Description
In this paper, we present for the first time a qualitative and quantitative comparison between trade in services and trade in goods at firm level for the same country. We focus first on static features of trade such as participation rates, firms’ characteristics, heterogeneity, concentration and trade variation.
Workihg Paper Research
Services versus goods lrade .
Are lhey lhe same ?
by A. Ariu
December 20!2 No 237
© Illustrations : National Bank of Belgium
Layout : Analysis and Research Group
Cover : NBB AG – Prepress & Image
Published in December 2012
Editor
Jan Smets
Member of the Board of directors of the National Bank of Belgium
National Bank of Belgium
Limited liability company
RLP Brussels – Company’s number : 0203.201.340
www.nbb.be
NBB WORKING PAPER No. 237 - DECEMBER 2012
Abstract
In this paper, we present for the first time a qualitative and quantitative comparison between trade in
services and trade in goods at firm level for the same country. We focus first on static features of
trade such as participation rates, firms’ characteristics, heterogeneity, concentration and trade
variation. Secondly, we explore dynamic aspects focusing on entry, exit, firm survival and growth
strategy. On the one hand, our results reveal qualitative similarities between services and goods
trade at firm level, suggesting that heterogeneous models of trade can be a good starting point for
the analysis of trade in services. On the other hand, we highlight dramatic differences in quantitative
terms and in some key characteristics that pose new challenges to current trade models.
Keywords: Trade in Services; Trade in Goods, Trade Dynamics.
J EL Classification: F10, F14, L80.
Corresponding author:
Andrea Ariu, FNRS and IRES, Universite catholique de Louvain, Belgium.
e-mail: [email protected]
Financial help under the Globalisation Investment and Trade in Services (GIST) project, funded by
the EU 7
th
Framework Programme (ITN-2008-211429), is gratefully acknowledged. I thank
Giordano Mion, Kalina Manova and Chiara Farronato for their helpful comments, as well as
participants to the IEG seminar at UCLouvain and Trade Workshop at Stanford University.
This research has been carried while Andrea Ariu was affiliated to the National Bank of Belgium.
The views expressed in this paper are those of the author and do not necessarily reflect the views
of the National Bank of Belgium or any other institution to which the authors are affiliated.
All remaining errors are the author.
NBB WORKING PAPER - No. 237 - DECEMBER 2012
TABLE OF CONTENTS
1. Introduction ............................................................................................................................... 1
2. Data .......................................................................................................................................... 3
3. Static Analysis .......................................................................................................................... 5
3.1 Trade Participation .............................................................................................................. 5
3.2 Firms' Characteristics .......................................................................................................... 6
3.3 Trade Flows and Trade Margins at Firm Level ..................................................................... 7
3.4 Heterogeneity and Concentration of Firm-Level Flows ......................................................... 9
3.5 Trade Variation Across Firms .............................................................................................. 9
3.6 Discussion of the Static Analysis ....................................................................................... 10
4. Dynamic Analysis ................................................................................................................... 10
4.1 Entry, Exit, and Survival in Foreign Markets ....................................................................... 10
4.2 Growth Strategies ............................................................................................................. 11
4.3 Geographic Patterns ......................................................................................................... 12
4.4. Discussion of the Dynamic Analysis ................................................................................... 13
5. Robustness Checks ............................................................................................................... 14
5.1. Static Analysis.................................................................................................................... 14
5.2. Dynamic Analysis ............................................................................................................... 14
6. Conclusions ........................................................................................................................... 15
References ................................................................................................................................. 15
Tables ......................................................................................................................................... 18
National Bank of Belgium - Working papers series ...................................................................... 31
1 IntroductIon
Ior a long iimc. inicrnaiional iraoc las ¦ccn solcly associaico wiil ilc commcrcc ol
mannlacinrco gooos. ¦ni scrviccs lavc in laci ¦ccomc incrcasingly iraoco ovcr iimc.
ano iooay gooos ano scrviccs rcprcscni iwo cqnally imporiani componcnis ol worlo
iraoc. Accoroingly. ilc inicrnaiional iraoc liicrainrc las rcccnily ¦cgnn cxploring
iraoc in scrviccs in a ¦io io nnocrsiano ilc paiicrns ol ilis ncw lorm ol iraoc. Siariing
l
ilc
iraoc oaia
2
cxpori pariicipaiion. conccniraiion. variaiion ano lcicrogcnciiy ano only lcw. il any.
Lasco on ilis cviocncc. ilc conclnsion ol Lrcinlicl ano Criscnolo (2011) is ilai
cnrrcni moocls locnsing on lcicrogcnciiy
S
rcprcscni a solio ¦niloing ¦lock lor a ilc-
ory ol iraoc in scrviccs. Howcvcr. ilc oaiascis nsco in ilcsc sinoics lavc ciilcr vcry
1
1lcrclorc. any similariiy
conclnsion on ilc sniia¦iliiy ol ilcorciical moocls ¦ccomcs only pariial. Morcovcr. all
ilc micro-sinoics on iraoc in scrviccs limii ilcir analysis only io ilc siaiic claracicris-
iics ol iraoc. lcaving an opcn qncsiion on ilc comparison ol oynamic aspccis ¦ciwccn
iraoc in gooos ano iraoc in scrviccs.
In ilis papcr. wc nsc a vcry ociailco oaiasci lrom ilc Naiional Lank ol Lclginm
ano impori iransaciions ol ¦oil gooos ano scrviccs wiil non-Lnropcan connirics io
gooos ano iraoc in scrviccs. Iirsi. wc analyzc iraoc pariicipaiion. ilc claracicrisiics ol
ano impori lilc.
l
1ho Woilo 1iaoo Oiganisalion (2010) oLsoivos lhal soivicos aio inlangiLlo ano lhoii naluio malos
liaoo in soivicos suL]ocl lo moio consliainls lhan liaoo in gooos. Iiooucl chaiacloiislics aio oLsoivaLlo
limos. Soivicos insloao aio nol sloiaLlo, lhoii chaiacloiislics aio nol oLsoivaLlo Lofoio puichaso ano
pioouclion ano consumplion oflon coincioo.
2
Lioinlich ano Ciiscuolo (2011) foi lho UK, Kollo ano Kloinoil (2010) foi Goimany, Walloi ano
Doll`moui (2010) foi Ausliia, Gaulioi ol al. (2011) foi Fianco ano Foooiico ano 1osli (2010) foi Ilaly
3
Lilo Molilz (2008) ano Loinaio ol al. (2008) among olhois.
d
Kollo ano Kloinoil (2010), Foooiico ano 1osli (2010) oo nol havo any infoimalion on liaoo in
gooos, Lioinlich ano Ciiscuolo (2011) has infoimalion on liaoo in soivicos only foi lwo yoais ano only
foi oxpoils ano Walloi ano Doll`moui (2010) Gaulioi ol al. (2011) havo infoimalion on liaoo in gooos,
Lul lhoy oo nol oxploil il.
1
viccs iraoc lonno in prcvions sinoics
õ
: iraoc pariicipaiion is rarc. iraoc valncs arc
cngagc in iraoc ano. ai ilc samc iimc. scrviccs iraoc rcprcscnis a small slarc ol ioial
lcaoing scrviccs ano gooos slarcs io convcrgc ovcr iimc. Sccono. iransaciion sizc ano
iraoc lrcqncncy
6
poncnis ol cxpori ano impori growil. wlilc proonci ano conniry cxpansions play only
1lc cviocncc ilai lcicrogcnciiy plays a kcy rolc also lor scrviccs iraoc snpporis
cnrrcni moocls ol iraoc as a sniia¦lc ilcorciical lramcwork lor moocling scrviccs iraoc.
lowcr propcnsiiy io inirooncc ncw prooncis or cxplorc ncw markcis lor scrviccs. Scc-
associaico wiil a liglcr riskincss. ilns io liglcr cniry ano cxii lor scrviccs. 1liro ano
mosi imporiani. iraoc lrcqncncy slonlo ¦c cm¦ooico in ilcorciical lramcworks ¦ccansc
ii is ilc mosi crncial clcmcni ol iraoc in icrms ol cxpori ano impori growil ano in
ovcr. ii wonlo inirooncc ilc variaiion nccoco in orocr io asccriain ilc mosi inicrcsiing
1lis papcr coniri¦nics io ilc liicrainrc ol inicrnaiional iraoc in ilrcc ways. Iirsi.
iraoc in scrviccs in Lrcinlicl ano Criscnolo (2011). Icllc ano Ilcincri (2010). Walicr
ano Dcll`monr (2010). Ganlicr ci al. (2011) ano Icocrico ano 1osii (2010) wiil cviocncc
ai ilc qnaniiiaiivc ano oynamic lcvcl. Sccono. ii iniroonccs iwo oimcnsions io ilc
7
on ilc onc
lorcign markcis. i.c. ¦oil impori ano cxpori ano ¦oil scrviccs ano gooos iraoc; on ilc
S
io cnrrcni ilcorciical moocls. likc Mcliiz (2008) ano Lcrnaro ci al. (2008). Mcliiz ano
5
Lioinlich ano Ciiscuolo (2011), Kollo ano Kloinoil (2010), Walloi ano Doll`moui (2010) Gaulioi
ol al. (2011) ano Foooiico ano 1osli (2010)
6
liansaclion sizo as lho valuo of oach liansaclion.
7
Lilo Loinaio ano Jonson (199ò, 1999), Mu´ uls ano Iisu (2009), Mayoi ano Ollaviano (2007), Lalon
ol al. (2004, 2011), Loinaio ol al. (2009L) ano Manova ano Zhang (2009) among olhois.
S
Lalon ol al. (2008) uso lho liansaclion oimonsion in lho conlosl of liaoo in gooos.
2
Oiiaviano (2008). Lcrnaro ci al. (2011) ano Maycr ci al. (2011) lor ilc siaiic moocls
ano Laion ci al. (2000). Iancl ano Waison (2008). Al¦ornoz ci al. (2012). Ircnno
ano Iicrola (2010). Lawlcss (2000) ano Lnono ci al. (2008) lor ilc oynamic oncs. ¦y
snggcsiing ncw pails ol ocvclopmcni in orocr io incorporaic ilc paiicrns ol scrviccs
iraoc.
1lc papcr is organizco as lollows: in ilc sccono scciion wc ocscri¦c ilc oaia; in
ilc iliro wc prcscni ilc siaiic analysis; in ilc lonril wc ocscri¦c oynamics aspccis ol
lincs ol rcscarcl.
2 Oata
pori ¦y proonci iypc ano ¦y parincr-conniry. Morcovcr. wc lavc inlormaiion on ilc
ilc nnii valnc ol ilc gooo. ilc qnaniiiics slippco ano il ilc inlormaiion comcs lrom
ilc Inirasiai (Inira-Lnropcan) or Lxirasiai (Lxira-Lnropcan) occlaraiions. Iirms arc
pnrposc ol ilis papcr. wc locns only on iransaciions ilai involvc clangc in owncrslip.
in ilis way wc gci rio ol iransaciions involving movcmcni ol siocks. rcplaccmcni or rc-
pair ol gooos. proccssing ol gooos. rcinrns ano iransaciions wiiloni compcnsaiion. 1lc
ano cxira-Lnropcan iraoc. Iirms iraoing wiil cxira-LU connirics lao io occlarc io ilc
NLL any iransaciion cxcccoing 1.000 Lnros ano ilis ilrcslolo rcmainco sia¦lc ovcr
iimc. Iirms iraoing wiil LU connirics insicao wcrc o¦ligco io occlarc ilcir iransac-
iions only il ilcir cxporis or imporis on ilc prcvions ycar wcrc a¦ovc 104.11ò Lnros.
1lis ilrcslolo incrcasco io 2ò0.000 Lnros alicr 1008 ano io 1.000.000 Lnros lor cxporis
ano 400.000 Lnros lor imporis alicr 2006.
u
1lc sccono oaiasci is ilc NLL oaiasci on 1raoc in Scrviccs. wlicl was collccico
lrom 100ò io 200ò in orocr io compilc ilc Lalancc ol Iaymcnis (LoI). In ilai pcrioo
Lnros lrom 100ò io 2001) in wlicl ilc connicrpari was a lorcign cniiiy. wiiloni any
9
Foi moio oolails on lhis oalasol soo Mu´ uls ano Iisu (2009) ano Lohions ol al. (2012) Mion ano
Zhu (2011) ano Loinaio ol al. (2010).
8
maoc. Wc orop '·:·|nnì:nj´ ano o·::·· h·ìu··n 1·|nì·n 1nì·:¡::·´ lrom ilis
in scrviccs is ¦asco on ilc rcsiocncc siains as in ilc Inicrnaiional Monciary Inno (1008)
Lalancc ol Iaymcnis Mannal (òil co.) ano inclnocs moocs onc. iwo ano lonr ol 1raoc
l0
1o makc ilc inlormaiion on iraoc in gooos ano scrviccs compara¦lc. ilc main
2ò0.000 Lnros ilc ycar ¦clorc; ilc sccono wonlo ¦c io locns only on cxira-LU iraoc ano
imposc a minimnm ilrcslolo ol 12.ò00 Lnros lor all iransaciions lor ¦oil gooos ano
rnlc lor iraoc in scrviccs. lor wlicl wc oo noi o¦scrvc all iransaciions. ¦ni only ilosc
a¦ovc 12.ò00 Lnros. Morcovcr. in ilis way. wc wonlo losc a loi ol small cxporicrs ano
ii migli ¦c a limiiaiion lor analyzing iraoc oynamics. 1lcrclorc. wc opi lor ilc sccono
onc ano locns ilc analysis ol ilis papcr on cxira-LU iraoc. Iollowing ilis cloicc. ilc
rcsnlis can ¦c morc compara¦lc io ¦ig connirics likc US. wlcrc iraoc rclcrs io rcgions
onisioc US ano noi wiilin US siaics. ano. ai ilc samc iimc. ilc analysis locnscs on
only in ilc Lnropcan markci arc consiocrco as non-cxporicrs (non-imporicrs) ano wc
nsc only a¦oni 27/ ol ioial iraoc. In orocr io clcck il ilc cxclnsion ol inira-LU iraoc
wlcn consiocring also inira-LU iraoc. Onc lasi cxpcoicni io makc scrviccs ano gooos
ll
Ior cxposiiional rcasons. in ilc rcsi
ol ilc papcr wc will nsc ilc cxprcssion nnm¦cr ol prooncis¨ io inoicaic ilc nnm¦cr
ol scrviccs¨ wlcn wc ialk a¦oni iraoc in scrviccs.
as ilc rcgisiraiion ¦y ilc NLL ol a crcoii (cxpori) or a oc¦i (impori). a¦ovc 12.ò00
ol a gooo in ilc casc ol iraoc in gooos ano ilc provision ol a scrvicc in ilc casc ol iraoc
in scrviccs. In praciicc. a iransaciion lor iraoc in gooos corrcsponos io ilc occlaraiion ol
an onigoing (cxpori) or an incoming (impori) slipmcni ol prooncis maoc io ilc Lclgian
Cnsioms Aniloriiy (ilai passcs on ilc inlormaiion io ilc NLL). Ior iraoc in scrviccs.
lu
piooucoo in ono counliy ano consumoo in lho loiiiloiy of anolhoi counliy. Mooo 2 (Consumplion
ALioao) is whon lho soivico is consumoo in lho loiiiloiy in which il has Loon piooucoo Ly lho iosioonl
of anolhoi counliy. Mooo 8 (Iiosonco ALioao) is whon lho soivico is pioviooo Ly a supplioi lhiough
lho commoicial piosonco in lho counliy of lho consumoi. Mooo 4 (Iiosonco of Naluial Ioison) is whon
a supplioi piovioos lho soivico in anolhoi counliy sonoing ono oi moio omployoos lo lhal counliy. Foi
oxamplos iofoi lo Aiiu ano Mion (2012) ano Lioinlich ano Ciiscuolo (2011).
ll
Using lhis iulo, wo counl 90 piooucls ano 49 soivicos.
4
crcoii (cxpori) or ilc solvcncy ol a oc¦i (impori) rclaico io ilc provision ol a scrvicc.
in ilc cxccniion ol ilc iransaciion.
l2
lS
In ilis way. wc also makc ilc oimcnsion
gooos iraoc ilc cxpori (impori) valncs. ilc nnm¦cr ol prooncis or scrviccs cxporico
(imporico). ilc nnm¦cr ol cxpori (impori) parincr-connirics ano ilc nnm¦cr ol cxpori
(impori) iransaciions maoc. Wc aiiacl io ilis oaiasci ¦alancc-slcci inlormaiion on
l1
1lc
a long iimc span. Morcovcr. ilis is ilc only availa¦lc oaiasci wiil inlormaiion on ilc
lrcqncncy ol iraoc lor scrviccs.
3 StatIc AnaIysIs
In ilis pari ol ilc papcr. wc provioc a comparison ol siaiic lcainrcs ol iraoc in gooos
ano iraoc in scrviccs lor ilc samc conniry. 1lis will allow ns io complcmcni cxisiing
qnaliiaiivc comparisons wiil qnaniiiaiivc insiglis. In ilc spirii ol ilc prcvions liicra-
3.1 Trado IartIcIµatIon
only gooos (G··n 1r¡·:ì·
. ilosc ilai cxpori only scrviccs (o·::·· 1r¡·:ì·. ilosc
ilai cxpori ¦oil (1:-1r¡·:ì· ano ilosc ilai oo noi cxpori ai all (A·n-1r¡·:ì·.
ilai cmcrgcs lrom 1a¦lc 2 is ilai. cvcn il wc acconni lor scrviccs cxporicrs. ilc pcr-
l2
l3
In lho iosl of lho papoi wo will iofoi lo lho numLoi of liansaclions oi oquivalonlly lo lho fioquoncy
ld
giLlo capilal ano wago. Foi moio infoimalion on lhis oalasol iofoi lo Lohions ol al. (2012) ano Mu´ uls
ano Iisu (2009).
ò
cxporis is rarcr ilan lor gooos. wiil only a¦oni 20/ ol cxporicrs provioing scrviccs.
1lc sccono rcsnli is ilai. among cxporicrs. ò.00/ ol ilcm cxpori ¦oil gooos ano
scrviccs. ano. cvcn il lcw. ilcy acconni lor 80/ ol ioial cxporis (4.8ò/ ¦cing scrviccs
ano 2ò.14/ gooos). 1lcrclorc. ilcsc 1:-1r¡·:ì·: makc a mncl ¦iggcr coniri¦niion io
ioial iraoc ilan any oilcr caicgory ol cxporicrs. A similar paiicrn can ¦c o¦scrvco lor
imporis in pancl ¦ ol 1a¦lc 2.
iaking inio acconni all lonr iraoc opiions ilcy can cxploii. Lvcn ¦y acconniing lor
vcry small. ai 6.62/. Looking ai ioial cxporis ol scrviccs in 1a¦lc 4 (Iancl a). wc scc
scrviccs. 86.84/ lor cxporis ano 88.8ò/ lor imporis. Looking ai gooos iraoc (Iancl ¦)
impori gooos wiil a slarc ol 88.ò2/ lor cxporis ano 84.72/ lor imporis. Morcovcr.
gooos ano scrviccs migli ¦c an inoicaiion ilai ilcrc arc syncrgics in iraoing gooos ano
scrviccs iogcilcr.
gooos ano scrviccs in icrms ol iraoc pariicipaiion: iraoing scrviccs in lorcign conn-
ano imporiing lor scrviccs ilan lor gooos: a morc scvcrc sclcciion proccss wonlo al-
cliiisi ilan iraoc in gooos. 1lis laci can ¦c onc io ilc ligl rcsiriciions ilai arc siill
in placc lor ilc commcrcc ol scrviccs.
lõ
1linking in icrms ol lcicrogcncons moocls.
iraoing scrviccs. lcss lcicrogcnciiy ano lowcr conccniraiion. In ilc rcsi ol ilc papcr. wc
ol iraocrs.
3.2 FIrns` CLaractorIstIcs
1lc prcvions sn¦-scciion liglliglico ilc laci ilai ilcrc is lcicrogcnciiy in ilc cloiccs ol
la¦or proonciiviiy. avcragc wagcs. capiial inicnsiiy. iniangi¦lc capiial inicnsiiy ano agc.
l5
Foi inslanco, lho movomonl of pooplo piovioing soivicos is hampoioo Ly visa ioquiiomonls ano lho
6
ilc rcsnlis. pancl a lor cxporis ano pancl ¦ lor imporis. Wiil lcw cxccpiions. wc
1:-1r¡·:ì·: lavc a prcminm wiil rcspcci io A·n-1r¡·:ì·: ilai is liglcr
ilan ilai ol o·::·· 1r¡·:ì·: in icrms ol cmploymcni. inrnovcr. la¦or proonciiviiy.
avcragc wagc. capiial inicnsiiy. iniangi¦lc capiial inicnsiiy ano agc.
l6
Ai ilc samc
iimc. o·::·· 1r¡·:ì·: lavc a liglcr prcminm ilan G··n 1r¡·:ì·: lor ilc samc
io gooos wonlo ¦c associaico wiil lcss ¦ni morc proonciivc cxporicrs; inocco. onr
rcsnlis poini again in ilis oircciion.
all lonr iraoc opiions (imporiing ano cxporiing ¦oil scrviccs ano gooos) lavc a liglcr
3.3 Trado FIovs and Trado ^argIns at FIrn LovoI
1rj
) ano imporis
(1:j
) ai iimc t inio ilc proonci ol ilc nnm¦cr ol prooncis j
. nnm¦cr
ol connirics c
. ocnsiiy d
. nnm¦cr ol iransaciions t:
ano avcragc iransaciion sizc
r
. Analyiically:
1rj
= j
c
d
t:
r
1:j
= j
c
d
t:
r
(1)
Wlcrc ilc ocnsiiy. d
j
c
r
ioial cxporis (imporis) ovcr ilc proonci ¦ciwccn ilc nnm¦cr ol conniry-proonci pairs
) ai iimc t. Wiil
ilis occomposiiion. wc lavc lonr cxicnsivc margins (nnm¦cr ol iransaciions. nnm¦cr
l6
Lmploymonl is in full-limo oquivalonls, avoiago wago is compuloo as lolal wago Lill ovoi lho
numLoi of woilois, capilal inlonsily is compuloo as lolal physical assols ovoi lho numLoi of woilois
ano inlangiLlo capilal inlonsily as inlangiLlo assols ovoi lho numLoi of woilois.
