Tradeflow Study - UNDP Black Sea Trade and Investment Promotion ...

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. II.4. Services With the exception of Azerbaijan and Armenia, which are primarily agricultural based economies, the BSEC region is characterised by an important services sector, which accounts for the bulk of economic activity (see Figure 5). Greece has the largest relative service sector, owing to its large shipping and tourism sectors. The average size of the service sector in the BSEC region is around 59% of GDP. Figure 5 Share of services in GDP in BSEC (2005) Greece 70 Turkey 64 Bulgaria 60 Russia 56 Georgia 56 Ukraine 55 Romania 55 Moldova Serbia and Montenegro 52 54 BSEC Average (59) Armenia 35 Azerbaijan 32 Note: No data available for Albania Source: Estimations from author and World Bank World Development Indicators database, 2007 BSEC countries have also managed to successfully compete in the international trading system in the area of services. This is particularly the case for countries like Albania, Bulgaria and Moldova, where trade in services represents over 25 percent of GDP. Moreover, most countries in BSEC register a positive trade balance for services. Greece has the largest surplus (at around US$20 billion), followed by Turkey (around US$ 15 billion). Russia has the largest deficit in services, at around (US$14 billion) (see Figure 6). 40/135
Trade in services as a % of GDP Figure 6. Relative and absolute importance of exports in commercial services 35% 30% Albania Moldova Bulgaria 25% Size of bubble represents size of exports Azerbaijan 20% Size represents US$ 10 billion Georgia Ukraine Greece 15% Armenia Serbia and Montenegro 10% Romania Turkey Russia 5% 0% -30,000 -20,000 -10,000 0 10,000 20,000 30,000 Balance of trade in services (US$ Millions) Source: WTO International Trade Statistics 2006, Geneva Countries in the region have performed extremely well vis-à-vis the world market. Table 13 summarises the performance for BSEC broken down into major service sectors. In insurance services, BSEC countries have almost all performed better than the world market, except for Georgia and Romania, who both experienced lower growth than the world trend. BSEC countries have also tended to perform well in computer and related services, where growth has been above world trends. Azerbaijan’s exports of services outperformed the world market in 9 out of 10 service sector between 2003 and 2005. A similar performance was matched by Russia and Ukraine. Weaker performance has been recorded in construction and personal, cultural and recreational services. 41/135
Page 1: Black Sea Economic Cooperation: Stu
Page 4 and 5: . Table of Contents Abbreviations .
Page 6 and 7: . Table 15d. Greece’s Commitments
Page 8 and 9: . Abbreviations BSEC EBRD EU EUROST
Page 10 and 11: . econometric model, referred to as
Page 12 and 13: . In this regard, travel services h
Page 14 and 15: . stock and foreign affiliates acti
Page 16 and 17: Current account balance (% of GDP)
Page 18 and 19: % of GDP . The dynamism of the priv
Page 20 and 21: . I.2. Background to Trade and Inve
Page 22 and 23: . II. Trade Potential and Opportuni
Page 24 and 25: . As mentioned earlier, the major e
Page 26 and 27: Imports Perspective . There are cer
Page 28 and 29: . II.1.3 Intra-industry trade betwe
Page 30 and 31: j j . x is the value of total expo
Page 32 and 33: . Table 10 provides a summary of th
Page 34 and 35: . Table 11. Twenty five products wi
Page 36 and 37: . Wood and wood products, in parti
Page 38 and 39: . Metal products, in particular HS
Page 40 and 41: Maximum MFN in Region (%) . make cr
Page 44 and 45: . Table 13. Performance of trade in
Page 46 and 47: . Table 14a. Indicative Service Exp
Page 48 and 49: . Table 14e. Indicative Service Exp
Page 50 and 51: . Table 14i. Indicative Service Exp
Page 52 and 53: . divided by each mode of supply, f
Page 54 and 55: . Table 15b. Armenia’s Commitment
Page 56 and 57: . Table 15d. Greece’s Commitments
Page 58 and 59: . Table 15f. Turkey’s Commitments
Page 60 and 61: . Other commercial services (which
Page 62 and 63: . Table 16 Foreign direct investmen
Page 64 and 65: . In terms of existence of a legal
Page 66 and 67: . III.3. Sectoral opportunities BSE
Page 68 and 69: . service sector (retail, business
Page 70 and 71: . Table 23b. FDI in Bulgaria (2005)
Page 72 and 73: . Table 23d. FDI in Romania (2005)
Page 74 and 75: . Table 23f. FDI in Turkey (2005) I
Page 76 and 77: . 74/135
Page 78 and 79: . of trade in services performance,
Page 80 and 81: . Egger, P. (2002), An Econometric
Page 82 and 83: . World Bank (2005), Trade, Transp
Page 84 and 85: . Annex 1. Trade Indicators 82/135
Page 86 and 87: . Table A2. Major Import Partners f
Page 88 and 89: . Table A4. Major Import by Product
Page 90 and 91: Albania Armenia Azerbaijan Bulgaria
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. HS Description ALB ARM AZE BGR GE
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. Table A7 Trade intensity in BSEC
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. HS Description ALB ARM AZE BGR GE
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. country I and country j’s capit
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. Annex 2.3. Results of Gravity Equ
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. Georgia Sector / Exports to ALB A
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. Russia Sector / Exports to ALB AR
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. Annex 2.4. Results of Trade Flow
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Annex 2.5. Results of Trade Flow An
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. Note: Excludes energy and tobacco
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