattoo 2009, Francois and Woerz 2009).

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Topics:  International trade

Tags:  trade in services, Great Recession

Are services traded differently?

Andrea Ariu 23 December 2012

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International trade is traditionally thought of as goods crossing borders. Trade in services, however, is becoming increasingly important for high-income countries and its role is likely to grow substantially over the next years (Francois and Hoekman 2010).

Trade in services and goods differ along several critical dimensions (WTO 2010).

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Topics:  International trade

Tags:  Belgium, firms, trade in services

Services trade, the IT revolution, and occupational tasks

Giordano Mion, Andrea Ariu 25 February 2012

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Topics:  International trade

Tags:  IT, offshoring, Belgium, trade in services

Lowering trade costs in services markets: The final frontier?

Sébastien Miroudot, Jehan Sauvage, Ben Shepherd 17 January 2011

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Nearly two-thirds of all economic activity in the G20 – and over three-quarters in France, the US, and the UK – is made up of services. So it is striking that while goods exports account for nearly 20% of the G20’s combined GDP, the corresponding figure for services is less than 5%. Although services trade was growing rapidly prior to the full onset of the global financial crisis – by 19% in 2007, according to the WTO – it still represents a surprisingly modest share of the international economy.

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Topics:  International trade

Tags:  globalisation, trade in services

Trade in services under the Euro-Mediterranean partnership: An alternative to migration?

Bernard Hoekman, Çağlar Özden 02 January 2011

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Recently released data show that the US population has increased 9.7% since 2000, reaching almost 309 million (US 2010 Census). While low by US standards, this growth rate far exceeds European rates. Europe is facing a demographic dilemma. Low fertility rates and increased life expectancy mean that labour forces are shrinking as dependency ratios are rising.

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Topics:  Europe's nations and regions International trade Migration

Tags:  migration, trade in services

International trade in services: A portrait of importers and exporters

Holger Breinlich, Chiara Criscuolo 02 July 2010

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Trade in services has been the fastest growing component of international trade since the early 1990s, with average annual growth rates of close to 10% and a total cross-border export value of $2,800 billion in 2006 (WTO 2008). Over the same period, the composition of services trade has shifted dramatically in favour of high-skill intensive categories such as business services, provoking heated debate about the consequences of services offshoring.

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Topics:  International trade

Tags:  UK, trade in services, firm-level data

Services trade – The collapse that wasn’t

Aaditya Mattoo, Ingo Borchert 27 November 2009

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The gloom and doom about goods trade has obscured the quiet resilience of services trade. Services account for over one-fifth of global cross-border trade; for countries such as India and the US, it is close to one-third of all exports. Data on cross-border trade from the US reveals that since mid-2008, trade in goods declined drastically but trade in some services held up remarkably well.1 More aggregate data available for other OECD countries also suggests that services trade suffered less from the crisis than goods trade.

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Topics:  International trade

Tags:  trade in services, Global trade collapse

Summer Programme on the WTO, International Trade and Development 2010

28 June - 9 July 2010, Geneva

Event Type

Course

Long Title

Programme on the WTO, International Trade and Development 2010

Attendance

No
Dates

Start Date

Mon, 06/28/2010

End Date

Fri, 07/09/2010

More information

http://graduateinstitute.ch/summer

Institution

The Graduate Institute of International and Development Studies

Location

Geneva
Organizer

Organizer(s)

Bénédicte Gilbert

Contact Email

benedicte.gilbert@graduateinstitute.ch

Disclaimer: Vox is not responsible for the accuracy of this information.


Topics

Development Global economy International trade
Tags
WTO, regionalism, dispute settlement, trade in services, Summer Programs, Graduate Institute, World Trade Organization, Dispute Resolution, WTO and Market Access, World Trading System, Training on Trade, Manufactures Trade, Agriculture Trade, NAMA

Procurement that pays: Foreign outsourcing, innovation, and profit dynamics

Holger Görg, Aoife Hanley 07 September 2009

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Outsourcing is an emotive issue. It is an issue on which elections are fought. Consider US President Barack Obama’s fixation on outsourcing in the run up to the November election and the subsequent changes to the US tax system designed to retain US jobs. Business Week (2009) summarised American fears of outsourcing: “US voters have always responded to the fear that the best American jobs could flee overseas…Nobody ever lost a popularity contest by calling outsourcing or offshoring bad names”.

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Topics:  International trade

Tags:  outsourcing, trade in services

How many jobs are onshorable? Re-interpreting the Blinder numbers in the light of new trade theory

Richard Baldwin 15 June 2009

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Before the global crisis hit, offshoring was one of the scarcest things on rich nations’ economic radar screens – especially the offshoring of “good” service sector jobs.

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Topics:  International trade

Tags:  offshoring, trade in services