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Monday, 19 October 2009

Trade in Services - Untapped Potential

There seems to be a continuing and exclusive focus on the export of goods. Even in a recent column by John Carran in the Dominion Post October 10, 2009 entitled No economic salvation likely from goods exports alone where the title seems to suggest there could be other kinds of exports which will help New Zealand, trade in services gets very little support.

This is in spite of the fact that the services share of New Zealand’s total exports is about 26% and the March 2009 Balance of Payments figures show there was an increase in the export of services. Charles Finny of the Wellington Regional Chamber of Commerce said in a press release on 25 June 2009 that ‘New Zealand exported $2.9 billion of services excluding transport and travel in the last 12 months. The range of services in this category includes:

Computer, financial, telecommunications, legal, advertising, architectural, film production, engineering and many other services.’

Is it time for exporters of services to bring some balance to the push for an export-driven recovery?

Photo: http://www.flickr.com/photos/telstar/135412439/ 20-foot (1 TEU) containers stacked in Alameda, California (Creative Commons-licensed content for noncommercial use requiring attribution)

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