7
ol markcis. nnm¦cr ol prooncis ano ocnsiiy) ano onc inicnsivc margin (ilc avcragc
iraocrs.
1lc gcncral picinrc is ilai ioial cxporis (imporis) ol scrviccs. arc on avcragc smallcr
ing gooos iraoc morc prooncis in morc ocsiinaiions wiil morc iransaciions. Scrviccs
iraocrs insicao lavc lcss gcograplically wiocsprcao cxporis ano imporis. lcwcr prooncis
ano nsc lcwcr iransaciions. Howcvcr. ilc iransaciion sizc is ¦iggcr lor scrviccs ilan lor
is ol a smallcr valnc ano ilc nnm¦cr ol iransaciions arc insicao liglcr. 1lis is a kcy
nainrc ol gooos ano scrviccs.
ol a liglcr oispcrsion in ilc conniry ano proonci margin. Howcvcr. oncc wc conirol
lor ilcsc margins. avcragc cxporis ol scrviccs arc ¦iggcr ilan avcragc cxporis ol gooos.
inicnsivc margins ilan on ilc cxicnsivc oncs. 1lis rcsnli oocs noi lolo lor imporis. lor
wlicl. cvcn il vcry similar. avcragc imporis ol gooos arc liglcr ilan avcragc imporis
ol scrviccs.
A iliro rcsnli ilai wc can cxiraci lrom 1a¦lc 7 is ilai iraoc in scrviccs icnos io
proonci in onc conniry is largcr lor scrviccs. Ai ilc samc iimc ii migli ¦c a signal ilai
scrviccs in all lorcign connirics. ilns incrcasing ilc ocnsiiy ol iis iraoc. Iinally. wc
o¦scrvc ilai ilc nnm¦cr ol cxporico prooncis is smallcr ilan ilc nnm¦cr ol imporico
oncs. inoicaiing ilai ilcrc migli ¦c proccssing iraoc ¦oil lor gooos ano scrviccs iraoc.
On ilc oilcr lano ilc nnm¦cr ol parincr connirics is largcr lor cxporis ol gooos ilan
lor imporis. as in Manova ano Zlang (2000). 1lcsc o¦scrvaiions migli inoicaic ilai
nnm¦cr ol parincr connirics is largcr lor imporis ilan lor cxporis.
8
3.d HotorogonoIty and ConcontratIon oI FIrn-LovoI FIovs
onr aiicniion io ilc analysis ol ilc lcicrogcnciiy ano conccniraiion ol cxporico ano
ai ilc raiio ¦ciwccn ilc 00
pcrccniilc ano ilc 1
. gooos arc mncl morc lcicrogcncons
ilan scrviccs in all ilc oimcnsions cxccpi lrom ilc avcragc iransaciion sizc. In ilc casc
ol ¦oil lor cxporis (pancl a) ano imporis (pancl ¦) all oisiri¦niions look closc in ilc
¦oiiom pari. lowcvcr wlcn rcacling ilc iop pari. ilcy oivcrgc slarply. 1lis snggcsis
iraocrs. snggcsiing ilai iop scrviccs iraocrs oo noi rcacl as ligl volnmcs. parincr
migli ¦c liglcr lor scrviccs iraoc ilan lor gooos iraoc: a ionglcr sclcciion proccss lor
Ly nsing ilc slarcs ol iraoc lor cacl ol ilc pcrccniilcs in 1a¦lc 0. wc can analyzc
conccniraiion: wc o¦scrvc ilai ilc iop pcrccniilc lolos a slarc ol iraoc ol morc ilan
60/ lor gooos ano a¦oni ò0/ lor scrviccs. 1lis snggcsis ilai ¦oil scrviccs ano gooos
arc liglly conccniraico. lowcvcr. gooos provc io ¦c cvcn morc conccniraico ilan scr-
ano cnicring in ncw markcis.
3.õ Trado YarIatIon Across FIrns
(1) ano. lollowing Lcrnaro ci al. (2000a). wc rcgrcss scparaicly ilc logariilm ol cacl
0
ovcr onc ycar. 1lc coniri¦niion io ilc ioial variaiion looks vcry similar lor gooos ano
scrviccs. wiil ¦ig cxporicrs iraoing morc prooncis. in morc parincr connirics. making
morc iransaciions ano laving a smallcr ocnsiiy ilan small iraocrs. Howcvcr. ilcrc is
io makc smallcr iransaciions ilan small gooos iraocrs. ilc opposiic lolos lor scrviccs:
3.6 OIscussIon oI tLo StatIc AnaIysIs
1lc siaiic analysis slows ilai ilcrc arc many qnaliiaiivc aspccis ilai arc common
lor scrviccs ano gooos iraoc. Iarc pariicipaiion. lcicrogcnciiy ano conccniraiion arc
kcy componcnis ol iraoc in scrviccs. snggcsiing ilai lcicrogcncons moocls ol iraoc can
rcprcscni a solio ¦niloing ¦lock also lor iraoc in scrviccs. Ai ilc samc iimc onr rcsnlis
ncco io ao¦nsi assnmpiions on iraoc cosis in orocr io acconni lor a lowcr pariicipaiion.
lcss lcicrogcnciiy. lowcr conccniraiion lor scrviccs iraoc. In pariicnlar. ilc rcsnlis
laci ilai scrviccs lavc io comply wiil ionglcr rcgnlaiion. in icrms ol ¦nrcancraiic
anilorizaiions (c.g. concaiion rcqnircmcnis or approval ol inonsiry associaiions). or
markci rcsiriciions (as in ilc casc ol iclccommnnicaiions). Iinally. wc slow ilai only
ilcorciical lramcworks.
d OynanIc AnaIysIs
Having analyzco ilc siaiic claracicrisiics ol iraoc in gooos ano iraoc in scrviccs. wc
swiicl in ilis paragrapl io ilc analysis ol oynamic aspccis. liglligliing similariiics
d.1 Entry, ExIt, and SurvIvaI In ForoIgn ^arkots
arc on avcragc lowcr. 81/ cniry ano 27/ cxii. as wcll as ilc morialiiy raic ol ncw
ilan lor gooos ano ii sccms ilai cxpori markcis lor scrviccs arc morc aiiraciivc ¦ni
10
lor scrviccs ano gooos. so ilcrc is a nci incrcasc in ilc nnm¦cr ol cxporicrs ovcr ilc
pcrioo consiocrco. Nnm¦crs lor imporis closcly lollow ilosc lor cxporis.
ol prooncis. Icsnlis snggcsi ilai almosi 80/ ol ncw iraocrs cxpori or impori a sin-
glc scrvicc in a singlc markci (o:nj|·) ano ilcy acconni on avcragc lor sliglily lcss
ilan 80/ ol ncw cniranis` cxporis or imporis. Ior gooos iraoc o:nj|· cxporicrs ano
imporicrs rcprcscni a smallcr slarc. a¦oni 70/ ano ilcy acconni lor only 8/ ol ncw
cniranis` cxporis ano 1ò/ ol imporis. On ilc opposiic sioc oìn:
pori (impori) mnliiplc prooncis io mnliiplc connirics. rcprcscni a vcry small slarc ol
cxporicrs (imporicrs). ¦ni ilcy acconni lor a ¦ig slarc ol ncw cniranis` cxporis (im-
cxporis ano imporis in ilc lanos ol oìn:
coniri¦niion ol oìn: io ioial cxporis ano imporis (scrviccs ano gooos iogcilcr) is mncl
liglcr lor gooos oìn:
iraocrs ano iop scrviccs iraocrs arc alrcaoy cviocni wlcn ilcy siari ilcir cxpori or
ycar (1a¦lc 1ò). wc can scc ilai mosi cxiicrs. aronno 80/. arc in ilc caicgory ol o:n-
j|·. In icrms ol cxpori ano impori coniri¦niion. cvcry caicgory ol cxiicr coniri¦nics
io ioial iraoc lcss ilan ilc corrcsponoing caicgory ol cxporicrs or imporicrs in 1a¦lc
14. ilcrclorc. ilcrc is also a nci incrcasc ovcr iimc in icrms ol cxporico valncs ilanks
io ilc cniry ano cxii inrnovcr.
alicr t ycars ol iraoc. Alicr onc ycar ol cxpori aciiviiy on avcragc only 86/ (80/ lor
imporis) ol cxporicrs snrvivc ano coniinnc cxporiing scrviccs. Alicr icn ycars. only 8/
ol ilc iniiial nnm¦cr ol cxporicrs ano imporicrs snrvivc. a vcry low snrvival raic inocco.
Looking ai gooos iraoc. ilc nnm¦crs arc sliglily liglcr: alicr onc ycar. almosi 46/
ol cxporicrs snrvivc (ò0/ lor imporis). ano 6/ alicr icn ycars (8/ lor imporis). 1lis
caicgorics ol cxporicrs ano imporicrs. corro¦oraiing ilc ioca ilai cxpori markcis lor
scrviccs arc morc nnccriain ilan lor gooos. In ilc ncxi paragrapl. wc will locns on
d.2 GrovtL StratogIos
ano wc analyzc ilcir growil siraicgics in lorcign markcis. In 1a¦lc 17. wc look ai ilc
cxpori (pancls a ano ¦) or impori (pancls c ano o) markcis. In orocr io laciliiaic ilc
in scrviccs. ano ilcn wc ocscri¦c ilc oisiinciivc lcainrcs ol cacl.
Scrviccs ano gooos cxporicrs (imporicrs) siari wiil rclaiivcly small cxporis (im-
11
ycars ilcy ¦ccomc ninc iimcs wlai ilcy wlcrc. so np io iwicc ilc avcragc cxporicr ano
imporicr. Alicr icn ycars. ilc growil raics slow oown ano ilc cxporis ano imporis
wlilc ilc coniri¦niion ol ilc nnm¦cr ol prooncis. nnm¦cr ol connirics ano ilc sizc ol
ilc iransaciion is limiico. 1lcrclorc. cxpori ano impori growil is closcly rclaico io
ilc incrcasc in ilc lrcqncncy ol iraoc wiil cxisiing conniry-proonci pairs. 1lis can
¦c ilc rcsnli ol ¦oil an incrcasc in ilc nnm¦cr ol inicraciions wiil cxisiing cnsiomcrs
lollowing ilc iypc ol cniry as in ilc prcvions paragrapls. wc can apprcciaic ilai ilcrc
arc iwo iypcs ol siraicgics: oìn:
wiil lcw conniry-proonci pairs. ano ilcn ilcy aoo ncw connirics ano prooncis. ilns
rconcing ilcir cxpori ano impori ocnsiiy.
lorcign markcis. yci ilcir growil is liglcr ano morc pcrsisicni ano alicr icn ycars ilcy
¦ccomc ¦iggcr ilan ilcir gooos connicrparis. 1lis is mainly ¦ccansc ilc nnm¦cr ol
¦y ilc liglcr siickincss in ilc conniry ano proonci margins growil. 1lcrclorc. wc
scrviccs. ilcrc arc lcw clangcs in icrms ol nnm¦cr ol connirics ano nnm¦cr ol prooncis
scrvco.
d.3 GoograµLIc Iattorns
In ilis paragrapl. wc scck io cxaminc wlcilcr ilcrc is any paiicrn in ilc scqncncc ol
ai iimc t . ilcn siill cxporis (imporis) io ilai coniincni in t ÷ 1 ano aoos onc oilcr
coniincni io wlicl ii was noi cxporiing (imporiing) in t. Wc can apprcciaic ilai ilcrc
is no cviocncc ol an cxpori or impori plailorm. ilc pro¦a¦iliiy ol aooing onc morc
coniincni in ilc lollowing ycar is similar across ilc coniincnis. So. wlcn occioing io
ilc pro¦a¦iliiy ol moving lrom onc markci io anoilcr ocpcnos on ilc iniiial cxpori
conccniraic only on iraoc cxpansion. wc locns solcly on markci aooing.
12
d.d OIscussIon oI tLo OynanIc AnaIysIs
In ilc oynamic analysis. wc lookco ai cniry ano cxii oynamics. snrvival raics ano growil
siraicgics. As in ilc siaiic analysis. wc o¦scrvc many qnaniiiaiivc similariiics across
arc mosily rclaico io ilc growil siraicgics: ¦oil gooos ano scrviccs siari oni small.
ilc lollowing ycars ilcy icno io siop growing ano somciimcs ilcy cxpcricncc a sligli
occlinc. 1lis growil is mainly cansco ¦y an incrcasc in ilc nnm¦cr ol iransaciions. ano
ilc oilcr inicnsivc ano cxicnsivc margins play only a marginal rolc. 1lc oisiinciivc
lcainrcs ol gooos ano scrviccs arc insicao mosily rclaico io qnaniiiaiivc aspccis ol iraoc.
¦iggcr lor scrviccs ilan lor gooos; 2) scrviccs cxporicrs ano imporicrs arc smallcr wlcn
ilcy arc ncw io inicrnaiional markcis. ¦ni ilcy grow lasicr ano alicr icn ycars ilcy
arc ¦iggcr ilan gooos iraocrs 8) iraoc growil is mosily a rcsnli ol an incrcasc in iraoc
lrcqncncy wlilc ilc oilcr iraoc margins play a scconoary rolc. cspccially lor scrviccs.
1lcsc ilrcc lacis complcmcni ilc cviocncc ol ilc siaiic analysis ano provioc ncw
ilcir gooos connicrparis. ¦ni ilcy grow morc rapioly ilanks io a liglcr incrcasc in
siaiic pari (1a¦lc 7) arc mosily aiiri¦nia¦lc io ¦ig incnm¦cni cxporicrs ano imporicrs.
1lcrclorc. il scrvicc cxporis ano imporis coniinnc growing ai ilc samc pacc in ilc
lollowing ycars. scrviccs ano gooos iraoc slarcs slonlo convcrgc. ano cvcninally scrviccs
migli ¦ccomc ilc main componcni ol worlo iraoc.
Can ilis siill ¦c plansi¦lc in ligli ol lacis 1) 2) ano 8)´ 1lc laci ilai scrviccs cxporicrs
ano imporicrs siari small. ¦ni ilcy can grow morc ilan gooos` iraocrs snggcsis ilai
ilc rcwaro ol cnicring ilc cxpori or impori markci lor scrviccs can ¦c vcry ligl. 1lns.
io a liglcr slarc ol cniranis. Ai ilc samc iimc. wc o¦scrvc ilai cxpori ano impori
markcis arc morc nnccriain lor scrviccs ilan lor gooos. ilns lcaoing io a liglcr slarc
arc ¦iggcr lor scrviccs ilan lor gooos. wc can also cxplain wly scrviccs cxporicrs ano
imporicrs arc morc slnggisl in ilc conniry ano proonci oimcnsion. As cxplainco ¦clorc.
ilis can ¦c onc io ilc laci ilai rcsiriciions lor scrviccs arc siill vcry ligl in comparison
io gooos.
cnicr ano cxii ilc cxpori ano impori markcis is rclaico io ilc cmpirical ano ilcorciical
small qnaniiiics ano ilcn ilcy rapioly grow is rclaico io ilc lramcworks ol Iancl ano
Waison (2008). Inll ano Willis (2008) ano Laion ci al. (2000). 1lc ligl siickincss
in ilc proonci margin is rclaico io Ircnno ano Iicrola (2010). Ai ilc samc iimc. onr
18
inicnsivc margin. 1lis is ¦ccansc ilcir inicnsivc margin is ilc proonci ol ilc nnm¦cr ol
iransaciions ano ilc iransaciion sizc. ilns ilcir inicnsivc margin is cm¦ooying anoilcr
cxicnsivc margin. ilc nnm¦cr ol iransaciions. wlicl is ilc main lacior rcsponsi¦lc lor
iraoc growil. Wiil rcspcci io Lawlcss (2000). Al¦ornoz ci al. (2012). Scgnra-Cayncla
markci cxpansion io iraoc growil is morc limiico.
wc can consiocr morc iransaciions as mcaning morc clicnis. ilcir lramcwork is closcly
¦ciwccn gooos ano scrviccs. In pariicnlar. ilcrc slonlo ¦c aooiiional lcainrcs in or-
ocr io incorporaic liglcr cniry ano cxii. liglcr growil ol scrviccs cxporis ano morc
siickincss in ilc conniry ano proonci margins. Again. ilis can ¦c oonc ¦y mooilying
ocmano lor gooos ano scrviccs.
õ HoIustnoss CLocks
1lc main conccrn rcgaroing ilc ro¦nsincss ano inicrprciaiion ol onr rcsnlis is rcp-
LU markcis. Ai ilc samc iimc. ¦y locnsing only on cxira-LU iraoc. wc wcrc cxclnoing
lrom ilc analysis 70/ ol ioial Lclgian iraoc. 1lcrclorc. in ilis scciion wc rcpcai ilc
analysis inclnoing inira-LU cxporis ano imporis. In orocr io savc spacc. wc oo noi
inclnoc ia¦lcs. alilongl ilcy arc availa¦lc on rcqncsi.
õ.1 StatIc AnaIysIs
Ly inclnoing inira-LU iraoc onr rcsnlis lor ilc siaiic analysis oo noi clangc signil-
io iraoc in scrviccs is smallcr ilan iraoc in gooos. 2) ilc slarc ol iraoc in scrviccs is
¦ni ilc claracicrisiics ol iraoc in gooos ano iraoc in scrviccs oo noi clangc across
õ.2 OynanIc AnaIysIs
scrvicc iraoc. 2) snrvival raics arc liglcr among gooos iraocrs. 8) ncw scrviccs iraocrs
14
cxpansion.
6 ConcIusIons
1lc kcy mcssagc ol ilis papcr is ilai cvcn il gooos ano scrviccs iraoc slarc somc
acicrisiics. In pariicnlar. iraoc pariicipaiion. lcicrogcnciiy ano conccniraiion arc kcy
componcnis ol iraoc in scrviccs. snggcsiing ilai lcicrogcncons moocls ol iraoc can
rcprcscni a solio ¦niloing ¦lock lor iraoc in scrviccs ioo. Howcvcr. lngc qnaniiiaiivc
siaiic ano oynamic moocls ol iraoc in orocr io maicl ilc oaia. Wc snggcsi ilrcc main
iion 2) wonlo ¦c nccoco in orocr io allow lor liglcr growil prospccis associaico wiil
ilc mosi crncial clcmcni ol iraoc in icrms ol cxpori ano impori growil ano in icrms
across gooos ano scrviccs iraoc ano. morc gcncrally. ol iraoc claracicrisiics ano iraoc
cnccs. In pariicnlar. morc aiicniion slonlo ¦c paio io ilc rolc ol iraoc cosis lor scrviccs.
scarcl is nccoco in orocr io gain a ¦ciicr nnocrsianoing ol ilc cosi ano proonciion
ol analyzing scparaicly ilc lonr moocs ol scrviccs iraoc. in orocr io nnocrsiano ilc
oynamics ol scrviccs ilai oo noi rcqnirc pcrsonal inicraciion vcrsns ilosc ilai rcqnirc
lnman proximiiy. 1lc answcr io all ilcsc qncsiions wonlo provioc a morc complcic
nnocrsianoing ol ilc scrviccs sccior ano scrviccs iraoc. ano ii wonlo arm policy-makcrs
wiil ncw insirnmcnis io ¦ciicr masicr ilc li¦cralizaiion ol scrviccs iraoc.
HoIoroncos
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1ò
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':·:· 1nìn. pagcs ò18òò2. Univcrsiiy ol Clicago Ircss. Clicago.
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1raoc Li¦cralizaiion. Çn:ì·:|j J·:nn| ·] 1··n·n:·. lorilcoming.
Lcrnaro. A. L.. Van Lcvcrcn. I.. ano Vanocn¦nssclc. H. (2010). Mnlii-Iroonci Lx-
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Anì:·nn| 1nn| ·] 1·|j:n.
Lrcinlicl. H. ano Criscnolo. C. (2011). Inicrnaiional 1raoc in Scrviccs: a Ioriraii ol
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Lviocncc lrom Ircncl Iirms. MIIA Iapcr 12040. Univcrsiiy Li¦rary ol Mnnicl.
Gcrmany.
Laion. J.. Lsclava. M.. Inglcr. M.. ano 1y¦oni. J. (2007). Lxpori Dynamics in Colom-
¦ia: Iirm-Lcvcl Lviocncc. 1C11¹1C11o 11 1·CAC'1¹ ii·0´´.
Laion. J.. Lsclava. M.. Inglcr. M.. ano 1y¦oni. J. (2008). Lxpori Dynamics in Colom-
¦ia: 1ransaciion Lcvcl Lviocncc. 1C11¹1C11o 11 1·CAC'1¹ ii¸´¸·.
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16
Icocrico. S. ano 1osii. L. (2010). Lxporicrs ano imporicrs ol scrviccs: Iirm-lcvcl
cviocncc on iialy. n:n··j:n¡|.
Ircnno. C. ano Iicrola. M. D. (2010). Lxpori Lnircprcncnrs: Lviocncc lrom Icrn.
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òil coiiion.
¹¡¡|:·n 1··n·n:·
Çn:ì·:|j ,]·:n·:|j: 1·n]n|ì:¡·|:ì:|), 1n·|·: ¹ 1nh|·ì, 1·:|:n. ò6(1):ò172.
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Mion. G. ano Zln. L. (2011). Impori Compciiiion lrom ano Onisonrcing io Clina: a
Cnrsc or Llcssing lor Iirms´ ·111 1:·:·n 1n¡·: ·1··.
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lrom Lclginm. J|· 1·:|n 1··n·nj. 82(ò):602784.
Iancl. J. L. ano Waison. J. (2008). Siariing Small in an Unlamiliar Lnvironmcni.
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Inll. I. J. ano Willis. J. L. (2008). Ncw Lxporicr Dynamics. Mimcograpl.
Scgnra-Cayncla. I. ano Vilarrn¦ia. J. M. (2008). Unccriainiy ano Lniry Inio Lxpori
Markcis. Lanco oc Lspa na Working Iapcrs 0811. Lanco oc Lspa na.
