European Service Industries: Importance of Trade in EU & Vietnam
Explore the significance of trade in services between the EU and Vietnam, depicting trends in GDP sectors, export statistics, and trading partners. Discover the high share of services in the EU GDP and the growth of trade in services globally.
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The voice of the European Service Industries for International Trade Negotiations in Services The importance of Trade in Services in Trade between EU & Vietnam August 2023
The voice of the European Service Industries for International Trade Negotiations in Services EU Economy per sectors GDP (est. 2017) 90 80 79.2 Services = 73% of EU GDP 51.3% of Vietnam GDP (A rather low level for an emerging country) 80 73.3 72.7 70 61.6 60 51.6 51.3 50 40.5 40 33.3 30 25.1 23 20.7 20.2 19.1 15.4 20 15.3 7.9 6.6 10 1.6 0.9 0.7 0 agriculture Industry Services EU UK China Brazil India USA Vienam Source: CIA FactBook - 2021
The voice of the European Service Industries for International Trade Negotiations in Services The share of Trade in Services in the EU GDP is higher than in other high-income countries! 30% (6.8% in Vietnam !) Trade in Services (GDP) (%) 35 European Union High Income Middle Income Low Income Vietnam 30 30 27.6 26.4 26 25.5 25.3 25 18.9 20 18.3 16.5 15.2 15 14.6 12.2 10.7 12.8 8.4 11.4 10.7 7.4 10 8.4 9 10.7 9.7 8.6 8.6 7.5 6.8 6.6 8.1 5 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: World Bank
TOP 20 WORLD EXPORTERS 2568 The voice of the European Service Industries for International Trade Negotiations in Services OF TRADE IN SERVICES 2500 2017 2018 2019 2020 2021 2000 EU is the first largest global exporter of services 1500 1325 Vietnam exported 13 Billion of services trade in 2021 1000 897 487 500 422 313 291 163 154 151 129 122 93 90 84 58 51 50 0 Total World Export of services 2022 (excl. Intra EU) = 5833 Bio US$ - trade outlook 2022 Bio US$ Source: WTO Trade Statistical Review & Global
The voice of the European Service Industries for International Trade Negotiations in Services TOP 25 EU TRADING PARTNERS IN SERVICES TOP 25 EU TRADING PARTNERS IN SERVICES - - (EXTRA (EXTRA- -EU27) EU27) 2022 2022 - - BIO BIO 684 52.4 55,000 VIETNAM IS 25TH EU TRADING PARTNER 500,000 398,534 47.6 444.1 28 41.4 45,000 400,000 40 35.9 196,094 35,000 26 28.6 300,000 26.5 25.8 24.2 218.2 25,000 21.3 7.6 200,000 9.4 16.7 79,16 0 6.4 16.7 285,498 13.3 108.3 57.6 15,000 10.8 247,998 8.1 100,000 45,88 8 7.6 139,111 32,44 3 5,000 62,40 3 25,14 0 9 -5,000 EU27 Exports EU27 Imports Source: Eurostat bop_its6_det.
The voice of the European Service Industries for International Trade Negotiations in Services IMPORTANCE OF TRADE IN SERVICES EU27 (Extra EU) Comparison between Balance of Payment (BoP) & Trade in Value Added TiVA EU Exports in TiVA - 2016 - % EU Exports in BOP - 2022 Bio$ 32.9% 67.1% 41.1 1325 58.9 2704 Goods Services Goods Services Total Export Extra EU27= 4029 $Bio Source: WTO WTS2020 & OECD/WTO TiVA
The voice of the European Service Industries for International Trade Negotiations in Services IMPORTANCE OF TRADE IN SERVICES in Vietnam Comparison between BoP & TiVA Vietnam Exports in TiVA - 2016 - % - Vietnam Exports in BOP - 2021 Bio US$ - % - 3.3% 96.7% 13 43.3 56.7 371 Goods Services Goods Services Total Export EU= 384$Bio Source: WTO WTS2018 & TiVA
The voice of the European Service Industries for International Trade Negotiations in Services EU27-Vietnam Trade & Investment (Imports and exports of goods & services & FDI) Trade in Goods ( Bio) Trade in Services ( Bio) 3,946 51,635 60,000 5,569 50,000 6,000 30,81932,47934,50734,54138,546 40,000 5,000 30,000 10,646 11,098 4,104 4,102 12,702 20,000 3,438 9,950 10,397 4,000 8,773 10,000 2,574 1,934 3,000 2,170 0 1,909 1,877 1,839 1,599 1,622 1,527 -10,000 2,000 2017 2018 2019 2020 2021 2022 -20,000 1,000 -20,869 -30,000 -23,408 32 -27,900 -40,000 0 -22,082 -38,933 -25,768 -50,000 2017 EU Exports 2018 2019 2020 2021 EU Imports Balance EU Exports EU Imports Balance EU27 Total trade balance with Thailand ( Bio) -10000 2017 2018 2019 2020 2021 -20000 -20837 -20483 -21474 -23194 -23954 -30000 Balance Goods & Services Source: Eurostat - [ext_lt_maineu] + [bop_its6_det]
The voice of the European Service Industries for International Trade Negotiations in Services IMPORTANCE OF TRADE IN SERVICES IN THE EU27 IMPORTANCE OF TRADE IN SERVICES IN THE EU27- -THAILAND TRADE RELAT THAILAND TRADE RELATIONSHIP IONSHIP Services represent only 10 % of the total trade between EU & Vietnam Services represent only 10 % of the total trade between EU & Vietnam (30.5% of EU exports to Vietnam = Services) (30.5% of EU exports to Vietnam = Services) EU & Vietnam Total volume of trade 2021 Bio - % EU Exports to Vietnam- 2021 - Bio Vietnam Exports to EU - 2021 - Bio 90% 10% 69.5% 3% 97% 30.5% 7,191 1,622 5,569 12,702 51,635 64,337 Goods Services Total exports: 18,271 Bio Total exports: 53,257 Bio Total exports: 71,528 Bio Source: Eurostat
The voice of the European Service Industries for International Trade Negotiations in Services EU27 Trade in Services with Vietnam (Mio - 2012-2021) FTA 6,000 5,569 5,000 EU Exports: in 11 years EU Imports: in 11 years 4,102 4,104 3,946 4,000 3,438 2,574 3,000 1,909 2,170 1,669 1,646 1,839 2,000 1,934 1,599 1,328 1,281 1,622 1,431 1,877 1,527 1,541 1,392 1,309 1,000 1,079 1,230 28 0 32 -249 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 -201 -105 -277 -1,000 Balance EU Exports EU Imports Source: Eurostat bop_its6_det.
The voice of the European Service Industries for International Trade Negotiations in Services EU29 - Foreign Direct Investment with Vietnam ( Mio) 10,000 8,678 6,600 8,000 8,038 7,070 6,899 6,198 6,777 6,057 6,110 7,198 6,111 5,150 6,770 6,000 6,135 5,187 4,687 4,110 4,000 4,091 2,000 1,370 19 293 402 129 0 -37 2013 2014 2015 2016 2017 2018 2019 2020 2021 -24 -640 -1,088 -2,000 Inward Stocks Outward Stocks Balance
