| Code | TM.VAL.SERV.CD.WT |
| Indicator Name | Commercial service imports (current US$) |
| Short definition | Commercial service imports are total service imports minus imports of government services not included elsewhere. Imports of services are services provided by non-residents to residents. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in United States dollars. |
| Long definition | Commercial service imports are total service imports minus imports of government services not included elsewhere. Imports of services are services provided by non-residents to residents. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in United States dollars. |
| Source | Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF) |
| Topic | Private Sector & Trade: Imports |
| Dataset | WB_WDI |
| Unit of measure | current US$ |
| Periodicity | Annual |
| Reference period | 1960-2024 |
| Aggregation method | Gap-filled total |
| Statistical concept and methodology | Methodology: International trade in services statistics are compiled in accordance with international standards: Manual on Statistics of International Trade in Services 2010. Specific information on how countries compile their trade in service statistics can be found on the IMF website: https://dsbb.imf.org/
Statistical concept(s): The conceptual basis of international trade in services covers trade in services in the conventional sense of transactions (exports and imports) between residents and non-residents. In addition, it covers services delivered through enterprises that are locally established but foreign-controlled and cases where individuals are temporarily present abroad for the purpose of supplying a service. |
| Development relevance | This indicator is related to the trade statistics, which are essential for gauging a country's economic performance, particularly through the lens of its trade balance, which is the net of exports against imports. These statistics inform government trade policy, trade agreement negotiations, and decisions on tariffs and other trade barriers. For businesses, this information is crucial for strategic decisions about export and import locations, market entry, and product pricing. By enabling comparisons between nations, trade data sheds light on competitive strengths and the movement of goods and services internationally. It's also key for monitoring trade trends, including the rise of new markets or shifts in commodity demand, and for identifying both opportunities for growth and potential economic risks. Trade volumes and values are important economic indicators, offering insights into the economic health of a nation and affecting investment decisions and forecasts. Overall, trade statistics play a central role in understanding the complexities of global trade and in guiding both macroeconomic policy and microeconomic business decisions. |
| Limitations and exceptions | Balance of payments statistics, the main source of information on international trade in services, have many weaknesses. Disaggregation of important components may be limited and varies considerably across countries. There are inconsistencies in the methods used to report items. And the recording of major flows as net items is common (for example, insurance transactions are often recorded as premiums less claims). These factors contribute to a downward bias in the value of the service trade reported in the balance of payments.
Efforts are being made to improve the coverage, quality, and consistency of these data. Eurostat and the Organisation for Economic Co-operation and Development, for example, are working together to improve the collection of statistics on trade in services in member countries.
Still, difficulties in capturing all the dimensions of international trade in services mean that the record is likely to remain incomplete. Cross-border intrafirm service transactions, which are usually not captured in the balance of payments, have increased in recent years. An example is transnational corporations' use of mainframe computers around the clock for data processing, exploiting time zone differences between their home country and the host countries of their affiliates. Another important dimension of service trade not captured by conventional balance of payments statistics is establishment trade - sales in the host country by foreign affiliates. By contrast, cross-border intrafirm transactions in merchandise may be reported as exports or imports in the balance of payments. |
| License URL | https://datacatalog.worldbank.org/public-licenses#cc-by |
| License Type | CC BY-4.0 |
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