Walicr. I. ano Dcll`monr. I. (2010). Iirm-Lcvcl Analysis ol Inicrnaiional 1raoc in
Scrviccs. 11· 1·:|:nj 1n¡·: A·.¸.
Worlo 1raoc Organisaiion (2010). '·n::nj J:nn· :n o·::··. availa¦lc ai
liip:,,www.wio.org,cnglisl,rcs c,siaiis c,scrviccs iraining moonlc c.pol.
17
1a¦lc 1: Lisi ol Scrviccs in ilc Lalancc ol Iaymcnis
ÞunIer Þane Code ÞunIer Þane Code
1 Trans¡ortatIon 20ò ´.¡ 1·-1n&.nn·· 2ò7
1.1 o·n J.nn¡·.ì 206 ´.´ ¹&r.|.n.j o·..·· 2ò8
1.1.1 Iassongois 207 6 FInancIaI ServIces 260
1.1.2 Fioighl 208 7 Con¡uter and InIornatIon ServIces 262
1.1.8 Olhoi 209 ´.1 ··n¡&ì·. o·..·· 268
1.. ¹.. J.nn¡·.ì 210 ´.. 1n¡·.nnì.·n o·..·· 264
1.2.1 Iassongois 211 8 HoyaItIes and LIcense Fees 266
1.2.2 Fioighl 212 9 HusIness ServIces 268
1.2.8 Olhoi 218 ´.1 1·.·|nnì.nj nnJ ·ì|·. ì.nJ·-.·|nì·J n·ì..ì.· 269
1.· Cì|·. J.nn¡·.ì 214 9.1.1 Moichanling 270
1.8.1 Iassongois 21ò 9.1.2 Olhoi 1iaoo-Iolaloo Aclivilios 271
1.8.2 Fioighl 216 ´.. C¡·.nì.·nn| 1·n.nj o·..·· 272
1.8.8 Olhoi 217 ´.· 1.··||nn··& 1&.n·, 1.·¡·.·nn| nnJ J··|n.·n| ¹·ì..ì.· 278
2 TraveI 286 9.8.1 Logal, Accounling, Managomonl, Consulling ano IuLlic Iolalions 274
..1 1&.n· J.n·| 287 9.8.2 Aovoilising, Mailol Iosoaich, ano IuLlic Opinion Iolling 278
... 1·.·nn| J.n·| 240 9.8.8 Iosoaich ano Dovolopmonl 279
2.2.1 Hoallh-iolaloo oxponoiluio 241 9.8.4 Aichilocluial, Lnginooiing ano Olhoi 1ochnical Soivicos 280
2.2.2 Loucalion-iolaloo oxponoiluio 242 9.8.ò Agiiculluial, Mining, ano Olhoi On-Silo Iiocossing Soivicos 281
2.2.8 Olhoi 248 9.8.ò.1 Waslo 1ioalmonl ano Do-pollulion 282
3 ConnunIcatIon ServIces 24ò 9.8.ò.2 Agiiculluial, Mining, ano Olhoi On-Silo Iiocossing Soivicos 288
·.1 1·ìn| nnJ ··&..·. ·..·· 246 9.8.6 Olhoi Lusinoss Soivicos 284
·.. J·|···nn&n.·nì.·n ·..·· 247 9.8.7 Soivicos Lolwoon Iolaloo Lnloipiisos 285
4 ConstructIon ServIces 249 10 IersonaI, CuIturaI and HecreatIonaI ActIvItIes 287
5 Insurance ServIces 2ò8 1u.1 ¹&J.·.&n| nnJ 1·|nì·J o·..·· 288
´.1 1.¡· 1n&.nn·· nnJ 1·n.·n 1&nJ.nj 2ò4 1u.1 Cì|·. 1·.·nn|, ·&|ì&.n| nnJ 1··.·nì.·nn| ¹·ì..ì.· 289
´.. 1.·.j|ì 1n&.nn·· 2òò 11 CovernnentaI ServIces 291
´.· Cì|·. 1..··ì 1n&.nn·· 2ò6
!isi of Soivicos piosoni in iho !ulunco of !uynonis. \o oxcludo Noichuniing' (codo 270, in bold) und Soivicos boivoon !oluiod !nioipiisos' (codo 2Sõ, in bold) bocuuso ihoy cun
noi gonuinoly bo considoiod us iiudo in soivicos in iho N!! duiusoi.
1a¦lc 2: 1raoc Iariicipaiion. Lxpori ano Impori Scparaicly
IaneI a: Ex¡orts
Soivicos Gooos Non-
Li-Lxpoilois Lxpoilois
Shaio of Lxpoilois 18.41/ ò.09/ 76.ò0/
Shaio of Lxpoils 8.19/ 4.8ò/ 2ò.14/ 61.88/
IaneI I: In¡orts
Soivicos Gooos Non-
Li-Impoilois Impoilois
Shaio of Fiims 0.67/ 0.86/ 8.21/ 9ò.7ò/
Shaio of Impoilois 1ò.78/ 8.òò/ 7ò.67/
Shaio of Impoils 6.16/ ò.89/ 87.44/ 49.18/
ihis iublo iopiosonis sopuiuioly foi oxpoiis (!unol u) und !npoiis (!unol b) und foi ouch
!xpoiiois oi !i-!npoiiois), only goods (Coods) und foi Non-!xpoiiois (Non-!npoiiois)) l) iho
iospoci io iho ioiul nunboi of oxpoiiois oi inpoiiois und S) iho shuio of ioiul oxpoiis oi inpoiis.
18
1a¦lc 8: 1raoc Iariicipaiion. Lxporis ano Imporis 1ogcilcr
AII FIrns Traders OnIy
Soivicos 1iaoo Soivicos 1iaoo
L I L-I D 1ol L I L-I D 1ol
L 0.06/ 0.06/ 0.08/ 1.86/ 2.01/ L 0.94/ 0.86/ 0.49/ 28.11/ 80.40/
Gooos I 0.08/ 0.08/ 0.08/ 2.0ò/ 2.20/ I 0.ò2/ 1.16/ 0.ò2/ 80.98/ 88.18/
1iaoo L-I 0.04/ 0.18/ 0.07/ 1.08/ 1.88/ L-I 0.66/ 2.69/ 1.11/ 16.86/ 20.81/
D 0.4ò/ 0.84/ 0.24/ 98.88/ 94.41/ D 6.84/ ò.09/ 8.67/ 1ò.61/
1ol 0.ò9/ 0.6ò/ 0.88/ 98.87/ 100.00/ 1ol 8.96/ 9.80/ ò.79/ 7ò.44/ 100.00/
1a¦lc 4: 1raoc Siains ano 1raoc Valncs
IaneI a: ServIces
1olal Lxpoils of Soivicos 1olal Impoils of Soivicos
Soivicos Soivicos
Gooos L I L-I D 1ol Gooos L I L-I D 1ol
L 1.1ò/ - 4.88/ - ò.98/ L - 0.79/ 8.87/ - 4.66/
I 1.27/ - 18.88/ - 14.60/ I - 1.78/ 8.82/ - 10.òò/
L-I 1.60/ - 29.60/ - 81.21/ L-I - 6.87/ 82.82/ - 88.69/
D 9.64/ - 88.ò8/ - 48.22/ D - 7.2ò/ 88.8ò/ - 46.10/
1ol 18.66/ - 86.84/ - 100.00/ 1ol - 16.1ò/ 88.8ò/ - 100.00/
IaneI I: Coods
1olal Lxpoils of Gooos 1olal Impoils of Gooos
Soivicos Soivicos
Gooos L I L-I D 1ol Gooos L I L-I D 1ol
L 0.46/ 1.1ò/ 0.88/ 14.49/ 16.48/ L - - - - -
I - - - - - I 0.87/ 2.00/ 1.17/ 11.7ò/ 1ò.28/
L-I 1.87/ 16.ò9/ 26.69/ 88.87/ 88.ò2/ L-I 1.88/ 18.27/ 21.79/ 42.79/ 84.72/
D - - - - - D - - - - -
1ol 1.88/ 17.74/ 27.08/ ò8.86/ 100.00/ 1ol 2.2ò/ 20.27/ 22.96/ ò4.ò8/ 100.00/
(!), !npoiiois (!), !xpoiiois und !npoiiois (!-!) und Ðonosiic (Ð). !unol b iopiosonis iho shuio of iiudo of goods foi iho suno cuiogoiios of
10
1a¦lc ò: Iirm Claracicrisiics ¦y 1raoc Siains. Lxpori ano Impori Scparaicly
(1) (2) (8) (4) (ò) (6) (7)
Lmploymonl 1uinovoi LaLoi Wagos Capilal InlangiLlo Ago
Iioouclivily Inlonsily Capilal Inlonsily
IaneI a: Ex¡orts
Li-Lxpoilois 2.88ò6
8.9824
0.4796
0.ò828
-0.0077 -0.ò470
0.ò729
(0.014) (0.01ò) (0.006) (0.004) (0.012) (0.029) (0.006)
Soivico Lxpoilois 1.4161
2.2098
0.2818
0.4428
-0.87ò4
-0.6817
0.88ò1
(0.007) (0.008) (0.004) (0.002) (0.009) (0.021) (0.004)
Gooos Lxpoilois 1.8146
2.0688
0.2926
0.2814
0.0188
-0.786ò
0.8ò97
(0.00ò) (0.00ò) (0.002) (0.002) (0.00ò) (0.014) (0.002)
Inousliy-Yoai FL Yos Yos Yos Yos Yos Yos Yos
Conslanl 0.8ò46
-1.7264
-8.0ò04
-8.6978
-8.6642
-ò.ò0ò4
2.0777
(0.001) (0.001) (0.001) (0.001) (0.002) (0.004) (0.001)
Fiims-Yoais 1,886,471 2,0ò8,889 1,848,187 1,884,90ò 1,846,148 819,606 2,806,ò72
I-squaioo 0.2116 0.2798 0.1294 0.142ò 0.0877 0.1888 0.0784
IaneI I: In¡orts
Li-Impoilois 2.7422
4.8119
0.488ò
0.òò86
0.0170
-0.6991
0.6084
(0.009) (0.010) (0.004) (0.008) (0.009) (0.021) (0.00ò)
Soivico Impoilois 1.ò782
2.7081
0.816ò
0.ò0ò1
-0.ò112
-0.ò7ò4
0.8777
(0.009) (0.011) (0.00ò) (0.008) (0.011) (0.02ò) (0.00ò)
Gooos Impoilois 1.2ò89
2.4026
0.2824
2898
-0.0146
-0.8687
0.8914
(0.004) (0.004) (0.002) (0.001) (0.00ò) (0.018) (0.002)
Inousliy-Yoai FL Yos Yos Yos Yos Yos Yos Yos
Conslanl 0.8084
-1.7689
-8.0ò86
-8.7079
-8.668ò
-ò.4664
2.0698
(0.001) (0.001) (0.001) (0.001) (0.002) (0.00ò) (0.001)
Fiims-Yoais 1,886,471 2,0ò8,889 1,848,187 1,884,90ò 1,846,148 819,606 2,806,ò72
I-squaioo 0.2486 0.809ò 0.1298 0.1491 0.0879 0.1420 0.0824
!obusi Siunduid oiiois in puionihosos,
p0.0l,
p0.0õ,
p
iogiossions includo indusiiy-youi dunnios.
20
1a¦lc 6: Iirm Claracicrisiics ¦y 1raoc Siains
(1) (2) (8) (4) (ò) (6) (7)
Lmploymonl 1uinovoi LaLoi Wagos Capilal InlangiLlo Ago
Iioouclivily Inlonsily Capilal Inlonsily
4 Trade O¡tIons:
S(io)G(io) 8.8996
ò.7647
0.6821
0.7807
0.289ò
-0.òò82
0.76ò8
(0.040) (0.41) (0.01ò) (0.009) (0.080) (0.088) (0.010)
3 Trade O¡tIons:
S(io)G(i) 8.1ò16
4.7787
0.6048
0.7404
-0.0841 -0.9461
0.6617
(0.062) (0.064) (0.080) (0.018) (0.066) (0.071) (0.01ò)
S(i)G(io) 2.9446
4.672ò
0.ò497
0.ò61ò
0.1684
-0.8417
0.6086
(0.022) (0.022) (0.009) (0.006) (0.017) (0.027) (0.006)
S(o)G(io) 2.29ò8
8.8888
0.4749
0.ò187
0.0òò2 -0.9896
0.ò202
(0.0ò0) (0.049) (0.021) (0.018) (0.041) (0.0ò8) (0.011)
S(io)G(o) 2.1872
4.0640
0.ò128
0.6ò02
-0.4184
-0.7ò2ò
0.6201
(0.0ò7) (0.0ò9) (0.027) (0.016) (0.0ò9) (0.090) (0.019)
2 Trade O¡tIons:
S(o)G(o) 1.8768
2.72ò4
0.8727
0.8981
-0.1289
-0.ò248
0.8ò68
(0.042) (0.048) (0.028) (0.018) (0.046) (0.096) (0.01ò)
S(i)G(o) 1.79ò4
8.ò498
0.ò728
0.ò08ò
-0.1891
-0.ò764
0.8888
(0.041) (0.040) (0.028) (0.012) (0.089) (0.118) (0.021)
S(o)G(i) 1.9678
8.272ò
0.4ò88
0.ò618
-0.1647
-1.0208
0.4660
(0.064) (0.068) (0.029) (0.019) (0.0ò9) (0.082) (0.016)
S(i)G(i) 1.8081
8.8870
0.ò086
0.4948
-0.00ò6 -0.8801
0.4297
(0.041) (0.041) (0.029) (0.018) (0.087) (0.0ò6) (0.012)
S(o)G(io) 1.792ò
8.2810
0.8ò86
0.88ò8
0.0òò8
-0.98ò9
0.4ò94
(0.009) (0.010) (0.004) (0.008) (0.009) (0.017) (0.008)
S(io)G(o) 2.1ò28
8.6428
0.4107
0.6ò18
-0.7707
-0.7890
0.ò027
(0.024) (0.02ò) (0.011) (0.007) (0.02ò) (0.082) (0.006)
1 Trade O¡tIon:
S(o)G(i) 0.9276
1.8941
0.226ò
0.2104
0.0410
-0.8ò21
0.8ò22
(0.008) (0.007) (0.004) (0.002) (0.008) (0.017) (0.002)
S(o)G(o) 0.8686
1.9907
0.2468
0.1921
-0.0814
-0.7244
0.2224
(0.082) (0.008) (0.004) (0.008) (0.009) (0.027) (0.004)
S(o)G(o) 1.8278
2.1980
0.8872
0.48ò2
-0.8648
-0.649ò
0.244ò
(0.018) (0.019) (0.009) (0.006) (0.020) (0.080) (0.004)
S(i)G(o) 1.8òòò
2.6807
0.8879
0.ò026
0.ò487
-0.4199
0.249ò
(0.021) (0.024) (0.009) (0.008) (0.024) (0.040) (0.007)
Inousliy-Yoai FL Yos Yos Yos Yos Yos Yos Yos
Conslanl 0.9179
-1.6ò00
-8.0889
-8.6816
-8.6709
-ò.4221
2.0611
(0.001) (0.001) (0.001) (0.008) (0.024) (0.004) (0.001)
Fiims-Yoais 1,886,471 2,0ò8,889 1,848,187 1,884,90ò 1,846,148 819,606 2,806,ò72
I-squaioo 0.1901 0.2424 0.1278 0.1888 0.0876 0.14ò7 0.08ò0
!obusi Siunduid oiiois in puionihosos,
p0.0l,
p0.0õ,
p
dopondoni vuiiublo is ono of iho sovon chuiucioiisiics (!nploynoni, !uboi !ioduciiviiy, Avoiugo \ugo, Avoiugo Cupiiul, !niungiblo Cupiiul
) oi inpoiiing () oi boih () iospociivoly soivicos und goods. All iogiossions includo indusiiy-youi dunnios.
21
1a¦lc 7: 1raoc Margins ano 1raoc Siains
IaneI a: Ex¡orts
1olal Avoiago 1iansaclion NumLoi of NumLoi of NumLoi of Donsily
Lxpoils Lxpoils Sizo 1iansaclions Iiooucls Doslinalions
G S G S G S G S G S G S G S
4 Trade O¡tIons:
S(io)G(io) ò1.0210 8.4799 1.0024 1.ò928 0.08ò8 0.20ò8 788.9982 22.8969 8.8189 1.7060 1ò.ò762 8.2890 0.6809 0.8ò67
3 Trade O¡tIons:
S(io)G(i) - 8.0991 - 2.ò228 - 0.1982 - 28.4870 - 1.ò187 - 2.9ò08 - 0.8892
S(i)G(io) 18.0989 - 0.ò889 - 0.0248 - 819.6600 - 2.7069 - 12.28ò7 - 0.6òò6 -
S(o)G(io) 4.4288 0.7772 0.8496 0.4879 0.0224 0.11ò0 91.0889 4.2ò41 2.1221 1.1779 ò.8144 1.4778 0.7767 0.9647
S(io)G(o) 1.6ò78 8.180ò 0.8788 0.7649 0.0ò42 0.1088 84.8486 18.8208 1.9919 1.4904 2.8910 8.1291 0.8887 0.8840
2 Trade O¡tIons:
S(o)G(o) 1.0407 0.8910 0.298ò 0.2206 0.0428 0.0688 80.9067 4.482ò 1.6742 1.1440 2.ò18ò 1.47ò6 0.8877 0.9688
S(i)G(o) 2.8288 - 0.4429 - 0.0478 - 74.8688 - 1.9194 - ò.1408 - 0.8292 -
S(o)G(i) - 0.7764 - 0.ò928 - 0.099ò - 4.4ò67 - 1.1807 - 1.8887 - 0.9787
S(i)G(i) - - - - - - - - - - - - - -
S(o)G(io) ò.04ò4 - 0.8ò20 - 0.022ò - 120.6926 - 1.881ò - 4.9280 - 0.8881 -
S(io)G(o) - 8.8464 - 0.9298 - 0.1161 - 17.ò186 - 1.4082 - 2.6448 - 0.9084
1 Trade O¡tIon:
S(o)G(i) - - - - - - - - - - - - - -
S(o)G(o) 1.094ò - 0.8184 - 0.0818 - 28.1781 - 1.80ò4 - 2.2410 - 0.9466 -
S(o)G(o) - 0.4481 - 0.8464 - 0.087ò - 8.622ò - 1.1488 - 1.2661 - 0.9799
S(i)G(o) - - - - - - - - - - - - - -
Average 4.14ò9 2.1ò71 0.8ò79 0.6884 0.0291 0.1082 87.809ò 9.8880 1.6408 1.2802 4.0194 1.904ò 0.8820 0.9448
IaneI I: In¡orts
1olal Avoiago 1iansaclion NumLoi of NumLoi of NumLoi of Donsily
Impoils Impoils Sizo 1iansaclions Iiooucls Doslinalions
G S G S G S G S G S G S G S
4 Trade O¡tIons:
S(io)G(io) 41.4784 8.ò017 8.8818 0.9614 0.0784 0.0978 818.8828 80.8264 4.0410 2.660ò 4.8078 4.4901 0.6818 0.7288
3 Trade O¡tIons:
S(io)G(i) 4.7249 4.9224 2.1792 0.9989 0.8ò6ò 0.104ò 40.òò62 24.4124 1.ò16ò 1.92ò2 1.òò84 8.2488 0.9186 0.8847
S(i)G(io) 14.861ò 0.6924 1.2609 0.2690 0.0270 0.0870 220.87ò2 4.7940 8.18ò8 1.4779 8.96òò 1.7226 0.67ò8 0.8896
S(o)G(io) 6.0881 - 0.8988 - 0.0289 - 104.1976 - 2.2616 - 2.4147 - 0.818ò -
S(io)G(o) - 2.8008 - 0.8721 - 0.0610 - 16.9081 - 1.727ò - 8.1846 - 0.8490
2 Trade O¡tIons:
S(o)G(o) - - - - - - - - - - - - - -
S(i)G(o) - 0.2692 - 0.1886 - 0.0ò48 - 8.2484 - 1.2982 - 1.4488 - 0.9298
S(o)G(i) 1.ò022 - 0.7992 - 0.0ò78 - 27.6681 - 1.òò09 - 1.ò404 - 0.9202 -
S(i)G(i) 8.64ò4 0.48ò8 1.2281 0.2828 0.066ò 0.0718 ò9.8110 8.7080 1.8787 1.24ò1 2.0470 1.2824 0.8767 0.9ò62
S(o)G(io) ò.ò812 - 0.8ò10 - 0.0862 - 89.7ò89 - 2.1489 - 2.ò487 - 0.8172 -
S(io)G(o) - 8.094ò - 0.688ò - 0.0920 - 18.0921 - 1.òò4ò - 2.9149 - 0.8886
1 Trade O¡tIon:
S(o)G(i) 0.8017 - .29ò8 - 0.0297 - 22.8ò09 - 1.ò098 - 1.6128 - 0.9220 -
S(o)G(o) - - - - - - - - - - - - - -
S(o)G(o) - - - - - - - - - - - - - -
S(i)G(o) - 0.41ò9 - 0.2426 - 0.0790 - 8.8901 - 1.2288 - 1.4269 0.9ò80
Average 8.91ò9 1.8788 0.624ò 0.4260 0.0867 0.0882 60.9827 10.8ò88 1.8ò86 1.4924 2.0970 2.1ò26 0.8696 0.9081
) oi inpoiiing () oi boih () iospociivoly soivicos und goods) iho uvoiugo
22
1a¦lc 8: Hcicrogcnciiy
IaneI a: Ex¡orts
1olal Avoiago 1iansaclion NumLoi of NumLoi of NumLoi of Donsily
Lxpoils Lxpoils Sizo 1iansaclions Iiooucls Doslinalions
Conlilos G S G S G S G S G S G S G S
1 0.018 0.018 0.018 0.018 0.001 0.008 1 1 1 1 1 1 0.21 0.88
10 0.027 0.028 0.021 0.021 0.002 0.009 1 1 1 1 1 1 0.44 0.68
2ò 0.102 0.040 0.0ò8 0.08ò 0.006 0.01ò 4 1 1 1 1 1 0.66 1
ò0 0.ò08 0.122 0.17ò 0.080 0.018 0.028 18 2 1 1 2 1 1 1
7ò 2.847 0.òò6 0.ò09 0.241 0.027 0.0ò1 44 8 2 1 ò 2 1 1
90 10.871 2.ò46ò 1.8ò6 0.701 0.0ò9 0.108 147 2ò 8 2 11 ò 1 1
99 129.22ò 81.ò08 7.970 4.990 0.8ò9 0.619 1,644 174 10 4 46 1ò 1 1
Max 12,166.480 2166.ò04 2,722.878 1,1ò1.ò88 49,888 9ò.96ò 102,072 8,ò8ò 89 26 1ò1 108 1 1
IaneI I: In¡orts
1olal Avoiago 1iansaclion NumLoi of NumLoi of NumLoi of Donsily
Impoils Avg. Impoils Sizo 1iansaclions Iiooucls Doslinalions
Conlilos G S G S G S G S G S G S G S
1 0.018 0.018 0.018 0.018 0.001 0.002 1 1 1 1 1 1 0.19 0.24
10 0.082 0.02ò 0.02ò 0.021 0.008 0.007 2 1 1 1 1 1 0.88 0.ò0
2ò 0.117 0.041 0.0ò7 0.08ò 0.00ò 0.014 ò 1 1 1 1 1 0.ò0 0.7ò
ò0 0.486 0.124 0.1ò4 0.074 0.011 0.027 14 2 2 1 2 1 1 1
7ò 1.6ò0 0.ò18 0.411 0.196 0.022 0.049 41 8 8 2 4 2 1 1
90 6.818 2.264 1.077 0.ò26 0.049 0.108 118 24 ò 8 7 ò 1 1
99 8ò.484 87.7ò1 8.ò98 4.070 0.880 0.ò49 1,004 192 1ò 8 16 19 1 1
Max 18,124.740 2,887.889 1,600.844 262.888 188.782 89.279 98,194 8,268 77 29 88 1òò 1 1
iiudo und S foi soivicos iiudo. \uluos uio in Nillions of !uios.
