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What are service exports?
One of the fundamental changes economies have been going through over the last century is a shift in economic activity from industrial production to services. In advanced economies like the U.S. or the U.K., services accounted for less than 50% of GDP in 1900. Today’s share is closer to 75%. As people’s incomes rise, they consume more services – think about healthcare, education, leisure and hospitality, for example.
International trade flows have also undergone some change. When thinking about trade, most people picture big containerships full of Audis and BMWs. However, service exports are taking up
