Saudi Arabia is the 17th largest economy in the world importing services trade worth $ 75 billion in a year


Saudi Arabia ranked 17th in the world on the list of the 25 largest major importing economies for services trade in the world, with a value of $ 75 billion in 2019. However, the name of the Kingdom did not appear on the list of major service exporters.
According to UNCTAD figures, Saudi Arabia’s services imports last year amounted to $ 75 billion, a decrease of 10 percent from 2018, a trend that most major economies have witnessed.
Global trade in services in 2019 reached $ 6.2 trillion, accounting for 24 percent of total world trade in both goods and services. Compared to the current dollar price, trade in services has increased modestly by 2 percent.
The United States ranked first in importing services with a value of $ 588 billion, then China ($ 501 billion), Germany ($ 365 billion), Ireland ($ 321 billion), Britain ($ 284 billion), France ($ 263 billion), and the Netherlands ($ 246 billion) ), Japan (204 billion), Singapore (199 billion), India (179 billion), South Korea (126 billion), Italy (124 billion), Belgium (120 billion), Canada (115 billion), Russia (99 billion) , Hong Kong / China’s Administrative Region ($ 79 billion).
Saudi Arabia is ahead of the UAE (74 billion dollars), Brazil (69 billion), Thailand (59 billion), China / Taiwan Province (57 billion), Ukraine (15 billion), Kazakhstan (11 billion), the Republic of Serbia (seven billion), Azerbaijan (six billion dollars).
With a value of $ 1.442 trillion and 24 percent of global services exports, travel was the most traded service in 2019. With 23 percent, various commercial services came second ($ 1.400 billion), while transportation took 17 percent to occupy third place with value ($ 1.029 billion).
Communications, computer and information services accounted for $ 678 million in services trade, financial services valued at $ 520 million, fees for using intellectual property $ 409 million, insurance and pension services $ 137 million, and personal, cultural and recreational services $ 82 million.
But ten major exporters of services exceeded 55 percent of the world’s total exports to this sector, according to order: the United States, which exported $ 876 billion worth of services, Britain (416 billion), Germany (341 billion), France (288 billion) , China (283 billion), then the Netherlands – sixth place – (264 billion), Ireland (239 billion), India (214 billion), Japan (205 billion), and Spain (158 billion dollars). The UAE’s exports of services reached $ 73 billion, ranking 17th.
In geographic regions, which mainly consist of developed countries, the services sector is dominated by various business services, intellectual property rights services, financial services and insurance. This is the case in Europe and North America.
In Asia and Oceania, these services accounted for 32 percent of the sector’s total exports, and travel dominated service exports in Africa and Latin America, at 42 percent and 48 percent of the total, respectively.
With regard to the regional trade balance in service trade, Europe and the North American continent have for years maintained large and growing surpluses. On the other hand, Asia and Oceania are recording an increasing deficit.
Shipments accounted for about 50 percent of the total transport services, which were supplied internationally in 2019, but after two years of rise, freight trade slowed in all the leading commercial regions, and Europe, Asia and Oceania recorded about $ 150 billion worth of sea freight exports. And air in 2019. Meanwhile, imports from Asia and Oceania reached $ 293 billion, while Europe recorded $ 95 billion. North America is a net importer of sea and air freight. At $ 50 billion, its imports represented more than twice its exports, and the latter recorded $ 19 billion in 2019.
From 2010 to 2016, Africa’s already low share in global service trade was in constant decline. But over the past three years, the trend has reversed, with the continent’s contribution to international service trade rising slightly. Travel and transportation represent a significant share of African service exports. Only in West Africa, other services have a more prominent role, covering more than 55 percent of exports.
In 2019, the least developed countries accounted for a modest 1 per cent of global services trade, but the exports of the least developed countries have been growing in many categories of services at a much faster rate than other developing economies over the past decade, and this is especially true in transport And travel.
In financial, insurance and commercial services, the least developed countries catch up with the average growth of the developing world, but selling telecom products or computer services abroad has been more difficult for the least developed countries.
According to the definitions of the WTO, trade in services is the result of a production activity that changes the conditions of consuming units or facilitates the exchange of products or financial assets. Services are not a separate item on intellectual property rights and cannot be generally separated from their production.


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