1a¦lc 0: Conccniraiion
Lxpoils Impoils
Conlilos Gooos Soivicos Gooos Soivicos
1 0.00/ 0.01/ 0.00/ 0.01/
10 0.08/ 0.08/ 0.08/ 0.09/
2ò 0.12/ 0.82/ 0.14/ 0.8ò/
ò0 0.òò/ 1.26/ 0.62/ 1.8ò/
7ò 2.ò0/ 4.ò9/ 2.68/ 4.68/
90 8.77/ 12.42/ 8.2ò/ 18.08/
99 88.18/ 44.80/ 86.26/ ò0.71/
This iublo piosonis iho shuios of oxpoiis und inpoiis
foi iho l
, l0
, 2õ
, õ0
, 7õ
, u0
und uu
coniilos of iho
oxpoii und inpoii disiiibuiions.
28
1a¦lc 10: Scrviccs. Gooos ano parincr-connirics. Lxporis
IaneI a: ÞunIer oI Ex¡ortIng FIrns
¡ oI ¡ oI CountrIes ¡ oI ¡ oI CountrIes
ServIces 1 2-ò ò 1olal Coods 1 2-ò ò 1olal
1 94.ò/ 2.ò/ 0.2/ 80.6/ 1 78.0/ 10.1/ 2.6/ 8ò.ò/
2-ò 0.9/ 1.ò/ 0.4/ 19.2/ 2-ò 2.7/ 6.0/ 4.2/ 12.9/
ò 0.0/ 0.0/ 0.0/ 0.8/ ò 0.1/ 0.8/ 0.9/ 1.8/
1olal 9ò.4/ 4.0/ 0.6/ 100.0/ 1olal 7ò.8/ 16.4/ 7.8/ 100.0/
IaneI I: TotaI Ex¡orts
¡ oI ¡ oI CountrIes ¡ oI ¡ oI CountrIes
ServIces 1 2-ò ò 1olal Coods 1 2-ò ò 1olal
1 16.1/ 21.0/ 18.9/ ò0.9/ 1 2.1/ 8.ò/ 16.0/ 26.6/
2-ò 4.6/ 18.9/ 22.8/ 40.8/ 2-ò 0.7/ 8.0/ 44.2/ 47.9/
ò 0.0/ 0.7/ 7.6/ 8.8/ ò 0.1/ 0.4/ 2ò.0/ 2ò.ò/
1olal 20.7/ 8ò.6/ 48.7/ 100.0/ 1olal 2.9/ 1.9/ 8ò.2/ 100.0/
This iublo iopoiis iho shuio of oxpoiiois (punol u) und iho shuio of oxpoiis (punol b) foi ouch of iho cuiogoiios
of oxpoiiois (busod on iho nunboi of soivicos oi pioducis oxpoiiod und iho nunboi of puiinoi-couniiios). ¡oi boih
punols iiudo in soivicos is on iho lofi und iiudo in goods on iho iighi sido.
24
1a¦lc 11: Scrviccs. Gooos ano parincr-connirics. Imporis
ÞunIer oI In¡ortIng FIrns
¡ oI ¡ oI CountrIes ¡ oI ¡ oI CountrIes
ServIces 1 2-ò ò 1olal Coods 1 2-ò ò 1olal
1 98.9/ 2.6/ 0.6/ 97.1/ 1 76.1/ 10.8/ 1.6/ 88.ò/
2-ò 1.0/ 1.ò/ 0.2/ 2.7/ 2-ò 8.2/ ò.6/ 0.ò/ 9.4/
ò 0.0/ 0.1/ 0.1/ 0.2/ ò 0.1/ 1.0/ 1.0/ 2.2/
1olal 94.9/ 4.2/ 0.9/ 100.0/ 1olal 79.ò/ 17.4/ 8.1/ 100.0/
TotaI In¡orts
¡ oI ¡ oI CountrIes ¡ oI ¡ oI CountrIes
ServIces 1 2-ò ò 1olal Coods 1 2-ò ò 1olal
1 11.8/ 19.1/ 27.2/ ò8.1/ 1 6.1/ 19.6/ 26.0/ ò1.6/
2-ò 8.1/ 7.9/ 9.7/ 20.8/ 2-ò 1.ò/ ò.9/ ò.9/ 18.8/
ò 0.0/ 2.8/ 18.8/ 21.2/ ò 0.7/ ò.6/ 28.8/ 8ò.1/
1olal 14.9/ 29.4/ òò.7/ 100.0/ 1olal 8.8/ 81.1/ 60.6/ 100.0/
This iublo iopoiis iho shuio of inpoiiois (punol u) und iho shuio of inpoiis (punol b) foi ouch of iho
cuiogoiios of inpoiiois (busod on iho nunboi of soivicos oi pioducis inpoiiod und iho nunboi of puiinoi-couniiios).
¡oi boih punols iiudo in soivicos is on iho lofi und iiudo in goods on iho iighi sido.
1a¦lc 12: OLS 1raoc Dccomposiiion
Maigins: Ex¡orts In¡orts
Soivicos Gooos Soivicos Gooos
Soivico 0.07ò9
0.11ò8
0.188ò
0.1780
(0.002) (0.001) (0.002) (0.001)
Counliy 0.209ò
0.84ò7
0.24ò7
0.224ò
(0.008) (0.001) (0.008) (0.001)
Donsily -0.0887
-0.0807
-0.088ò
-0.0971
(0.001) (0.001) (0.001) (0.001)
1iansaclion 0.ò789
0.7946
0.6021
0.8082
(0.008) (0.002) (0.008) (0.002)
1iansaclion Sizo 0.184ò
-0.17òò
0.0971
-0.1087
(0.00ò) (0.008) (0.00ò) (0.008)
Inousliy-Yoai Dummios Yos Yos Yos Yos
OLsoivalions 24,ò81 8ò,ò8ò 26,478 90,402
!obusi Siunduid oiiois in puionihosos,
p0.0l,
p0.0õ,
p0.l. !voiy
iogiossod uguinsi ioiul oxpoiis (lofi punol) oi ioiul inpoiis (iighi punol) iogoihoi viih
indusiiy-youi dunnios.
2ò
1a¦lc 18: Lniry ano Lxii
IaneI a: Ex¡orts
ServIces Coods
.lmso ExIt Iy ExIt Iy
Ex¡orters Entrants SurvIvors ExIters Entrants Ex¡orters Entrants SurvIvors ExIters Entrants
199ò 2,280 86/ 8,709 2ò/
1996 2,12ò 89/ 61/ 82/ 6ò/ 9,02ò 88/ 67/ 24/ 64/
1997 2,880 42/ ò8/ 86/ 66/ 9,670 88/ 67/ 26/ 68/
1998 2,829 89/ 61/ 89/ 61/ 9,ò66 29/ 71/ 27/ ò8/
1999 2,162 88/ 62/ 8ò/ 68/ 9,87ò 29/ 71/ 2ò/ ò8/
2000 2,42ò 4ò/ òò/ 87/ 71/ 9,908 82/ 68/ 2ò/ 68/
2001 2,898 42/ ò8/ 8ò/ 64/ 10,042 80/ 70/ 27/ ò9/
2002 2,988 ò1/ 49/ 8ò/ 74/ 9,816 29/ 71/ 82/ ò0/
2008 8,429 47/ ò8/ 40/ 68/ 9,09ò 81/ 69/ 28/ 60/
2004 8,291 41/ ò9/ 8ò/ 64/ 9,076 81/ 69/ 28/ 60/
200ò 4,067 ò0/ ò0/ 9,07ò 81/ 69/
Avoiago 2,707 48/ ò7/ 86/ 66/ 9,896 81/ 69/ 27/ ò9/
IaneI I: In¡orts
ServIces Coods
ExIt Iy ExIt Iy
Ex¡orters Entrants SurvIvors ExIters Entrants Ex¡orters Entrants SurvIvors ExIters Entrants
199ò 2,288 8ò/ 9,290 24/
1996 2,824 40/ 60/ 84/ 64/ 9,ò24 80/ 70/ 24/ ò6/
1997 2,409 40/ 60/ 8ò/ 68/ 9,710 29/ 71/ 24/ ò6/
1998 2,406 88/ 62/ 89/ 60/ 9,87ò 29/ 71/ 24/ òò/
1999 2,8ò2 41/ ò9/ 8ò/ 64/ 10,028 28/ 72/ 28/ ò7/
2000 2,ò02 42/ ò8/ 84/ 6ò/ 10,8ò9 29/ 71/ 24/ ò7/
2001 2,697 42/ ò8/ 84/ 67/ 10,106 27/ 78/ 28/ òò/
2002 8,819 ò0/ ò0/ 8ò/ 78/ 9,91ò 26/ 74/ 2ò/ ò8/
2008 8,708 46/ ò4/ 86/ 68/ 9,71ò 27/ 78/ 28/ òò/
2004 8,678 89/ 61/ 88/ 62/ 10,118 28/ 72/ 22/ ò9/
200ò 8,804 40/ 60/ 10,88ò 27/ 78/
Avoiago 2,862 42/ ò8/ 8ò/ 6ò/ 9,907 28/ 72/ 24/ ò6/
inpoiis.
1a¦lc 14: Lniranis Icainrcs
IanoI a: Exµorts
SorvIcos Goods
Singlcs Mnlii-Scrvicc Mnlii-Conniry Siars Singlcs Mnlii-Iroonci Mnlii-Conniry Siars
Ncw Lxporicrs 70.4/ ò.7/ 0.0/ ò.0/ 70.8/ ò.0/ 14.8/ 0.0/
Ncw Lniranis Lxpori 20.1/ 7.4/ 21.2/ 42.4/ 7.8/ 2.0/ 28.8/ 61.4/
1oial Lxporis 0.ò/ 0.1/ 0.8/ 0.7/ 0.6/ 0.1/ 2.1/ 4.4/
IanoI I: Inµorts
SorvIcos Goods
Singlcs Mnlii-Scrvicc Mnlii-Conniry Siars Singlcs Mnlii-Iroonci Mnlii-Conniry Siars
Ncw Imporicrs 77.8/ 6.ò/ 7.8/ 8.0/ 74.8/ 6.8/ 8.0/ 11.8/
Ncw Lniranis Impori 26.4/ 8.4/ 18.0/ ò1.8/ 14.ò/ 4.8/ 26.8/ ò4.4/
1oial Imporis 0.4/ 0.1/ 0.2/ 0.7/ 1.1/ 0.8/ 2.1/ 4.2/
oxpoiis (socond iov) und shuio of oxpoiis on ioiul oxpoiis foi ouch of iho foui cuiogoiios of nov oxpoiiois (Singlos, Nulii-Soivico, Nulii-Couniiy und Siuis). !unol b doos iho
suno foi inpoiis.
26
1a¦lc 1ò: Lxiicrs Icainrcs
IaneI a: Ex¡orts
ServIces Coods
Singlos Mulli-Soivico Mulli-Counliy Slais Singlos Mulli-Iiooucl Mulli-Counliy Slais
Lxilois 84.7/ 4.9/ 7.0/ 8.4/ 78.4/ 4.6/ 11.2/ ò.8/
Lxilois Lxpoils òò.7/ 9.ò/ 22.ò/ 12.8/ 26.7/ ò.1/ 48.2/ 24.9/
1olal Lxpoils 0.8/ 0.1/ 0.1/ 0.1/ 0.8/ 0.1/ 0.ò/ 0.8/
IaneI I: In¡orts
ServIces Coods
Singlos Mulli-Soivico Mulli-Counliy Slais Singlos Mulli-Iiooucl Mulli-Counliy Slais
Lxilois 82.0/ ò.4/ 6.0/ 6.ò/ 88.1/ ò.0/ ò.8/ 6.1/
Lxilois Impoil 47.0/ 8.8/ 22.6/ 21.ò/ 88.9/ ò.4/ 84.2/ 26.ò/
1olal Impoils 0.2/ 0.0/ 0.1/ 0.1/ 0.ò/ 0.1/ 0.ò/ 0.4/
iov) und shuio of oxpoiis on ioiul oxpoiis foi ouch of iho foui cuiogoiios of nov oxpoiiois (Singlos, Nulii-Soivico, Nulii-Couniiy und Siuis). !unol b doos iho
suno foi inpoiis.
1a¦lc 16: Snrvivors Alicr i Ycars ol Lxpori,Impori
IaneI a: Ex¡orts
ServIces Coods
l All Singlos Mulli-Soivico Mulli-Counliy Slais All Singlos Mulli-Soivico Mulli-Counliy Slais
0 100/ 100/ 100/ 100/ 100/ 100/ 100/ 100/ 100/ 100/
1 86/ 29/ ò6/ 62/ 76/ 46/ 84/ 61/ 7ò/ 80/
2 21/ 1ò/ 86/ 48/ ò9/ 81/ 19/ 41/ ò8/ 66/
8 14/ 9/ 27/ 81/ 47/ 28/ 18/ 80/ 48/ ò7/
4 9/ ò/ 21/ 22/ 87/ 18/ 9/ 28/ 40/ 49/
ò 7/ 4/ 18/ 18/ 80/ 1ò/ 7/ 17/ 88/ 48/
6 ò/ 2/ 11/ 14/ 27/ 12/ ò/ 14/ 28/ 87/
7 4/ 2/ 9/ 11/ 28/ 10/ 4/ 11/ 24/ 88/
8 4/ 1/ 7/ 10/ 20/ 7/ 8/ 9/ 1ò/ 80/
9 8/ 1/ 6/ 8/ 18/ 6/ 2/ 7/ 18/ 27/
IaneI I: In¡orts
ServIces Coods
l All Singlos Mulli-Soivico Mulli-Counliy Slais All Singlos Mulli-Soivico Mulli-Counliy Slais
0 100/ 100/ 100/ 100/ 100/ 100/ 100/ 100/ 100/ 100/
1 89/ 82/ ò8/ 6ò/ 78/ ò0/ 41/ 68/ 7ò/ 82/
2 28/ 16/ 87/ 46/ ò6/ 84/ 24/ ò0/ ò6/ 70/
8 1ò/ 10/ 27/ 81/ 44/ 2ò/ 17/ 89/ 44/ 60/
4 11/ 6/ 19/ 28/ 84/ 20/ 12/ 88/ 87/ ò2/
ò 8/ 4/ 14/ 18/ 29/ 16/ 9/ 27/ 81/ 46/
6 6/ 8/ 12/ 18/ 2ò/ 14/ 7/ 22/ 27/ 40/
7 ò/ 2/ 9/ 10/ 20/ 11/ 6/ 18/ 22/ 86/
8 4/ 1/ 7/ 9/ 18/ 9/ 4/ 14/ 19/ 88/
9 8/ 1/ 6/ 7/ 1ò/ 8/ 8/ 12/ 16/ 80/
27
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28
1a¦lc 18: 1lc Dynamics ol ilc Coniincnis Scrvco
IanoI a: Exµorts
SorvIcos Goods
´ i
East Euroµo ^ortL AnorIca SoutL AnorIca AsIa AIrIca AustraIIa East Euroµo ^ortL AnorIca SoutL AnorIca AsIa AIrIca AustraIIa
East Euroµo 100/ 0/ 7/ 11/ 8/ 6/ Lnropc 100/ 7/ 6/ 8/ 7/ 4/
^ortL AnorIca 0/ 100/ 4/ 11/ 8/ ò/ Noril Amcrica 6/ 100/ 6/ 7/ ò/ 4/
i÷1 SoutL AnorIca 8/ 8/ 100/ 6/ 7/ 7/ Sonil Amcrica 4/ ò/ 100/ ò/ ò/ 7/
AsIa 7/ 8/ ò/ 100/ 7/ 6/ Asia 6/ 6/ 8/ 100/ 6/ 8/
AIrIca ò/ ò/ 8/ 10/ 100/ 7/ Alrica 6/ ò/ ò/ 7/ 100/ ò/
AustraIIa 8/ 8/ 4/ 6/ 4/ 100/ Ansiralia 4/ ò/ 6/ 4/ 4/ 100/
IanoI a: Inµorts
SorvIcos Goods
i i
East Euroµo ^ortL AnorIca SoutL AnorIca AsIa AIrIca AustraIIa East Euroµo ^ortL AnorIca SoutL AnorIca AsIa AIrIca AustraIIa
East Euroµo 100/ 0/ 6/ 0/ 7/ ò/ Lnropc 100/ 8/ 6/ 8/ 6/ 8/
^ortL AnorIca 8/ 100/ 4/ 0/ 7/ 2/ Noril Amcrica 6/ 100/ ò/ 6/ ò/ ò/
i÷1 SoutL AnorIca ò/ ò/ 100/ 7/ 8/ 6/ Sonil Amcrica 8/ 8/ 100/ 8/ 6/ 6/
AsIa 7/ 8/ 4/ 100/ 6/ ò/ Asia 6/ 7/ ò/ 100/ ò/ 6/
AIrIca 7/ 7/ 7/ 8/ 100/ 7/ Alrica 4/ 8/ 6/ 4/ 100/ ò/
AustraIIa ò/ 4/ 10/ 6/ 6/ 100/ Ansiralia 2/ 8/ ò/ 2/ 4/ 100/
20
NBB WORKING PAPER No. 237 - DECEMBER 2012 31
NATIONAL BANK OF BELGIUM - WORKING PAPERS SERIES
The Working Papers are available on the website of the Bank:http://www.nbb.be.
184. "Discriminatory fees, coordination and investment in shared ATM networks" by S. Ferrari, Research
series, J anuary 2010.
185. "Self-fulfilling liquidity dry-ups", by F. Malherbe, Research series, March 2010.
186. "The development of monetary policy in the 20th century - some reflections", by O. Issing, Research
series, April 2010.
187. "Getting rid of Keynes? A survey of the history of macroeconomics from Keynes to Lucas and beyond",
by M. De Vroey, Research series, April 2010.
188. "A century of macroeconomic and monetary thought at the National Bank of Belgium", by I. Maes,
Research series, April 2010.
189. "Inter-industry wage differentials in EU countries: What do cross-country time-varying data add to the
picture?", by Ph. Du Caju, G. Kátay, A. Lamo, D. Nicolitsas and S. Poelhekke, Research series,
April 2010.
190. "What determines euro area bank CDS spreads?", by J . Annaert, M. De Ceuster, P. Van Roy and
C. Vespro, Research series, May 2010.
191. "The incidence of nominal and real wage rigidity: An individual-based sectoral approach", by J . Messina,
Ph. Du Caju, C. F. Duarte, N. L. Hansen, M. Izquierdo, Research series, J une 2010.
192. "Economic importance of the Belgian ports: Flemish maritime ports, Liège port complex and the port of
Brussels - Report 2008", by C. Mathys, Document series, J uly 2010.
193. "Wages, labor or prices: how do firms react to shocks?", by E. Dhyne and M. Druant, Research series,
J uly 2010.
194. "Trade with China and skill upgrading: Evidence from Belgian firm level data", by G. Mion,
H. Vandenbussche, and L. Zhu, Research series, September 2010.
195. "Trade crisis? What trade crisis?", by K. Behrens, G. Corcos and G. Mion, Research series,
September 2010.
196. "Trade and the global recession", by J . Eaton, S. Kortum, B. Neiman and J . Romalis, Research series,
October 2010.
197. "Internationalization strategy and performance of small and medium sized enterprises", by J . Onkelinx
and L. Sleuwaegen, Research series, October 2010.
198. "The internationalization process of firms: From exports to FDI?", by P. Conconi, A. Sapir and
M. Zanardi, Research series, October 2010.
199. "Intermediaries in international trade: Direct versus indirect modes of export", by A. B. Bernard, M. Grazzi
and C. Tomasi, Research series, October 2010.
200. "Trade in services: IT and task content", by A. Ariu and G. Mion, Research series, October 2010.
201. "The productivity and export spillovers of the internationalisation behaviour of Belgian firms", by
M. Dumont, B. Merlevede, C. Piette and G. Rayp, Research series, October 2010.
202. "Market size, competition, and the product mix of exporters", by T. Mayer, M. J . Melitz and
G. I. P. Ottaviano, Research series, October 2010.
203. "Multi-product exporters, carry-along trade and the margins of trade", by A. B. Bernard, I. Van Beveren
and H. Vandenbussche, Research series, October 2010.
