Services exports data for June and for January-June 2016
August 24, 2016
Bottom line: An outstanding set of data for June complete an excellent half-year for service exports — despite continued softness in tourism and transport. “Other business services”, dominated by software, research and start-ups, had a record-breaking month and half-year.
The relative stability of service exports in 2014/2015 has given way to a period of renewed rapid growth. With the goods trade data stabilizing and services exports surging again, the current account surplus should rise to new highs in H1 2016.
- June is the strongest month of the year for services exports, after December.
- Total services exports for June amounted to $3.94bn, compared to $3.24bn in June 2015 and $3.22bn in 2014 — and just short of the record for June of $3.96, posted in June 2013.
- Total services exports for January-June, at $19.5bn, were the highest-ever for the first half of a year, and 13% up on H1 2015 ($17.2bn).
- Tourism revenues, at $2.6bn, were down 2.6% and transportation, at $1.75bn , was down by 13.5%, in comparison with the first half of 2015.
- The sector entirely responsible for the rise in service exports was “other business services”, where exports totalled $15.15bn, a massive 21% gain over H1 2015.
- Within “other business services”, sale of start-ups and “other exceptional transactions” generated $1bn in June and $3bn over the first half — triple the amount generated in H1 2015.
- The category of “Scientific R&D” saw exports of $3.5bn in January-June, a rise of 70% over the same period last year.
- The largest single category within “other business services” is “Computer programming, data processing, web portals”, where H1 exports totalled $6.24 bn, a rise of “only” 18% over January-June 2015.