Trade in Services - Overview

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Presentation transcript:

Trade in Services - Overview Kevin B. Armbrister Assistant Statistician

Major Categories of Trade in Services Transportation Travel Insurance Services Construction Services Royalties and Licence Fees Offshore Companies Local Expenses Government Other Services

Travel Visitor Travel Travel Credit Travel Debit Personal Travel Students Business Travelers Medical Patients Air Arrivals Stopover Arrivals Day Arrivals Sea Travelers Cruise Arrivals Cruise-Stopover Arrivals

Source of Data Official Source of Travel Credit Ministry of Tourism Exit Survey Hotel Performance Records Survey of Industry Activities Official Source of Travel Debit Exchange Control Records

Transportation Services - Coverage in Balance of Payments of the Bahamas Transportation by Air Transportation by Sea

Transportation Passenger Services Freight and Insurance Services Port and Handling Charges

Main data source for Transportation: Survey Airlines Companies Domestic Airlines Agents for Foreign Airlines Shipping Companies Domestic Shipping Companies Foreign Shipping Companies Exchange Control Records

Construction Construction: Coverage in the Bahamas’s balance of payments Resident Companies Foreign Contractors working for local companies

Survey Main data source for Construction: Direct Company Survey Exchange Control Records Bahamas Investment Authority

Construction Debit Non-resident contractors Credit Not considered an issue since the early 50s/60s

Advantages and Disadvantages of Present System Exchange Control Records Ability to capture transactions Reported revenue from hotels and agents Immigration records at point of entry Availability of timely data Lack of empirical studies on available data

Insurances Services Reinsurance premiums Transportation Insurance Non-merchandise insurance

Royalties and License fees Franchise fees Asset titles

Government n.i.e Embassies Consulates Military bases

Other Supporting Agencies Department of Statistics Ministry of Finance Ministry of Financial Services Ministry of Tourism The Department of Agriculture and Fisheries Hotel Corporation of the Bahamas

Plans for Improvement Review of National Presentation Validation of Data Empirical Analysis Reporting conventions Greater coordination efforts between agencies

Travel vs Overall Trade in Services

The End

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