204. "Can Belgian firms cope with the Chinese dragon and the Asian tigers? The export performance of multi-
product firms on foreign markets" by F. Abraham and J . Van Hove, Research series, October 2010.
205. "Immigration, offshoring and American jobs", by G. I. P. Ottaviano, G. Peri and G. C. Wright, Research
series, October 2010.
206. "The effects of internationalisation on domestic labour demand by skills: Firm-level evidence for
Belgium", by L. Cuyvers, E. Dhyne, and R. Soeng, Research series, October 2010.
207. "Labour demand adjustment: Does foreign ownership matter?", by E. Dhyne, C. Fuss and C. Mathieu,
Research series, October 2010.
208. "The Taylor principle and (in-)determinacy in a New Keynesian model with hiring frictions and skill loss",
by A. Rannenberg, Research series, November 2010.
209. "Wage and employment effects of a wage norm: The Polish transition experience" by
A. de Crombrugghe and G. de Walque, Research series, February 2011.
210. "Estimating monetary policy reaction functions: A discrete choice approach" by J . Boeckx,
Research series, February 2011.
211. "Firm entry, inflation and the monetary transmission mechanism" by V. Lewis and C. Poilly,
Research series, February 2011.
212. "The link between mobile telephony arrears and credit arrears" by H. De Doncker, Document series,
March 2011.
NBB WORKING PAPER No. 237 - DECEMBER 2012 32
213. "Development of a financial health indicator based on companies' annual accounts", by D. Vivet,
Document series, April 2011.
214. "Wage structure effects of international trade: Evidence from a small open economy", by Ph. Du Caju,
F. Rycx and I. Tojerow, Research series, April 2011.
215. "Economic importance of the Belgian ports: Flemish maritime ports, Liège port complex and the port of
Brussels - Report 2009", by C. Mathys, Document series, J une 2011.
216. "Verti-zontal differentiation in monopolistic competition", by F. Di Comite, J .-F. Thisse and
H. Vandenbussche, Research series, October 2011.
217. "The evolution of Alexandre Lamfalussy's thought on the international and European monetary system
(1961-1993)" by I. Maes, Research series, November 2011.
218. "Economic importance of air transport and airport activities in Belgium – Report 2009", by X. Deville and
S. Vennix, Document series, December 2011.
219. "Comparative advantage, multi-product firms and trade liberalisation: An empirical test", by C. Fuss and
L. Zhu, Research series, J anuary 2012.
220. "Institutions and export dynamics", by L. Araujo, G. Mion and E. Ornelas, Research series,
February 2012.
221. "Implementation of EU legislation on rail liberalisation in Belgium, France, Germany and the
Netherlands", by X. Deville and F. Verduyn, Document series, March 2012.
222. "Tommaso Padoa-Schioppa and the origins of the euro", by I. Maes, Document series, March 2012.
223. "(Not so) easy come, (still) easy go? Footloose multinationals revisited", by P. Blanchard, E. Dhyne,
C. Fuss and C. Mathieu, Research series, March 2012.
224. "Asymmetric information in credit markets, bank leverage cycles and macroeconomic dynamics", by
A. Rannenberg, Research series, April 2012.
225. "Economic importance of the Belgian ports: Flemish maritime ports, Liège port complex and the port of
Brussels - Report 2010", by C. Mathys, Document series, J uly 2012.
226. "Dissecting the dynamics of the US trade balance in an estimated equilibrium model", by P. J acob and
G. Peersman, Research series, August 2012.
227. "Regime switches in volatility and correlation of financial institutions", by K. Boudt, J . Daníelsson,
S.J . Koopman and A. Lucas, Research series, October 2012.
228. "Measuring and testing for the systemically important financial institutions", by C. Castro and S. Ferrari,
Research series, October 2012.
229. "Risk, uncertainty and monetary policy", by G. Bekaert, M. Hoerova and M. Lo Duca, Research series,
October 2012.
230. "Flights to safety", by L. Baele, G. Bekaert, K. Inghelbrecht and M. Wei, Research series, October 2012.
231. "Macroprudential policy, countercyclical bank capital buffers and credit supply: Evidence from the
Spanish dynamic provisioning experiments", by G. J iménez, S. Ongena, J .-L. Peydró and J . Saurina,
Research series, October 2012.
232. "Bank/sovereign risk spillovers in the European debt crisis", by V. De Bruyckere, M. Gerhardt,
G. Schepens and R. Vander Vennet, Research series, October 2012.
233. "A macroeconomic framework for quantifying systemic risk", by Z. He and A. Krishnamurthy, Research
series, October 2012.
234. "Fiscal policy, banks and the financial crisis", by R. Kollmann, M. Ratto, W. Roeger and J . in't Veld,
Research series, October 2012.
235. "Endogenous risk in a DSGE model with capital-constrained financial intermediaries", by H. Dewachter
and R. Wouters, Research series, October 2012.
236. "A macroeconomic model with a financial sector", by M.K. Brunnermeier and Y. Sannikov, Research
series, October 2012.
237. "Services versus goods trade : Are they the same?", by A. Ariu, Research series, December 2012.
doc_854791907.pdf
In this paper, we present for the first time a qualitative and quantitative comparison between trade in services and trade in goods at firm level for the same country. We focus first on static features of trade such as participation rates, firms’ characteristics, heterogeneity, concentration and trade variation.
Workihg Paper Research
Services versus goods lrade .
Are lhey lhe same ?
by A. Ariu
December 20!2 No 237
© Illustrations : National Bank of Belgium
Layout : Analysis and Research Group
Cover : NBB AG – Prepress & Image
Published in December 2012
Editor
Jan Smets
Member of the Board of directors of the National Bank of Belgium
National Bank of Belgium
Limited liability company
RLP Brussels – Company’s number : 0203.201.340
www.nbb.be
NBB WORKING PAPER No. 237 - DECEMBER 2012
Abstract
In this paper, we present for the first time a qualitative and quantitative comparison between trade in
services and trade in goods at firm level for the same country. We focus first on static features of
trade such as participation rates, firms’ characteristics, heterogeneity, concentration and trade
variation. Secondly, we explore dynamic aspects focusing on entry, exit, firm survival and growth
strategy. On the one hand, our results reveal qualitative similarities between services and goods
trade at firm level, suggesting that heterogeneous models of trade can be a good starting point for
the analysis of trade in services. On the other hand, we highlight dramatic differences in quantitative
terms and in some key characteristics that pose new challenges to current trade models.
Keywords: Trade in Services; Trade in Goods, Trade Dynamics.
J EL Classification: F10, F14, L80.
Corresponding author:
Andrea Ariu, FNRS and IRES, Universite catholique de Louvain, Belgium.
e-mail: [email protected]
Financial help under the Globalisation Investment and Trade in Services (GIST) project, funded by
the EU 7
th
Framework Programme (ITN-2008-211429), is gratefully acknowledged. I thank
Giordano Mion, Kalina Manova and Chiara Farronato for their helpful comments, as well as
participants to the IEG seminar at UCLouvain and Trade Workshop at Stanford University.
This research has been carried while Andrea Ariu was affiliated to the National Bank of Belgium.
The views expressed in this paper are those of the author and do not necessarily reflect the views
of the National Bank of Belgium or any other institution to which the authors are affiliated.
All remaining errors are the author.
NBB WORKING PAPER - No. 237 - DECEMBER 2012
TABLE OF CONTENTS
1. Introduction ............................................................................................................................... 1
2. Data .......................................................................................................................................... 3
3. Static Analysis .......................................................................................................................... 5
3.1 Trade Participation .............................................................................................................. 5
3.2 Firms' Characteristics .......................................................................................................... 6
3.3 Trade Flows and Trade Margins at Firm Level ..................................................................... 7
3.4 Heterogeneity and Concentration of Firm-Level Flows ......................................................... 9
3.5 Trade Variation Across Firms .............................................................................................. 9
3.6 Discussion of the Static Analysis ....................................................................................... 10
4. Dynamic Analysis ................................................................................................................... 10
4.1 Entry, Exit, and Survival in Foreign Markets ....................................................................... 10
4.2 Growth Strategies ............................................................................................................. 11
4.3 Geographic Patterns ......................................................................................................... 12
4.4. Discussion of the Dynamic Analysis ................................................................................... 13
5. Robustness Checks ............................................................................................................... 14
5.1. Static Analysis.................................................................................................................... 14
5.2. Dynamic Analysis ............................................................................................................... 14
6. Conclusions ........................................................................................................................... 15
References ................................................................................................................................. 15
Tables ......................................................................................................................................... 18
National Bank of Belgium - Working papers series ...................................................................... 31
1 IntroductIon
Ior a long iimc. inicrnaiional iraoc las ¦ccn solcly associaico wiil ilc commcrcc ol
mannlacinrco gooos. ¦ni scrviccs lavc in laci ¦ccomc incrcasingly iraoco ovcr iimc.
ano iooay gooos ano scrviccs rcprcscni iwo cqnally imporiani componcnis ol worlo
iraoc. Accoroingly. ilc inicrnaiional iraoc liicrainrc las rcccnily ¦cgnn cxploring
iraoc in scrviccs in a ¦io io nnocrsiano ilc paiicrns ol ilis ncw lorm ol iraoc. Siariing
l
ilc
iraoc oaia
2
cxpori pariicipaiion. conccniraiion. variaiion ano lcicrogcnciiy ano only lcw. il any.
Lasco on ilis cviocncc. ilc conclnsion ol Lrcinlicl ano Criscnolo (2011) is ilai
cnrrcni moocls locnsing on lcicrogcnciiy
S
rcprcscni a solio ¦niloing ¦lock lor a ilc-
ory ol iraoc in scrviccs. Howcvcr. ilc oaiascis nsco in ilcsc sinoics lavc ciilcr vcry
1
1lcrclorc. any similariiy
conclnsion on ilc sniia¦iliiy ol ilcorciical moocls ¦ccomcs only pariial. Morcovcr. all
ilc micro-sinoics on iraoc in scrviccs limii ilcir analysis only io ilc siaiic claracicris-
iics ol iraoc. lcaving an opcn qncsiion on ilc comparison ol oynamic aspccis ¦ciwccn
iraoc in gooos ano iraoc in scrviccs.
In ilis papcr. wc nsc a vcry ociailco oaiasci lrom ilc Naiional Lank ol Lclginm
ano impori iransaciions ol ¦oil gooos ano scrviccs wiil non-Lnropcan connirics io
gooos ano iraoc in scrviccs. Iirsi. wc analyzc iraoc pariicipaiion. ilc claracicrisiics ol
ano impori lilc.
l
1ho Woilo 1iaoo Oiganisalion (2010) oLsoivos lhal soivicos aio inlangiLlo ano lhoii naluio malos
liaoo in soivicos suL]ocl lo moio consliainls lhan liaoo in gooos. Iiooucl chaiacloiislics aio oLsoivaLlo
limos. Soivicos insloao aio nol sloiaLlo, lhoii chaiacloiislics aio nol oLsoivaLlo Lofoio puichaso ano
pioouclion ano consumplion oflon coincioo.
2
Lioinlich ano Ciiscuolo (2011) foi lho UK, Kollo ano Kloinoil (2010) foi Goimany, Walloi ano
Doll`moui (2010) foi Ausliia, Gaulioi ol al. (2011) foi Fianco ano Foooiico ano 1osli (2010) foi Ilaly
3
Lilo Molilz (2008) ano Loinaio ol al. (2008) among olhois.
d
Kollo ano Kloinoil (2010), Foooiico ano 1osli (2010) oo nol havo any infoimalion on liaoo in
gooos, Lioinlich ano Ciiscuolo (2011) has infoimalion on liaoo in soivicos only foi lwo yoais ano only
foi oxpoils ano Walloi ano Doll`moui (2010) Gaulioi ol al. (2011) havo infoimalion on liaoo in gooos,
Lul lhoy oo nol oxploil il.
1
viccs iraoc lonno in prcvions sinoics
õ
: iraoc pariicipaiion is rarc. iraoc valncs arc
cngagc in iraoc ano. ai ilc samc iimc. scrviccs iraoc rcprcscnis a small slarc ol ioial
lcaoing scrviccs ano gooos slarcs io convcrgc ovcr iimc. Sccono. iransaciion sizc ano
iraoc lrcqncncy
6
poncnis ol cxpori ano impori growil. wlilc proonci ano conniry cxpansions play only
1lc cviocncc ilai lcicrogcnciiy plays a kcy rolc also lor scrviccs iraoc snpporis
cnrrcni moocls ol iraoc as a sniia¦lc ilcorciical lramcwork lor moocling scrviccs iraoc.
lowcr propcnsiiy io inirooncc ncw prooncis or cxplorc ncw markcis lor scrviccs. Scc-
associaico wiil a liglcr riskincss. ilns io liglcr cniry ano cxii lor scrviccs. 1liro ano
mosi imporiani. iraoc lrcqncncy slonlo ¦c cm¦ooico in ilcorciical lramcworks ¦ccansc
ii is ilc mosi crncial clcmcni ol iraoc in icrms ol cxpori ano impori growil ano in
ovcr. ii wonlo inirooncc ilc variaiion nccoco in orocr io asccriain ilc mosi inicrcsiing
1lis papcr coniri¦nics io ilc liicrainrc ol inicrnaiional iraoc in ilrcc ways. Iirsi.
iraoc in scrviccs in Lrcinlicl ano Criscnolo (2011). Icllc ano Ilcincri (2010). Walicr
ano Dcll`monr (2010). Ganlicr ci al. (2011) ano Icocrico ano 1osii (2010) wiil cviocncc
ai ilc qnaniiiaiivc ano oynamic lcvcl. Sccono. ii iniroonccs iwo oimcnsions io ilc
7
on ilc onc
lorcign markcis. i.c. ¦oil impori ano cxpori ano ¦oil scrviccs ano gooos iraoc; on ilc
S
io cnrrcni ilcorciical moocls. likc Mcliiz (2008) ano Lcrnaro ci al. (2008). Mcliiz ano
5
Lioinlich ano Ciiscuolo (2011), Kollo ano Kloinoil (2010), Walloi ano Doll`moui (2010) Gaulioi
ol al. (2011) ano Foooiico ano 1osli (2010)
6
liansaclion sizo as lho valuo of oach liansaclion.
7
Lilo Loinaio ano Jonson (199ò, 1999), Mu´ uls ano Iisu (2009), Mayoi ano Ollaviano (2007), Lalon
ol al. (2004, 2011), Loinaio ol al. (2009L) ano Manova ano Zhang (2009) among olhois.
S
Lalon ol al. (2008) uso lho liansaclion oimonsion in lho conlosl of liaoo in gooos.
2
Oiiaviano (2008). Lcrnaro ci al. (2011) ano Maycr ci al. (2011) lor ilc siaiic moocls
ano Laion ci al. (2000). Iancl ano Waison (2008). Al¦ornoz ci al. (2012). Ircnno
ano Iicrola (2010). Lawlcss (2000) ano Lnono ci al. (2008) lor ilc oynamic oncs. ¦y
snggcsiing ncw pails ol ocvclopmcni in orocr io incorporaic ilc paiicrns ol scrviccs
iraoc.
1lc papcr is organizco as lollows: in ilc sccono scciion wc ocscri¦c ilc oaia; in
ilc iliro wc prcscni ilc siaiic analysis; in ilc lonril wc ocscri¦c oynamics aspccis ol
lincs ol rcscarcl.
2 Oata
pori ¦y proonci iypc ano ¦y parincr-conniry. Morcovcr. wc lavc inlormaiion on ilc
ilc nnii valnc ol ilc gooo. ilc qnaniiiics slippco ano il ilc inlormaiion comcs lrom
ilc Inirasiai (Inira-Lnropcan) or Lxirasiai (Lxira-Lnropcan) occlaraiions. Iirms arc
pnrposc ol ilis papcr. wc locns only on iransaciions ilai involvc clangc in owncrslip.
in ilis way wc gci rio ol iransaciions involving movcmcni ol siocks. rcplaccmcni or rc-
pair ol gooos. proccssing ol gooos. rcinrns ano iransaciions wiiloni compcnsaiion. 1lc
ano cxira-Lnropcan iraoc. Iirms iraoing wiil cxira-LU connirics lao io occlarc io ilc
NLL any iransaciion cxcccoing 1.000 Lnros ano ilis ilrcslolo rcmainco sia¦lc ovcr
iimc. Iirms iraoing wiil LU connirics insicao wcrc o¦ligco io occlarc ilcir iransac-
iions only il ilcir cxporis or imporis on ilc prcvions ycar wcrc a¦ovc 104.11ò Lnros.
1lis ilrcslolo incrcasco io 2ò0.000 Lnros alicr 1008 ano io 1.000.000 Lnros lor cxporis
ano 400.000 Lnros lor imporis alicr 2006.
u
1lc sccono oaiasci is ilc NLL oaiasci on 1raoc in Scrviccs. wlicl was collccico
lrom 100ò io 200ò in orocr io compilc ilc Lalancc ol Iaymcnis (LoI). In ilai pcrioo
Lnros lrom 100ò io 2001) in wlicl ilc connicrpari was a lorcign cniiiy. wiiloni any
9
Foi moio oolails on lhis oalasol soo Mu´ uls ano Iisu (2009) ano Lohions ol al. (2012) Mion ano
Zhu (2011) ano Loinaio ol al. (2010).
8
maoc. Wc orop '·:·|nnì:nj´ ano o·::·· h·ìu··n 1·|nì·n 1nì·:¡::·´ lrom ilis
in scrviccs is ¦asco on ilc rcsiocncc siains as in ilc Inicrnaiional Monciary Inno (1008)
Lalancc ol Iaymcnis Mannal (òil co.) ano inclnocs moocs onc. iwo ano lonr ol 1raoc
l0
1o makc ilc inlormaiion on iraoc in gooos ano scrviccs compara¦lc. ilc main
2ò0.000 Lnros ilc ycar ¦clorc; ilc sccono wonlo ¦c io locns only on cxira-LU iraoc ano
imposc a minimnm ilrcslolo ol 12.ò00 Lnros lor all iransaciions lor ¦oil gooos ano
rnlc lor iraoc in scrviccs. lor wlicl wc oo noi o¦scrvc all iransaciions. ¦ni only ilosc
a¦ovc 12.ò00 Lnros. Morcovcr. in ilis way. wc wonlo losc a loi ol small cxporicrs ano
ii migli ¦c a limiiaiion lor analyzing iraoc oynamics. 1lcrclorc. wc opi lor ilc sccono
onc ano locns ilc analysis ol ilis papcr on cxira-LU iraoc. Iollowing ilis cloicc. ilc
rcsnlis can ¦c morc compara¦lc io ¦ig connirics likc US. wlcrc iraoc rclcrs io rcgions
onisioc US ano noi wiilin US siaics. ano. ai ilc samc iimc. ilc analysis locnscs on
only in ilc Lnropcan markci arc consiocrco as non-cxporicrs (non-imporicrs) ano wc
nsc only a¦oni 27/ ol ioial iraoc. In orocr io clcck il ilc cxclnsion ol inira-LU iraoc
wlcn consiocring also inira-LU iraoc. Onc lasi cxpcoicni io makc scrviccs ano gooos
ll
Ior cxposiiional rcasons. in ilc rcsi
ol ilc papcr wc will nsc ilc cxprcssion nnm¦cr ol prooncis¨ io inoicaic ilc nnm¦cr
ol scrviccs¨ wlcn wc ialk a¦oni iraoc in scrviccs.
as ilc rcgisiraiion ¦y ilc NLL ol a crcoii (cxpori) or a oc¦i (impori). a¦ovc 12.ò00
ol a gooo in ilc casc ol iraoc in gooos ano ilc provision ol a scrvicc in ilc casc ol iraoc
in scrviccs. In praciicc. a iransaciion lor iraoc in gooos corrcsponos io ilc occlaraiion ol
an onigoing (cxpori) or an incoming (impori) slipmcni ol prooncis maoc io ilc Lclgian
Cnsioms Aniloriiy (ilai passcs on ilc inlormaiion io ilc NLL). Ior iraoc in scrviccs.
lu
piooucoo in ono counliy ano consumoo in lho loiiiloiy of anolhoi counliy. Mooo 2 (Consumplion
ALioao) is whon lho soivico is consumoo in lho loiiiloiy in which il has Loon piooucoo Ly lho iosioonl
of anolhoi counliy. Mooo 8 (Iiosonco ALioao) is whon lho soivico is pioviooo Ly a supplioi lhiough
lho commoicial piosonco in lho counliy of lho consumoi. Mooo 4 (Iiosonco of Naluial Ioison) is whon
a supplioi piovioos lho soivico in anolhoi counliy sonoing ono oi moio omployoos lo lhal counliy. Foi
oxamplos iofoi lo Aiiu ano Mion (2012) ano Lioinlich ano Ciiscuolo (2011).
ll
Using lhis iulo, wo counl 90 piooucls ano 49 soivicos.
4
crcoii (cxpori) or ilc solvcncy ol a oc¦i (impori) rclaico io ilc provision ol a scrvicc.
in ilc cxccniion ol ilc iransaciion.
l2
lS
In ilis way. wc also makc ilc oimcnsion
gooos iraoc ilc cxpori (impori) valncs. ilc nnm¦cr ol prooncis or scrviccs cxporico
(imporico). ilc nnm¦cr ol cxpori (impori) parincr-connirics ano ilc nnm¦cr ol cxpori
(impori) iransaciions maoc. Wc aiiacl io ilis oaiasci ¦alancc-slcci inlormaiion on
l1
1lc
a long iimc span. Morcovcr. ilis is ilc only availa¦lc oaiasci wiil inlormaiion on ilc
lrcqncncy ol iraoc lor scrviccs.
