TRADE IN SERVICES OF THE MEMBERS OF THE REGIONAL COMPREHENSIVE ECONOMIC PARTNERSHIP

Abstract

The study focuses on the analysis of the dynamics of exports of services, the dynamics of imports of services, the dynamics of the balance of trade in services, as well as the dynamics of foreign trade turnover of services of China, Japan, South Korea, the Republic of Singapore, Australia, Vietnam, Malaysia, Thailand, Indonesia, the Philippines, New Zealand, Cambodia, Myanmar, Brunei, and the Lao People’s Democratic Republic over 2015-2023. To achieve the goal various methods have been used, among which comparative, statistical, graphic analysis. The results of the calculations, based on the UNCTAD Handbooks of Statistics and the UNCTADstat Data Centre, show that the PRC decreased both the share of exports of services and the share of imports of services in RCEP and in the world. The share of China’s exports of services dropped: in RCEP – by 2,8% (from 31,3% to 28,5%), in the world – by 1,12% (from 5,94% to 4,82%). The share of China’s imports of services fell: in RCEP – by 5,78% (from 41,29% to 35,51%), in the world – by 2,39% (from 9,91% to 7,52%). In 2023, in terms of the trade deficit in services China ranked first (USD 170874 mln) among the RCEP member states. The RCEP overall negative balance of trade amounted to USD 217'583 mln in 2023. The Republic of Singapore increased both the share of exports of services: in RCEP – by 9,28% (from 15,25% to 24,53%), in the world – by 1,26% (from 2,89% to 4,15%), and the share of imports of services: in RCEP – by 6,38% (from 12,63% to 19,01%), in the world – by 1% (from 3,03% to 4,03%). In 2023, in terms of the trade surplus in services among the RCEP member states the Republic of Singapore ranked first (USD 32’552 mln) and the Philippines ranked second (USD 19’120 mln). Ten out of fifteen member states have a negative balance of trade in services in 2023. Both Japan and the Republic of Korea reduced the share of exports of services and the share of imports of services in RCEP and in the world. Australia, Indonesia, and Vietnam grew the share of both exports and imports of services; while Thailand, Malaysia, Myanmar, and Brunei decreased the share of both exports and imports of services in RCEP. During 2015-2023, the dynamics of the share of the RCEP countries' exports of services in the world exports of services has been decreasing (trend: y= – 0.2514x+18.784), while the dynamics of the share of the RCEP states’ imports of services in the world imports of services is also characterized by the negative trend (y= – 0.5154x+24.146). In 2023, the RCEP members’ share of the global services exports was 16,9% and that of the global services imports – 21,18% respectively. In 2023, the services trade turnover of the RCEP countries amounted to USD 2’891’815 mln indicating 40,99% increase compared to 2015.