3 StatIc AnaIysIs
In ilis pari ol ilc papcr. wc provioc a comparison ol siaiic lcainrcs ol iraoc in gooos
ano iraoc in scrviccs lor ilc samc conniry. 1lis will allow ns io complcmcni cxisiing
qnaliiaiivc comparisons wiil qnaniiiaiivc insiglis. In ilc spirii ol ilc prcvions liicra-
3.1 Trado IartIcIµatIon
only gooos (G··n 1r¡·:ì·
. ilosc ilai cxpori only scrviccs (o·::·· 1r¡·:ì·. iloscilai cxpori ¦oil (1:-1r¡·:ì·
ano ilosc ilai oo noi cxpori ai all (A·n-1r¡·:ì·.ilai cmcrgcs lrom 1a¦lc 2 is ilai. cvcn il wc acconni lor scrviccs cxporicrs. ilc pcr-
l2
l3
In lho iosl of lho papoi wo will iofoi lo lho numLoi of liansaclions oi oquivalonlly lo lho fioquoncy
ld
giLlo capilal ano wago. Foi moio infoimalion on lhis oalasol iofoi lo Lohions ol al. (2012) ano Mu´ uls
ano Iisu (2009).
ò
cxporis is rarcr ilan lor gooos. wiil only a¦oni 20/ ol cxporicrs provioing scrviccs.
1lc sccono rcsnli is ilai. among cxporicrs. ò.00/ ol ilcm cxpori ¦oil gooos ano
scrviccs. ano. cvcn il lcw. ilcy acconni lor 80/ ol ioial cxporis (4.8ò/ ¦cing scrviccs
ano 2ò.14/ gooos). 1lcrclorc. ilcsc 1:-1r¡·:ì·: makc a mncl ¦iggcr coniri¦niion io
ioial iraoc ilan any oilcr caicgory ol cxporicrs. A similar paiicrn can ¦c o¦scrvco lor
imporis in pancl ¦ ol 1a¦lc 2.
iaking inio acconni all lonr iraoc opiions ilcy can cxploii. Lvcn ¦y acconniing lor
vcry small. ai 6.62/. Looking ai ioial cxporis ol scrviccs in 1a¦lc 4 (Iancl a). wc scc
scrviccs. 86.84/ lor cxporis ano 88.8ò/ lor imporis. Looking ai gooos iraoc (Iancl ¦)
impori gooos wiil a slarc ol 88.ò2/ lor cxporis ano 84.72/ lor imporis. Morcovcr.
gooos ano scrviccs migli ¦c an inoicaiion ilai ilcrc arc syncrgics in iraoing gooos ano
scrviccs iogcilcr.
gooos ano scrviccs in icrms ol iraoc pariicipaiion: iraoing scrviccs in lorcign conn-
ano imporiing lor scrviccs ilan lor gooos: a morc scvcrc sclcciion proccss wonlo al-
cliiisi ilan iraoc in gooos. 1lis laci can ¦c onc io ilc ligl rcsiriciions ilai arc siill
in placc lor ilc commcrcc ol scrviccs.
lõ
1linking in icrms ol lcicrogcncons moocls.
iraoing scrviccs. lcss lcicrogcnciiy ano lowcr conccniraiion. In ilc rcsi ol ilc papcr. wc
ol iraocrs.
3.2 FIrns` CLaractorIstIcs
1lc prcvions sn¦-scciion liglliglico ilc laci ilai ilcrc is lcicrogcnciiy in ilc cloiccs ol
la¦or proonciiviiy. avcragc wagcs. capiial inicnsiiy. iniangi¦lc capiial inicnsiiy ano agc.
l5
Foi inslanco, lho movomonl of pooplo piovioing soivicos is hampoioo Ly visa ioquiiomonls ano lho
6
ilc rcsnlis. pancl a lor cxporis ano pancl ¦ lor imporis. Wiil lcw cxccpiions. wc
1:-1r¡·:ì·: lavc a prcminm wiil rcspcci io A·n-1r¡·:ì·: ilai is liglcr
ilan ilai ol o·::·· 1r¡·:ì·: in icrms ol cmploymcni. inrnovcr. la¦or proonciiviiy.
avcragc wagc. capiial inicnsiiy. iniangi¦lc capiial inicnsiiy ano agc.
l6
Ai ilc samc
iimc. o·::·· 1r¡·:ì·: lavc a liglcr prcminm ilan G··n 1r¡·:ì·: lor ilc samc
io gooos wonlo ¦c associaico wiil lcss ¦ni morc proonciivc cxporicrs; inocco. onr
rcsnlis poini again in ilis oircciion.
all lonr iraoc opiions (imporiing ano cxporiing ¦oil scrviccs ano gooos) lavc a liglcr
3.3 Trado FIovs and Trado ^argIns at FIrn LovoI
1rj
) ano imporis
(1:j
) ai iimc t inio ilc proonci ol ilc nnm¦cr ol prooncis j
. nnm¦cr
ol connirics c
. ocnsiiy d
. nnm¦cr ol iransaciions t:
ano avcragc iransaciion sizc
r
. Analyiically:
1rj
= j
c
d
t:
r
1:j
= j
c
d
t:
r
(1)
Wlcrc ilc ocnsiiy. d
j
c
r
ioial cxporis (imporis) ovcr ilc proonci ¦ciwccn ilc nnm¦cr ol conniry-proonci pairs
) ai iimc t. Wiil
ilis occomposiiion. wc lavc lonr cxicnsivc margins (nnm¦cr ol iransaciions. nnm¦cr
l6
Lmploymonl is in full-limo oquivalonls, avoiago wago is compuloo as lolal wago Lill ovoi lho
numLoi of woilois, capilal inlonsily is compuloo as lolal physical assols ovoi lho numLoi of woilois
ano inlangiLlo capilal inlonsily as inlangiLlo assols ovoi lho numLoi of woilois.
7
ol markcis. nnm¦cr ol prooncis ano ocnsiiy) ano onc inicnsivc margin (ilc avcragc
iraocrs.
1lc gcncral picinrc is ilai ioial cxporis (imporis) ol scrviccs. arc on avcragc smallcr
ing gooos iraoc morc prooncis in morc ocsiinaiions wiil morc iransaciions. Scrviccs
iraocrs insicao lavc lcss gcograplically wiocsprcao cxporis ano imporis. lcwcr prooncis
ano nsc lcwcr iransaciions. Howcvcr. ilc iransaciion sizc is ¦iggcr lor scrviccs ilan lor
is ol a smallcr valnc ano ilc nnm¦cr ol iransaciions arc insicao liglcr. 1lis is a kcy
nainrc ol gooos ano scrviccs.
ol a liglcr oispcrsion in ilc conniry ano proonci margin. Howcvcr. oncc wc conirol
lor ilcsc margins. avcragc cxporis ol scrviccs arc ¦iggcr ilan avcragc cxporis ol gooos.
inicnsivc margins ilan on ilc cxicnsivc oncs. 1lis rcsnli oocs noi lolo lor imporis. lor
wlicl. cvcn il vcry similar. avcragc imporis ol gooos arc liglcr ilan avcragc imporis
ol scrviccs.
A iliro rcsnli ilai wc can cxiraci lrom 1a¦lc 7 is ilai iraoc in scrviccs icnos io
proonci in onc conniry is largcr lor scrviccs. Ai ilc samc iimc ii migli ¦c a signal ilai
scrviccs in all lorcign connirics. ilns incrcasing ilc ocnsiiy ol iis iraoc. Iinally. wc
o¦scrvc ilai ilc nnm¦cr ol cxporico prooncis is smallcr ilan ilc nnm¦cr ol imporico
oncs. inoicaiing ilai ilcrc migli ¦c proccssing iraoc ¦oil lor gooos ano scrviccs iraoc.
On ilc oilcr lano ilc nnm¦cr ol parincr connirics is largcr lor cxporis ol gooos ilan
lor imporis. as in Manova ano Zlang (2000). 1lcsc o¦scrvaiions migli inoicaic ilai
nnm¦cr ol parincr connirics is largcr lor imporis ilan lor cxporis.
8
3.d HotorogonoIty and ConcontratIon oI FIrn-LovoI FIovs
onr aiicniion io ilc analysis ol ilc lcicrogcnciiy ano conccniraiion ol cxporico ano
ai ilc raiio ¦ciwccn ilc 00
pcrccniilc ano ilc 1
. gooos arc mncl morc lcicrogcncons
ilan scrviccs in all ilc oimcnsions cxccpi lrom ilc avcragc iransaciion sizc. In ilc casc
ol ¦oil lor cxporis (pancl a) ano imporis (pancl ¦) all oisiri¦niions look closc in ilc
¦oiiom pari. lowcvcr wlcn rcacling ilc iop pari. ilcy oivcrgc slarply. 1lis snggcsis
iraocrs. snggcsiing ilai iop scrviccs iraocrs oo noi rcacl as ligl volnmcs. parincr
migli ¦c liglcr lor scrviccs iraoc ilan lor gooos iraoc: a ionglcr sclcciion proccss lor
Ly nsing ilc slarcs ol iraoc lor cacl ol ilc pcrccniilcs in 1a¦lc 0. wc can analyzc
conccniraiion: wc o¦scrvc ilai ilc iop pcrccniilc lolos a slarc ol iraoc ol morc ilan
60/ lor gooos ano a¦oni ò0/ lor scrviccs. 1lis snggcsis ilai ¦oil scrviccs ano gooos
arc liglly conccniraico. lowcvcr. gooos provc io ¦c cvcn morc conccniraico ilan scr-
ano cnicring in ncw markcis.
3.õ Trado YarIatIon Across FIrns
(1) ano. lollowing Lcrnaro ci al. (2000a). wc rcgrcss scparaicly ilc logariilm ol cacl
0
ovcr onc ycar. 1lc coniri¦niion io ilc ioial variaiion looks vcry similar lor gooos ano
scrviccs. wiil ¦ig cxporicrs iraoing morc prooncis. in morc parincr connirics. making
morc iransaciions ano laving a smallcr ocnsiiy ilan small iraocrs. Howcvcr. ilcrc is
io makc smallcr iransaciions ilan small gooos iraocrs. ilc opposiic lolos lor scrviccs:
3.6 OIscussIon oI tLo StatIc AnaIysIs
1lc siaiic analysis slows ilai ilcrc arc many qnaliiaiivc aspccis ilai arc common
lor scrviccs ano gooos iraoc. Iarc pariicipaiion. lcicrogcnciiy ano conccniraiion arc
kcy componcnis ol iraoc in scrviccs. snggcsiing ilai lcicrogcncons moocls ol iraoc can
rcprcscni a solio ¦niloing ¦lock also lor iraoc in scrviccs. Ai ilc samc iimc onr rcsnlis
ncco io ao¦nsi assnmpiions on iraoc cosis in orocr io acconni lor a lowcr pariicipaiion.
lcss lcicrogcnciiy. lowcr conccniraiion lor scrviccs iraoc. In pariicnlar. ilc rcsnlis
laci ilai scrviccs lavc io comply wiil ionglcr rcgnlaiion. in icrms ol ¦nrcancraiic
anilorizaiions (c.g. concaiion rcqnircmcnis or approval ol inonsiry associaiions). or
markci rcsiriciions (as in ilc casc ol iclccommnnicaiions). Iinally. wc slow ilai only
ilcorciical lramcworks.
d OynanIc AnaIysIs
Having analyzco ilc siaiic claracicrisiics ol iraoc in gooos ano iraoc in scrviccs. wc
swiicl in ilis paragrapl io ilc analysis ol oynamic aspccis. liglligliing similariiics
d.1 Entry, ExIt, and SurvIvaI In ForoIgn ^arkots
arc on avcragc lowcr. 81/ cniry ano 27/ cxii. as wcll as ilc morialiiy raic ol ncw
ilan lor gooos ano ii sccms ilai cxpori markcis lor scrviccs arc morc aiiraciivc ¦ni
10
lor scrviccs ano gooos. so ilcrc is a nci incrcasc in ilc nnm¦cr ol cxporicrs ovcr ilc
pcrioo consiocrco. Nnm¦crs lor imporis closcly lollow ilosc lor cxporis.
ol prooncis. Icsnlis snggcsi ilai almosi 80/ ol ncw iraocrs cxpori or impori a sin-
glc scrvicc in a singlc markci (o:nj|·) ano ilcy acconni on avcragc lor sliglily lcss
ilan 80/ ol ncw cniranis` cxporis or imporis. Ior gooos iraoc o:nj|· cxporicrs ano
imporicrs rcprcscni a smallcr slarc. a¦oni 70/ ano ilcy acconni lor only 8/ ol ncw
cniranis` cxporis ano 1ò/ ol imporis. On ilc opposiic sioc oìn:
pori (impori) mnliiplc prooncis io mnliiplc connirics. rcprcscni a vcry small slarc ol
cxporicrs (imporicrs). ¦ni ilcy acconni lor a ¦ig slarc ol ncw cniranis` cxporis (im-
cxporis ano imporis in ilc lanos ol oìn:
coniri¦niion ol oìn: io ioial cxporis ano imporis (scrviccs ano gooos iogcilcr) is mncl
liglcr lor gooos oìn:
iraocrs ano iop scrviccs iraocrs arc alrcaoy cviocni wlcn ilcy siari ilcir cxpori or
ycar (1a¦lc 1ò). wc can scc ilai mosi cxiicrs. aronno 80/. arc in ilc caicgory ol o:n-
j|·. In icrms ol cxpori ano impori coniri¦niion. cvcry caicgory ol cxiicr coniri¦nics
io ioial iraoc lcss ilan ilc corrcsponoing caicgory ol cxporicrs or imporicrs in 1a¦lc
14. ilcrclorc. ilcrc is also a nci incrcasc ovcr iimc in icrms ol cxporico valncs ilanks
io ilc cniry ano cxii inrnovcr.
alicr t ycars ol iraoc. Alicr onc ycar ol cxpori aciiviiy on avcragc only 86/ (80/ lor
imporis) ol cxporicrs snrvivc ano coniinnc cxporiing scrviccs. Alicr icn ycars. only 8/
ol ilc iniiial nnm¦cr ol cxporicrs ano imporicrs snrvivc. a vcry low snrvival raic inocco.
Looking ai gooos iraoc. ilc nnm¦crs arc sliglily liglcr: alicr onc ycar. almosi 46/
ol cxporicrs snrvivc (ò0/ lor imporis). ano 6/ alicr icn ycars (8/ lor imporis). 1lis
caicgorics ol cxporicrs ano imporicrs. corro¦oraiing ilc ioca ilai cxpori markcis lor
scrviccs arc morc nnccriain ilan lor gooos. In ilc ncxi paragrapl. wc will locns on
d.2 GrovtL StratogIos
ano wc analyzc ilcir growil siraicgics in lorcign markcis. In 1a¦lc 17. wc look ai ilc
cxpori (pancls a ano ¦) or impori (pancls c ano o) markcis. In orocr io laciliiaic ilc
in scrviccs. ano ilcn wc ocscri¦c ilc oisiinciivc lcainrcs ol cacl.
Scrviccs ano gooos cxporicrs (imporicrs) siari wiil rclaiivcly small cxporis (im-
11
ycars ilcy ¦ccomc ninc iimcs wlai ilcy wlcrc. so np io iwicc ilc avcragc cxporicr ano
imporicr. Alicr icn ycars. ilc growil raics slow oown ano ilc cxporis ano imporis
wlilc ilc coniri¦niion ol ilc nnm¦cr ol prooncis. nnm¦cr ol connirics ano ilc sizc ol
ilc iransaciion is limiico. 1lcrclorc. cxpori ano impori growil is closcly rclaico io
ilc incrcasc in ilc lrcqncncy ol iraoc wiil cxisiing conniry-proonci pairs. 1lis can
¦c ilc rcsnli ol ¦oil an incrcasc in ilc nnm¦cr ol inicraciions wiil cxisiing cnsiomcrs
lollowing ilc iypc ol cniry as in ilc prcvions paragrapls. wc can apprcciaic ilai ilcrc
arc iwo iypcs ol siraicgics: oìn:
wiil lcw conniry-proonci pairs. ano ilcn ilcy aoo ncw connirics ano prooncis. ilns
rconcing ilcir cxpori ano impori ocnsiiy.
lorcign markcis. yci ilcir growil is liglcr ano morc pcrsisicni ano alicr icn ycars ilcy
¦ccomc ¦iggcr ilan ilcir gooos connicrparis. 1lis is mainly ¦ccansc ilc nnm¦cr ol
¦y ilc liglcr siickincss in ilc conniry ano proonci margins growil. 1lcrclorc. wc
scrviccs. ilcrc arc lcw clangcs in icrms ol nnm¦cr ol connirics ano nnm¦cr ol prooncis
scrvco.
d.3 GoograµLIc Iattorns
In ilis paragrapl. wc scck io cxaminc wlcilcr ilcrc is any paiicrn in ilc scqncncc ol
ai iimc t . ilcn siill cxporis (imporis) io ilai coniincni in t ÷ 1 ano aoos onc oilcr
coniincni io wlicl ii was noi cxporiing (imporiing) in t. Wc can apprcciaic ilai ilcrc
is no cviocncc ol an cxpori or impori plailorm. ilc pro¦a¦iliiy ol aooing onc morc
coniincni in ilc lollowing ycar is similar across ilc coniincnis. So. wlcn occioing io
ilc pro¦a¦iliiy ol moving lrom onc markci io anoilcr ocpcnos on ilc iniiial cxpori
conccniraic only on iraoc cxpansion. wc locns solcly on markci aooing.
12
d.d OIscussIon oI tLo OynanIc AnaIysIs
In ilc oynamic analysis. wc lookco ai cniry ano cxii oynamics. snrvival raics ano growil
siraicgics. As in ilc siaiic analysis. wc o¦scrvc many qnaniiiaiivc similariiics across
arc mosily rclaico io ilc growil siraicgics: ¦oil gooos ano scrviccs siari oni small.
ilc lollowing ycars ilcy icno io siop growing ano somciimcs ilcy cxpcricncc a sligli
occlinc. 1lis growil is mainly cansco ¦y an incrcasc in ilc nnm¦cr ol iransaciions. ano
ilc oilcr inicnsivc ano cxicnsivc margins play only a marginal rolc. 1lc oisiinciivc
lcainrcs ol gooos ano scrviccs arc insicao mosily rclaico io qnaniiiaiivc aspccis ol iraoc.
¦iggcr lor scrviccs ilan lor gooos; 2) scrviccs cxporicrs ano imporicrs arc smallcr wlcn
ilcy arc ncw io inicrnaiional markcis. ¦ni ilcy grow lasicr ano alicr icn ycars ilcy
arc ¦iggcr ilan gooos iraocrs 8) iraoc growil is mosily a rcsnli ol an incrcasc in iraoc
lrcqncncy wlilc ilc oilcr iraoc margins play a scconoary rolc. cspccially lor scrviccs.
1lcsc ilrcc lacis complcmcni ilc cviocncc ol ilc siaiic analysis ano provioc ncw
ilcir gooos connicrparis. ¦ni ilcy grow morc rapioly ilanks io a liglcr incrcasc in
siaiic pari (1a¦lc 7) arc mosily aiiri¦nia¦lc io ¦ig incnm¦cni cxporicrs ano imporicrs.
1lcrclorc. il scrvicc cxporis ano imporis coniinnc growing ai ilc samc pacc in ilc
lollowing ycars. scrviccs ano gooos iraoc slarcs slonlo convcrgc. ano cvcninally scrviccs
migli ¦ccomc ilc main componcni ol worlo iraoc.
Can ilis siill ¦c plansi¦lc in ligli ol lacis 1) 2) ano 8)´ 1lc laci ilai scrviccs cxporicrs
ano imporicrs siari small. ¦ni ilcy can grow morc ilan gooos` iraocrs snggcsis ilai
ilc rcwaro ol cnicring ilc cxpori or impori markci lor scrviccs can ¦c vcry ligl. 1lns.
io a liglcr slarc ol cniranis. Ai ilc samc iimc. wc o¦scrvc ilai cxpori ano impori
markcis arc morc nnccriain lor scrviccs ilan lor gooos. ilns lcaoing io a liglcr slarc
arc ¦iggcr lor scrviccs ilan lor gooos. wc can also cxplain wly scrviccs cxporicrs ano
imporicrs arc morc slnggisl in ilc conniry ano proonci oimcnsion. As cxplainco ¦clorc.
ilis can ¦c onc io ilc laci ilai rcsiriciions lor scrviccs arc siill vcry ligl in comparison
io gooos.
cnicr ano cxii ilc cxpori ano impori markcis is rclaico io ilc cmpirical ano ilcorciical
small qnaniiiics ano ilcn ilcy rapioly grow is rclaico io ilc lramcworks ol Iancl ano
Waison (2008). Inll ano Willis (2008) ano Laion ci al. (2000). 1lc ligl siickincss
in ilc proonci margin is rclaico io Ircnno ano Iicrola (2010). Ai ilc samc iimc. onr
18
inicnsivc margin. 1lis is ¦ccansc ilcir inicnsivc margin is ilc proonci ol ilc nnm¦cr ol
iransaciions ano ilc iransaciion sizc. ilns ilcir inicnsivc margin is cm¦ooying anoilcr
cxicnsivc margin. ilc nnm¦cr ol iransaciions. wlicl is ilc main lacior rcsponsi¦lc lor
iraoc growil. Wiil rcspcci io Lawlcss (2000). Al¦ornoz ci al. (2012). Scgnra-Cayncla
markci cxpansion io iraoc growil is morc limiico.
wc can consiocr morc iransaciions as mcaning morc clicnis. ilcir lramcwork is closcly
¦ciwccn gooos ano scrviccs. In pariicnlar. ilcrc slonlo ¦c aooiiional lcainrcs in or-
ocr io incorporaic liglcr cniry ano cxii. liglcr growil ol scrviccs cxporis ano morc
siickincss in ilc conniry ano proonci margins. Again. ilis can ¦c oonc ¦y mooilying
ocmano lor gooos ano scrviccs.
õ HoIustnoss CLocks
1lc main conccrn rcgaroing ilc ro¦nsincss ano inicrprciaiion ol onr rcsnlis is rcp-
LU markcis. Ai ilc samc iimc. ¦y locnsing only on cxira-LU iraoc. wc wcrc cxclnoing
lrom ilc analysis 70/ ol ioial Lclgian iraoc. 1lcrclorc. in ilis scciion wc rcpcai ilc
analysis inclnoing inira-LU cxporis ano imporis. In orocr io savc spacc. wc oo noi
inclnoc ia¦lcs. alilongl ilcy arc availa¦lc on rcqncsi.
õ.1 StatIc AnaIysIs
Ly inclnoing inira-LU iraoc onr rcsnlis lor ilc siaiic analysis oo noi clangc signil-
io iraoc in scrviccs is smallcr ilan iraoc in gooos. 2) ilc slarc ol iraoc in scrviccs is
¦ni ilc claracicrisiics ol iraoc in gooos ano iraoc in scrviccs oo noi clangc across
õ.2 OynanIc AnaIysIs
scrvicc iraoc. 2) snrvival raics arc liglcr among gooos iraocrs. 8) ncw scrviccs iraocrs
14
cxpansion.
6 ConcIusIons
1lc kcy mcssagc ol ilis papcr is ilai cvcn il gooos ano scrviccs iraoc slarc somc
acicrisiics. In pariicnlar. iraoc pariicipaiion. lcicrogcnciiy ano conccniraiion arc kcy
componcnis ol iraoc in scrviccs. snggcsiing ilai lcicrogcncons moocls ol iraoc can
rcprcscni a solio ¦niloing ¦lock lor iraoc in scrviccs ioo. Howcvcr. lngc qnaniiiaiivc
siaiic ano oynamic moocls ol iraoc in orocr io maicl ilc oaia. Wc snggcsi ilrcc main
iion 2) wonlo ¦c nccoco in orocr io allow lor liglcr growil prospccis associaico wiil
ilc mosi crncial clcmcni ol iraoc in icrms ol cxpori ano impori growil ano in icrms
across gooos ano scrviccs iraoc ano. morc gcncrally. ol iraoc claracicrisiics ano iraoc
cnccs. In pariicnlar. morc aiicniion slonlo ¦c paio io ilc rolc ol iraoc cosis lor scrviccs.
scarcl is nccoco in orocr io gain a ¦ciicr nnocrsianoing ol ilc cosi ano proonciion
ol analyzing scparaicly ilc lonr moocs ol scrviccs iraoc. in orocr io nnocrsiano ilc
oynamics ol scrviccs ilai oo noi rcqnirc pcrsonal inicraciion vcrsns ilosc ilai rcqnirc
lnman proximiiy. 1lc answcr io all ilcsc qncsiions wonlo provioc a morc complcic
nnocrsianoing ol ilc scrviccs sccior ano scrviccs iraoc. ano ii wonlo arm policy-makcrs
wiil ncw insirnmcnis io ¦ciicr masicr ilc li¦cralizaiion ol scrviccs iraoc.
HoIoroncos
Al¦ornoz. I.. Iaroo. H. I. C.. Corcos. G.. ano Ornclas. L. (2012). Scqncniial Lxporiing.
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1ò
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ol US 1raoc. ¹n·::·nn 1··n·n:· 1·:·u. 00(2):48708.
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Mnliinaiionals: A Ioriraii ol Iirms in ilc U.S. ilai 1raoc Gooos. In Dnnnc.
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':·:· 1nìn. pagcs ò18òò2. Univcrsiiy ol Clicago Ircss. Clicago.
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1raoc Li¦cralizaiion. Çn:ì·:|j J·:nn| ·] 1··n·n:·. lorilcoming.
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Lviocncc lrom Ircncl Iirms. MIIA Iapcr 12040. Univcrsiiy Li¦rary ol Mnnicl.
Gcrmany.
Laion. J.. Lsclava. M.. Inglcr. M.. ano 1y¦oni. J. (2007). Lxpori Dynamics in Colom-
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¦ia: 1ransaciion Lcvcl Lviocncc. 1C11¹1C11o 11 1·CAC'1¹ ii¸´¸·.
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Lcarning Moocl ol Lxpori Dynamics. Mimcograpl.
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16
Icocrico. S. ano 1osii. L. (2010). Lxporicrs ano imporicrs ol scrviccs: Iirm-lcvcl
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Ircnno. C. ano Iicrola. M. D. (2010). Lxpori Lnircprcncnrs: Lviocncc lrom Icrn.
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òil coiiion.
¹¡¡|:·n 1··n·n:·
Çn:ì·:|j ,]·:n·:|j: 1·n]n|ì:¡·|:ì:|), 1n·|·: ¹ 1nh|·ì, 1·:|:n. ò6(1):ò172.
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1··n:·|.
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Cnrsc or Llcssing lor Iirms´ ·111 1:·:·n 1n¡·: ·1··.
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lrom Lclginm. J|· 1·:|n 1··n·nj. 82(ò):602784.
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Inll. I. J. ano Willis. J. L. (2008). Ncw Lxporicr Dynamics. Mimcograpl.
Scgnra-Cayncla. I. ano Vilarrn¦ia. J. M. (2008). Unccriainiy ano Lniry Inio Lxpori
Markcis. Lanco oc Lspa na Working Iapcrs 0811. Lanco oc Lspa na.
Walicr. I. ano Dcll`monr. I. (2010). Iirm-Lcvcl Analysis ol Inicrnaiional 1raoc in
Scrviccs. 11· 1·:|:nj 1n¡·: A·.¸.
Worlo 1raoc Organisaiion (2010). '·n::nj J:nn· :n o·::··. availa¦lc ai
liip:,,www.wio.org,cnglisl,rcs c,siaiis c,scrviccs iraining moonlc c.pol.
17
1a¦lc 1: Lisi ol Scrviccs in ilc Lalancc ol Iaymcnis
ÞunIer Þane Code ÞunIer Þane Code
1 Trans¡ortatIon 20ò ´.¡ 1·-1n&.nn·· 2ò7
1.1 o·n J.nn¡·.ì 206 ´.´ ¹&r.|.n.j o·..·· 2ò8
1.1.1 Iassongois 207 6 FInancIaI ServIces 260
1.1.2 Fioighl 208 7 Con¡uter and InIornatIon ServIces 262
1.1.8 Olhoi 209 ´.1 ··n¡&ì·. o·..·· 268
1.. ¹.. J.nn¡·.ì 210 ´.. 1n¡·.nnì.·n o·..·· 264
1.2.1 Iassongois 211 8 HoyaItIes and LIcense Fees 266
1.2.2 Fioighl 212 9 HusIness ServIces 268
1.2.8 Olhoi 218 ´.1 1·.·|nnì.nj nnJ ·ì|·. ì.nJ·-.·|nì·J n·ì..ì.· 269
1.· Cì|·. J.nn¡·.ì 214 9.1.1 Moichanling 270
1.8.1 Iassongois 21ò 9.1.2 Olhoi 1iaoo-Iolaloo Aclivilios 271
1.8.2 Fioighl 216 ´.. C¡·.nì.·nn| 1·n.nj o·..·· 272
1.8.8 Olhoi 217 ´.· 1.··||nn··& 1&.n·, 1.·¡·.·nn| nnJ J··|n.·n| ¹·ì..ì.· 278
2 TraveI 286 9.8.1 Logal, Accounling, Managomonl, Consulling ano IuLlic Iolalions 274
..1 1&.n· J.n·| 287 9.8.2 Aovoilising, Mailol Iosoaich, ano IuLlic Opinion Iolling 278
... 1·.·nn| J.n·| 240 9.8.8 Iosoaich ano Dovolopmonl 279
2.2.1 Hoallh-iolaloo oxponoiluio 241 9.8.4 Aichilocluial, Lnginooiing ano Olhoi 1ochnical Soivicos 280
2.2.2 Loucalion-iolaloo oxponoiluio 242 9.8.ò Agiiculluial, Mining, ano Olhoi On-Silo Iiocossing Soivicos 281
2.2.8 Olhoi 248 9.8.ò.1 Waslo 1ioalmonl ano Do-pollulion 282
3 ConnunIcatIon ServIces 24ò 9.8.ò.2 Agiiculluial, Mining, ano Olhoi On-Silo Iiocossing Soivicos 288
·.1 1·ìn| nnJ ··&..·. ·..·· 246 9.8.6 Olhoi Lusinoss Soivicos 284
·.. J·|···nn&n.·nì.·n ·..·· 247 9.8.7 Soivicos Lolwoon Iolaloo Lnloipiisos 285
4 ConstructIon ServIces 249 10 IersonaI, CuIturaI and HecreatIonaI ActIvItIes 287
5 Insurance ServIces 2ò8 1u.1 ¹&J.·.&n| nnJ 1·|nì·J o·..·· 288
´.1 1.¡· 1n&.nn·· nnJ 1·n.·n 1&nJ.nj 2ò4 1u.1 Cì|·. 1·.·nn|, ·&|ì&.n| nnJ 1··.·nì.·nn| ¹·ì..ì.· 289
´.. 1.·.j|ì 1n&.nn·· 2òò 11 CovernnentaI ServIces 291
´.· Cì|·. 1..··ì 1n&.nn·· 2ò6
!isi of Soivicos piosoni in iho !ulunco of !uynonis. \o oxcludo Noichuniing' (codo 270, in bold) und Soivicos boivoon !oluiod !nioipiisos' (codo 2Sõ, in bold) bocuuso ihoy cun
noi gonuinoly bo considoiod us iiudo in soivicos in iho N!! duiusoi.
1a¦lc 2: 1raoc Iariicipaiion. Lxpori ano Impori Scparaicly
IaneI a: Ex¡orts
Soivicos Gooos Non-
Li-Lxpoilois Lxpoilois
Shaio of Lxpoilois 18.41/ ò.09/ 76.ò0/
Shaio of Lxpoils 8.19/ 4.8ò/ 2ò.14/ 61.88/
IaneI I: In¡orts
Soivicos Gooos Non-
Li-Impoilois Impoilois
Shaio of Fiims 0.67/ 0.86/ 8.21/ 9ò.7ò/
Shaio of Impoilois 1ò.78/ 8.òò/ 7ò.67/
Shaio of Impoils 6.16/ ò.89/ 87.44/ 49.18/
ihis iublo iopiosonis sopuiuioly foi oxpoiis (!unol u) und !npoiis (!unol b) und foi ouch
!xpoiiois oi !i-!npoiiois), only goods (Coods) und foi Non-!xpoiiois (Non-!npoiiois)) l) iho
iospoci io iho ioiul nunboi of oxpoiiois oi inpoiiois und S) iho shuio of ioiul oxpoiis oi inpoiis.
18
1a¦lc 8: 1raoc Iariicipaiion. Lxporis ano Imporis 1ogcilcr
AII FIrns Traders OnIy
Soivicos 1iaoo Soivicos 1iaoo
L I L-I D 1ol L I L-I D 1ol
L 0.06/ 0.06/ 0.08/ 1.86/ 2.01/ L 0.94/ 0.86/ 0.49/ 28.11/ 80.40/
Gooos I 0.08/ 0.08/ 0.08/ 2.0ò/ 2.20/ I 0.ò2/ 1.16/ 0.ò2/ 80.98/ 88.18/
1iaoo L-I 0.04/ 0.18/ 0.07/ 1.08/ 1.88/ L-I 0.66/ 2.69/ 1.11/ 16.86/ 20.81/
D 0.4ò/ 0.84/ 0.24/ 98.88/ 94.41/ D 6.84/ ò.09/ 8.67/ 1ò.61/
1ol 0.ò9/ 0.6ò/ 0.88/ 98.87/ 100.00/ 1ol 8.96/ 9.80/ ò.79/ 7ò.44/ 100.00/
1a¦lc 4: 1raoc Siains ano 1raoc Valncs
IaneI a: ServIces
1olal Lxpoils of Soivicos 1olal Impoils of Soivicos
Soivicos Soivicos
Gooos L I L-I D 1ol Gooos L I L-I D 1ol
L 1.1ò/ - 4.88/ - ò.98/ L - 0.79/ 8.87/ - 4.66/
I 1.27/ - 18.88/ - 14.60/ I - 1.78/ 8.82/ - 10.òò/
L-I 1.60/ - 29.60/ - 81.21/ L-I - 6.87/ 82.82/ - 88.69/
D 9.64/ - 88.ò8/ - 48.22/ D - 7.2ò/ 88.8ò/ - 46.10/
1ol 18.66/ - 86.84/ - 100.00/ 1ol - 16.1ò/ 88.8ò/ - 100.00/
IaneI I: Coods
1olal Lxpoils of Gooos 1olal Impoils of Gooos
Soivicos Soivicos
Gooos L I L-I D 1ol Gooos L I L-I D 1ol
L 0.46/ 1.1ò/ 0.88/ 14.49/ 16.48/ L - - - - -
I - - - - - I 0.87/ 2.00/ 1.17/ 11.7ò/ 1ò.28/
L-I 1.87/ 16.ò9/ 26.69/ 88.87/ 88.ò2/ L-I 1.88/ 18.27/ 21.79/ 42.79/ 84.72/
D - - - - - D - - - - -
1ol 1.88/ 17.74/ 27.08/ ò8.86/ 100.00/ 1ol 2.2ò/ 20.27/ 22.96/ ò4.ò8/ 100.00/
(!), !npoiiois (!), !xpoiiois und !npoiiois (!-!) und Ðonosiic (Ð). !unol b iopiosonis iho shuio of iiudo of goods foi iho suno cuiogoiios of
10
1a¦lc ò: Iirm Claracicrisiics ¦y 1raoc Siains. Lxpori ano Impori Scparaicly
(1) (2) (8) (4) (ò) (6) (7)
Lmploymonl 1uinovoi LaLoi Wagos Capilal InlangiLlo Ago
Iioouclivily Inlonsily Capilal Inlonsily
IaneI a: Ex¡orts
Li-Lxpoilois 2.88ò6
8.9824
0.4796
0.ò828
-0.0077 -0.ò470
0.ò729
(0.014) (0.01ò) (0.006) (0.004) (0.012) (0.029) (0.006)
Soivico Lxpoilois 1.4161
2.2098
0.2818
0.4428
-0.87ò4
-0.6817
0.88ò1
(0.007) (0.008) (0.004) (0.002) (0.009) (0.021) (0.004)
Gooos Lxpoilois 1.8146
2.0688
0.2926
0.2814
0.0188
-0.786ò
0.8ò97
(0.00ò) (0.00ò) (0.002) (0.002) (0.00ò) (0.014) (0.002)
Inousliy-Yoai FL Yos Yos Yos Yos Yos Yos Yos
Conslanl 0.8ò46
-1.7264
-8.0ò04
-8.6978
-8.6642
-ò.ò0ò4
2.0777
(0.001) (0.001) (0.001) (0.001) (0.002) (0.004) (0.001)
Fiims-Yoais 1,886,471 2,0ò8,889 1,848,187 1,884,90ò 1,846,148 819,606 2,806,ò72
I-squaioo 0.2116 0.2798 0.1294 0.142ò 0.0877 0.1888 0.0784
IaneI I: In¡orts
Li-Impoilois 2.7422
4.8119
0.488ò
0.òò86
0.0170
-0.6991
0.6084
(0.009) (0.010) (0.004) (0.008) (0.009) (0.021) (0.00ò)
Soivico Impoilois 1.ò782
2.7081
0.816ò
0.ò0ò1
-0.ò112
-0.ò7ò4
0.8777
(0.009) (0.011) (0.00ò) (0.008) (0.011) (0.02ò) (0.00ò)
Gooos Impoilois 1.2ò89
2.4026
0.2824
2898
-0.0146
-0.8687
0.8914
(0.004) (0.004) (0.002) (0.001) (0.00ò) (0.018) (0.002)
Inousliy-Yoai FL Yos Yos Yos Yos Yos Yos Yos
Conslanl 0.8084
-1.7689
-8.0ò86
-8.7079
-8.668ò
-ò.4664
2.0698
(0.001) (0.001) (0.001) (0.001) (0.002) (0.00ò) (0.001)
Fiims-Yoais 1,886,471 2,0ò8,889 1,848,187 1,884,90ò 1,846,148 819,606 2,806,ò72
I-squaioo 0.2486 0.809ò 0.1298 0.1491 0.0879 0.1420 0.0824
!obusi Siunduid oiiois in puionihosos,
p0.0l,
p0.0õ,
p
iogiossions includo indusiiy-youi dunnios.
20
1a¦lc 6: Iirm Claracicrisiics ¦y 1raoc Siains
(1) (2) (8) (4) (ò) (6) (7)
Lmploymonl 1uinovoi LaLoi Wagos Capilal InlangiLlo Ago
Iioouclivily Inlonsily Capilal Inlonsily
4 Trade O¡tIons:
S(io)G(io) 8.8996
ò.7647
0.6821
0.7807
0.289ò
-0.òò82
0.76ò8
(0.040) (0.41) (0.01ò) (0.009) (0.080) (0.088) (0.010)
3 Trade O¡tIons:
S(io)G(i) 8.1ò16
4.7787
0.6048
0.7404
-0.0841 -0.9461
0.6617
(0.062) (0.064) (0.080) (0.018) (0.066) (0.071) (0.01ò)
S(i)G(io) 2.9446
4.672ò
0.ò497
0.ò61ò
0.1684
-0.8417
0.6086
(0.022) (0.022) (0.009) (0.006) (0.017) (0.027) (0.006)
S(o)G(io) 2.29ò8
8.8888
0.4749
0.ò187
0.0òò2 -0.9896
0.ò202
(0.0ò0) (0.049) (0.021) (0.018) (0.041) (0.0ò8) (0.011)
S(io)G(o) 2.1872
4.0640
0.ò128
0.6ò02
-0.4184
-0.7ò2ò
0.6201
(0.0ò7) (0.0ò9) (0.027) (0.016) (0.0ò9) (0.090) (0.019)
2 Trade O¡tIons:
S(o)G(o) 1.8768
2.72ò4
0.8727
0.8981
-0.1289
-0.ò248
0.8ò68
(0.042) (0.048) (0.028) (0.018) (0.046) (0.096) (0.01ò)
S(i)G(o) 1.79ò4
8.ò498
0.ò728
0.ò08ò
-0.1891
-0.ò764
0.8888
(0.041) (0.040) (0.028) (0.012) (0.089) (0.118) (0.021)
S(o)G(i) 1.9678
8.272ò
0.4ò88
0.ò618
-0.1647
-1.0208
0.4660
(0.064) (0.068) (0.029) (0.019) (0.0ò9) (0.082) (0.016)
S(i)G(i) 1.8081
8.8870
0.ò086
0.4948
-0.00ò6 -0.8801
0.4297
(0.041) (0.041) (0.029) (0.018) (0.087) (0.0ò6) (0.012)
S(o)G(io) 1.792ò
8.2810
0.8ò86
0.88ò8
0.0òò8
-0.98ò9
0.4ò94
(0.009) (0.010) (0.004) (0.008) (0.009) (0.017) (0.008)
S(io)G(o) 2.1ò28
8.6428
0.4107
0.6ò18
-0.7707
-0.7890
0.ò027
(0.024) (0.02ò) (0.011) (0.007) (0.02ò) (0.082) (0.006)
1 Trade O¡tIon:
S(o)G(i) 0.9276
1.8941
0.226ò
0.2104
0.0410
-0.8ò21
0.8ò22
(0.008) (0.007) (0.004) (0.002) (0.008) (0.017) (0.002)
S(o)G(o) 0.8686
1.9907
0.2468
0.1921
-0.0814
-0.7244
0.2224
(0.082) (0.008) (0.004) (0.008) (0.009) (0.027) (0.004)
S(o)G(o) 1.8278
2.1980
0.8872
0.48ò2
-0.8648
-0.649ò
0.244ò
(0.018) (0.019) (0.009) (0.006) (0.020) (0.080) (0.004)
S(i)G(o) 1.8òòò
2.6807
0.8879
0.ò026
0.ò487
-0.4199
0.249ò
(0.021) (0.024) (0.009) (0.008) (0.024) (0.040) (0.007)
Inousliy-Yoai FL Yos Yos Yos Yos Yos Yos Yos
Conslanl 0.9179
-1.6ò00
-8.0889
-8.6816
-8.6709
-ò.4221
2.0611
(0.001) (0.001) (0.001) (0.008) (0.024) (0.004) (0.001)
Fiims-Yoais 1,886,471 2,0ò8,889 1,848,187 1,884,90ò 1,846,148 819,606 2,806,ò72
I-squaioo 0.1901 0.2424 0.1278 0.1888 0.0876 0.14ò7 0.08ò0
!obusi Siunduid oiiois in puionihosos,
p0.0l,
p0.0õ,
p
dopondoni vuiiublo is ono of iho sovon chuiucioiisiics (!nploynoni, !uboi !ioduciiviiy, Avoiugo \ugo, Avoiugo Cupiiul, !niungiblo Cupiiul
) oi inpoiiing () oi boih () iospociivoly soivicos und goods. All iogiossions includo indusiiy-youi dunnios.
21
1a¦lc 7: 1raoc Margins ano 1raoc Siains
IaneI a: Ex¡orts
1olal Avoiago 1iansaclion NumLoi of NumLoi of NumLoi of Donsily
Lxpoils Lxpoils Sizo 1iansaclions Iiooucls Doslinalions
G S G S G S G S G S G S G S
4 Trade O¡tIons:
S(io)G(io) ò1.0210 8.4799 1.0024 1.ò928 0.08ò8 0.20ò8 788.9982 22.8969 8.8189 1.7060 1ò.ò762 8.2890 0.6809 0.8ò67
3 Trade O¡tIons:
S(io)G(i) - 8.0991 - 2.ò228 - 0.1982 - 28.4870 - 1.ò187 - 2.9ò08 - 0.8892
S(i)G(io) 18.0989 - 0.ò889 - 0.0248 - 819.6600 - 2.7069 - 12.28ò7 - 0.6òò6 -
S(o)G(io) 4.4288 0.7772 0.8496 0.4879 0.0224 0.11ò0 91.0889 4.2ò41 2.1221 1.1779 ò.8144 1.4778 0.7767 0.9647
S(io)G(o) 1.6ò78 8.180ò 0.8788 0.7649 0.0ò42 0.1088 84.8486 18.8208 1.9919 1.4904 2.8910 8.1291 0.8887 0.8840
2 Trade O¡tIons:
S(o)G(o) 1.0407 0.8910 0.298ò 0.2206 0.0428 0.0688 80.9067 4.482ò 1.6742 1.1440 2.ò18ò 1.47ò6 0.8877 0.9688
S(i)G(o) 2.8288 - 0.4429 - 0.0478 - 74.8688 - 1.9194 - ò.1408 - 0.8292 -
S(o)G(i) - 0.7764 - 0.ò928 - 0.099ò - 4.4ò67 - 1.1807 - 1.8887 - 0.9787
S(i)G(i) - - - - - - - - - - - - - -
S(o)G(io) ò.04ò4 - 0.8ò20 - 0.022ò - 120.6926 - 1.881ò - 4.9280 - 0.8881 -
S(io)G(o) - 8.8464 - 0.9298 - 0.1161 - 17.ò186 - 1.4082 - 2.6448 - 0.9084
1 Trade O¡tIon:
S(o)G(i) - - - - - - - - - - - - - -
S(o)G(o) 1.094ò - 0.8184 - 0.0818 - 28.1781 - 1.80ò4 - 2.2410 - 0.9466 -
S(o)G(o) - 0.4481 - 0.8464 - 0.087ò - 8.622ò - 1.1488 - 1.2661 - 0.9799
S(i)G(o) - - - - - - - - - - - - - -
Average 4.14ò9 2.1ò71 0.8ò79 0.6884 0.0291 0.1082 87.809ò 9.8880 1.6408 1.2802 4.0194 1.904ò 0.8820 0.9448
IaneI I: In¡orts
1olal Avoiago 1iansaclion NumLoi of NumLoi of NumLoi of Donsily
Impoils Impoils Sizo 1iansaclions Iiooucls Doslinalions
G S G S G S G S G S G S G S
4 Trade O¡tIons:
S(io)G(io) 41.4784 8.ò017 8.8818 0.9614 0.0784 0.0978 818.8828 80.8264 4.0410 2.660ò 4.8078 4.4901 0.6818 0.7288
3 Trade O¡tIons:
S(io)G(i) 4.7249 4.9224 2.1792 0.9989 0.8ò6ò 0.104ò 40.òò62 24.4124 1.ò16ò 1.92ò2 1.òò84 8.2488 0.9186 0.8847
S(i)G(io) 14.861ò 0.6924 1.2609 0.2690 0.0270 0.0870 220.87ò2 4.7940 8.18ò8 1.4779 8.96òò 1.7226 0.67ò8 0.8896
S(o)G(io) 6.0881 - 0.8988 - 0.0289 - 104.1976 - 2.2616 - 2.4147 - 0.818ò -
S(io)G(o) - 2.8008 - 0.8721 - 0.0610 - 16.9081 - 1.727ò - 8.1846 - 0.8490
2 Trade O¡tIons:
S(o)G(o) - - - - - - - - - - - - - -
S(i)G(o) - 0.2692 - 0.1886 - 0.0ò48 - 8.2484 - 1.2982 - 1.4488 - 0.9298
S(o)G(i) 1.ò022 - 0.7992 - 0.0ò78 - 27.6681 - 1.òò09 - 1.ò404 - 0.9202 -
S(i)G(i) 8.64ò4 0.48ò8 1.2281 0.2828 0.066ò 0.0718 ò9.8110 8.7080 1.8787 1.24ò1 2.0470 1.2824 0.8767 0.9ò62
S(o)G(io) ò.ò812 - 0.8ò10 - 0.0862 - 89.7ò89 - 2.1489 - 2.ò487 - 0.8172 -
S(io)G(o) - 8.094ò - 0.688ò - 0.0920 - 18.0921 - 1.òò4ò - 2.9149 - 0.8886
1 Trade O¡tIon:
S(o)G(i) 0.8017 - .29ò8 - 0.0297 - 22.8ò09 - 1.ò098 - 1.6128 - 0.9220 -
S(o)G(o) - - - - - - - - - - - - - -
S(o)G(o) - - - - - - - - - - - - - -
S(i)G(o) - 0.41ò9 - 0.2426 - 0.0790 - 8.8901 - 1.2288 - 1.4269 0.9ò80
Average 8.91ò9 1.8788 0.624ò 0.4260 0.0867 0.0882 60.9827 10.8ò88 1.8ò86 1.4924 2.0970 2.1ò26 0.8696 0.9081
) oi inpoiiing () oi boih () iospociivoly soivicos und goods) iho uvoiugo
22
1a¦lc 8: Hcicrogcnciiy
IaneI a: Ex¡orts
1olal Avoiago 1iansaclion NumLoi of NumLoi of NumLoi of Donsily
Lxpoils Lxpoils Sizo 1iansaclions Iiooucls Doslinalions
Conlilos G S G S G S G S G S G S G S
1 0.018 0.018 0.018 0.018 0.001 0.008 1 1 1 1 1 1 0.21 0.88
10 0.027 0.028 0.021 0.021 0.002 0.009 1 1 1 1 1 1 0.44 0.68
2ò 0.102 0.040 0.0ò8 0.08ò 0.006 0.01ò 4 1 1 1 1 1 0.66 1
ò0 0.ò08 0.122 0.17ò 0.080 0.018 0.028 18 2 1 1 2 1 1 1
7ò 2.847 0.òò6 0.ò09 0.241 0.027 0.0ò1 44 8 2 1 ò 2 1 1
90 10.871 2.ò46ò 1.8ò6 0.701 0.0ò9 0.108 147 2ò 8 2 11 ò 1 1
99 129.22ò 81.ò08 7.970 4.990 0.8ò9 0.619 1,644 174 10 4 46 1ò 1 1
Max 12,166.480 2166.ò04 2,722.878 1,1ò1.ò88 49,888 9ò.96ò 102,072 8,ò8ò 89 26 1ò1 108 1 1
IaneI I: In¡orts
1olal Avoiago 1iansaclion NumLoi of NumLoi of NumLoi of Donsily
Impoils Avg. Impoils Sizo 1iansaclions Iiooucls Doslinalions
Conlilos G S G S G S G S G S G S G S
1 0.018 0.018 0.018 0.018 0.001 0.002 1 1 1 1 1 1 0.19 0.24
10 0.082 0.02ò 0.02ò 0.021 0.008 0.007 2 1 1 1 1 1 0.88 0.ò0
2ò 0.117 0.041 0.0ò7 0.08ò 0.00ò 0.014 ò 1 1 1 1 1 0.ò0 0.7ò
ò0 0.486 0.124 0.1ò4 0.074 0.011 0.027 14 2 2 1 2 1 1 1
7ò 1.6ò0 0.ò18 0.411 0.196 0.022 0.049 41 8 8 2 4 2 1 1
90 6.818 2.264 1.077 0.ò26 0.049 0.108 118 24 ò 8 7 ò 1 1
99 8ò.484 87.7ò1 8.ò98 4.070 0.880 0.ò49 1,004 192 1ò 8 16 19 1 1
Max 18,124.740 2,887.889 1,600.844 262.888 188.782 89.279 98,194 8,268 77 29 88 1òò 1 1
iiudo und S foi soivicos iiudo. \uluos uio in Nillions of !uios.
1a¦lc 0: Conccniraiion
Lxpoils Impoils
Conlilos Gooos Soivicos Gooos Soivicos
1 0.00/ 0.01/ 0.00/ 0.01/
10 0.08/ 0.08/ 0.08/ 0.09/
2ò 0.12/ 0.82/ 0.14/ 0.8ò/
ò0 0.òò/ 1.26/ 0.62/ 1.8ò/
7ò 2.ò0/ 4.ò9/ 2.68/ 4.68/
90 8.77/ 12.42/ 8.2ò/ 18.08/
99 88.18/ 44.80/ 86.26/ ò0.71/
This iublo piosonis iho shuios of oxpoiis und inpoiis
foi iho l
, l0
, 2õ
, õ0
, 7õ
, u0
und uu
coniilos of iho
oxpoii und inpoii disiiibuiions.
28
1a¦lc 10: Scrviccs. Gooos ano parincr-connirics. Lxporis
IaneI a: ÞunIer oI Ex¡ortIng FIrns
¡ oI ¡ oI CountrIes ¡ oI ¡ oI CountrIes
ServIces 1 2-ò ò 1olal Coods 1 2-ò ò 1olal
1 94.ò/ 2.ò/ 0.2/ 80.6/ 1 78.0/ 10.1/ 2.6/ 8ò.ò/
2-ò 0.9/ 1.ò/ 0.4/ 19.2/ 2-ò 2.7/ 6.0/ 4.2/ 12.9/
ò 0.0/ 0.0/ 0.0/ 0.8/ ò 0.1/ 0.8/ 0.9/ 1.8/
1olal 9ò.4/ 4.0/ 0.6/ 100.0/ 1olal 7ò.8/ 16.4/ 7.8/ 100.0/
IaneI I: TotaI Ex¡orts
¡ oI ¡ oI CountrIes ¡ oI ¡ oI CountrIes
ServIces 1 2-ò ò 1olal Coods 1 2-ò ò 1olal
1 16.1/ 21.0/ 18.9/ ò0.9/ 1 2.1/ 8.ò/ 16.0/ 26.6/
2-ò 4.6/ 18.9/ 22.8/ 40.8/ 2-ò 0.7/ 8.0/ 44.2/ 47.9/
ò 0.0/ 0.7/ 7.6/ 8.8/ ò 0.1/ 0.4/ 2ò.0/ 2ò.ò/
1olal 20.7/ 8ò.6/ 48.7/ 100.0/ 1olal 2.9/ 1.9/ 8ò.2/ 100.0/
This iublo iopoiis iho shuio of oxpoiiois (punol u) und iho shuio of oxpoiis (punol b) foi ouch of iho cuiogoiios
of oxpoiiois (busod on iho nunboi of soivicos oi pioducis oxpoiiod und iho nunboi of puiinoi-couniiios). ¡oi boih
punols iiudo in soivicos is on iho lofi und iiudo in goods on iho iighi sido.
24
1a¦lc 11: Scrviccs. Gooos ano parincr-connirics. Imporis
ÞunIer oI In¡ortIng FIrns
¡ oI ¡ oI CountrIes ¡ oI ¡ oI CountrIes
ServIces 1 2-ò ò 1olal Coods 1 2-ò ò 1olal
1 98.9/ 2.6/ 0.6/ 97.1/ 1 76.1/ 10.8/ 1.6/ 88.ò/
2-ò 1.0/ 1.ò/ 0.2/ 2.7/ 2-ò 8.2/ ò.6/ 0.ò/ 9.4/
ò 0.0/ 0.1/ 0.1/ 0.2/ ò 0.1/ 1.0/ 1.0/ 2.2/
1olal 94.9/ 4.2/ 0.9/ 100.0/ 1olal 79.ò/ 17.4/ 8.1/ 100.0/
TotaI In¡orts
¡ oI ¡ oI CountrIes ¡ oI ¡ oI CountrIes
ServIces 1 2-ò ò 1olal Coods 1 2-ò ò 1olal
1 11.8/ 19.1/ 27.2/ ò8.1/ 1 6.1/ 19.6/ 26.0/ ò1.6/
2-ò 8.1/ 7.9/ 9.7/ 20.8/ 2-ò 1.ò/ ò.9/ ò.9/ 18.8/
ò 0.0/ 2.8/ 18.8/ 21.2/ ò 0.7/ ò.6/ 28.8/ 8ò.1/
1olal 14.9/ 29.4/ òò.7/ 100.0/ 1olal 8.8/ 81.1/ 60.6/ 100.0/
This iublo iopoiis iho shuio of inpoiiois (punol u) und iho shuio of inpoiis (punol b) foi ouch of iho
cuiogoiios of inpoiiois (busod on iho nunboi of soivicos oi pioducis inpoiiod und iho nunboi of puiinoi-couniiios).
¡oi boih punols iiudo in soivicos is on iho lofi und iiudo in goods on iho iighi sido.
1a¦lc 12: OLS 1raoc Dccomposiiion
Maigins: Ex¡orts In¡orts
Soivicos Gooos Soivicos Gooos
Soivico 0.07ò9
0.11ò8
0.188ò
0.1780
(0.002) (0.001) (0.002) (0.001)
Counliy 0.209ò
0.84ò7
0.24ò7
0.224ò
(0.008) (0.001) (0.008) (0.001)
Donsily -0.0887
-0.0807
-0.088ò
-0.0971
(0.001) (0.001) (0.001) (0.001)
1iansaclion 0.ò789
0.7946
0.6021
0.8082
(0.008) (0.002) (0.008) (0.002)
1iansaclion Sizo 0.184ò
-0.17òò
0.0971
-0.1087
(0.00ò) (0.008) (0.00ò) (0.008)
Inousliy-Yoai Dummios Yos Yos Yos Yos
OLsoivalions 24,ò81 8ò,ò8ò 26,478 90,402
!obusi Siunduid oiiois in puionihosos,
p0.0l,
p0.0õ,
p0.l. !voiy
iogiossod uguinsi ioiul oxpoiis (lofi punol) oi ioiul inpoiis (iighi punol) iogoihoi viih
indusiiy-youi dunnios.
2ò
1a¦lc 18: Lniry ano Lxii
IaneI a: Ex¡orts
ServIces Coods
.lmso ExIt Iy ExIt Iy
Ex¡orters Entrants SurvIvors ExIters Entrants Ex¡orters Entrants SurvIvors ExIters Entrants
199ò 2,280 86/ 8,709 2ò/
1996 2,12ò 89/ 61/ 82/ 6ò/ 9,02ò 88/ 67/ 24/ 64/
1997 2,880 42/ ò8/ 86/ 66/ 9,670 88/ 67/ 26/ 68/
1998 2,829 89/ 61/ 89/ 61/ 9,ò66 29/ 71/ 27/ ò8/
1999 2,162 88/ 62/ 8ò/ 68/ 9,87ò 29/ 71/ 2ò/ ò8/
2000 2,42ò 4ò/ òò/ 87/ 71/ 9,908 82/ 68/ 2ò/ 68/
2001 2,898 42/ ò8/ 8ò/ 64/ 10,042 80/ 70/ 27/ ò9/
2002 2,988 ò1/ 49/ 8ò/ 74/ 9,816 29/ 71/ 82/ ò0/
2008 8,429 47/ ò8/ 40/ 68/ 9,09ò 81/ 69/ 28/ 60/
2004 8,291 41/ ò9/ 8ò/ 64/ 9,076 81/ 69/ 28/ 60/
200ò 4,067 ò0/ ò0/ 9,07ò 81/ 69/
Avoiago 2,707 48/ ò7/ 86/ 66/ 9,896 81/ 69/ 27/ ò9/
IaneI I: In¡orts
ServIces Coods
ExIt Iy ExIt Iy
Ex¡orters Entrants SurvIvors ExIters Entrants Ex¡orters Entrants SurvIvors ExIters Entrants
199ò 2,288 8ò/ 9,290 24/
1996 2,824 40/ 60/ 84/ 64/ 9,ò24 80/ 70/ 24/ ò6/
1997 2,409 40/ 60/ 8ò/ 68/ 9,710 29/ 71/ 24/ ò6/
1998 2,406 88/ 62/ 89/ 60/ 9,87ò 29/ 71/ 24/ òò/
1999 2,8ò2 41/ ò9/ 8ò/ 64/ 10,028 28/ 72/ 28/ ò7/
2000 2,ò02 42/ ò8/ 84/ 6ò/ 10,8ò9 29/ 71/ 24/ ò7/
2001 2,697 42/ ò8/ 84/ 67/ 10,106 27/ 78/ 28/ òò/
2002 8,819 ò0/ ò0/ 8ò/ 78/ 9,91ò 26/ 74/ 2ò/ ò8/
2008 8,708 46/ ò4/ 86/ 68/ 9,71ò 27/ 78/ 28/ òò/
2004 8,678 89/ 61/ 88/ 62/ 10,118 28/ 72/ 22/ ò9/
200ò 8,804 40/ 60/ 10,88ò 27/ 78/
Avoiago 2,862 42/ ò8/ 8ò/ 6ò/ 9,907 28/ 72/ 24/ ò6/
inpoiis.
1a¦lc 14: Lniranis Icainrcs
IanoI a: Exµorts
SorvIcos Goods
Singlcs Mnlii-Scrvicc Mnlii-Conniry Siars Singlcs Mnlii-Iroonci Mnlii-Conniry Siars
Ncw Lxporicrs 70.4/ ò.7/ 0.0/ ò.0/ 70.8/ ò.0/ 14.8/ 0.0/
Ncw Lniranis Lxpori 20.1/ 7.4/ 21.2/ 42.4/ 7.8/ 2.0/ 28.8/ 61.4/
1oial Lxporis 0.ò/ 0.1/ 0.8/ 0.7/ 0.6/ 0.1/ 2.1/ 4.4/
IanoI I: Inµorts
SorvIcos Goods
Singlcs Mnlii-Scrvicc Mnlii-Conniry Siars Singlcs Mnlii-Iroonci Mnlii-Conniry Siars
Ncw Imporicrs 77.8/ 6.ò/ 7.8/ 8.0/ 74.8/ 6.8/ 8.0/ 11.8/
Ncw Lniranis Impori 26.4/ 8.4/ 18.0/ ò1.8/ 14.ò/ 4.8/ 26.8/ ò4.4/
1oial Imporis 0.4/ 0.1/ 0.2/ 0.7/ 1.1/ 0.8/ 2.1/ 4.2/
oxpoiis (socond iov) und shuio of oxpoiis on ioiul oxpoiis foi ouch of iho foui cuiogoiios of nov oxpoiiois (Singlos, Nulii-Soivico, Nulii-Couniiy und Siuis). !unol b doos iho
suno foi inpoiis.
26
1a¦lc 1ò: Lxiicrs Icainrcs
IaneI a: Ex¡orts
ServIces Coods
Singlos Mulli-Soivico Mulli-Counliy Slais Singlos Mulli-Iiooucl Mulli-Counliy Slais
Lxilois 84.7/ 4.9/ 7.0/ 8.4/ 78.4/ 4.6/ 11.2/ ò.8/
Lxilois Lxpoils òò.7/ 9.ò/ 22.ò/ 12.8/ 26.7/ ò.1/ 48.2/ 24.9/
1olal Lxpoils 0.8/ 0.1/ 0.1/ 0.1/ 0.8/ 0.1/ 0.ò/ 0.8/
IaneI I: In¡orts
ServIces Coods
Singlos Mulli-Soivico Mulli-Counliy Slais Singlos Mulli-Iiooucl Mulli-Counliy Slais
Lxilois 82.0/ ò.4/ 6.0/ 6.ò/ 88.1/ ò.0/ ò.8/ 6.1/
Lxilois Impoil 47.0/ 8.8/ 22.6/ 21.ò/ 88.9/ ò.4/ 84.2/ 26.ò/
1olal Impoils 0.2/ 0.0/ 0.1/ 0.1/ 0.ò/ 0.1/ 0.ò/ 0.4/
iov) und shuio of oxpoiis on ioiul oxpoiis foi ouch of iho foui cuiogoiios of nov oxpoiiois (Singlos, Nulii-Soivico, Nulii-Couniiy und Siuis). !unol b doos iho
suno foi inpoiis.
1a¦lc 16: Snrvivors Alicr i Ycars ol Lxpori,Impori
IaneI a: Ex¡orts
ServIces Coods
l All Singlos Mulli-Soivico Mulli-Counliy Slais All Singlos Mulli-Soivico Mulli-Counliy Slais
0 100/ 100/ 100/ 100/ 100/ 100/ 100/ 100/ 100/ 100/
1 86/ 29/ ò6/ 62/ 76/ 46/ 84/ 61/ 7ò/ 80/
2 21/ 1ò/ 86/ 48/ ò9/ 81/ 19/ 41/ ò8/ 66/
8 14/ 9/ 27/ 81/ 47/ 28/ 18/ 80/ 48/ ò7/
4 9/ ò/ 21/ 22/ 87/ 18/ 9/ 28/ 40/ 49/
ò 7/ 4/ 18/ 18/ 80/ 1ò/ 7/ 17/ 88/ 48/
6 ò/ 2/ 11/ 14/ 27/ 12/ ò/ 14/ 28/ 87/
7 4/ 2/ 9/ 11/ 28/ 10/ 4/ 11/ 24/ 88/
8 4/ 1/ 7/ 10/ 20/ 7/ 8/ 9/ 1ò/ 80/
9 8/ 1/ 6/ 8/ 18/ 6/ 2/ 7/ 18/ 27/
IaneI I: In¡orts
ServIces Coods
l All Singlos Mulli-Soivico Mulli-Counliy Slais All Singlos Mulli-Soivico Mulli-Counliy Slais
0 100/ 100/ 100/ 100/ 100/ 100/ 100/ 100/ 100/ 100/
1 89/ 82/ ò8/ 6ò/ 78/ ò0/ 41/ 68/ 7ò/ 82/
2 28/ 16/ 87/ 46/ ò6/ 84/ 24/ ò0/ ò6/ 70/
8 1ò/ 10/ 27/ 81/ 44/ 2ò/ 17/ 89/ 44/ 60/
4 11/ 6/ 19/ 28/ 84/ 20/ 12/ 88/ 87/ ò2/
ò 8/ 4/ 14/ 18/ 29/ 16/ 9/ 27/ 81/ 46/
6 6/ 8/ 12/ 18/ 2ò/ 14/ 7/ 22/ 27/ 40/
7 ò/ 2/ 9/ 10/ 20/ 11/ 6/ 18/ 22/ 86/
8 4/ 1/ 7/ 9/ 18/ 9/ 4/ 14/ 19/ 88/
9 8/ 1/ 6/ 7/ 1ò/ 8/ 8/ 12/ 16/ 80/
27
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28
1a¦lc 18: 1lc Dynamics ol ilc Coniincnis Scrvco
IanoI a: Exµorts
SorvIcos Goods
´ i
East Euroµo ^ortL AnorIca SoutL AnorIca AsIa AIrIca AustraIIa East Euroµo ^ortL AnorIca SoutL AnorIca AsIa AIrIca AustraIIa
East Euroµo 100/ 0/ 7/ 11/ 8/ 6/ Lnropc 100/ 7/ 6/ 8/ 7/ 4/
^ortL AnorIca 0/ 100/ 4/ 11/ 8/ ò/ Noril Amcrica 6/ 100/ 6/ 7/ ò/ 4/
i÷1 SoutL AnorIca 8/ 8/ 100/ 6/ 7/ 7/ Sonil Amcrica 4/ ò/ 100/ ò/ ò/ 7/
AsIa 7/ 8/ ò/ 100/ 7/ 6/ Asia 6/ 6/ 8/ 100/ 6/ 8/
AIrIca ò/ ò/ 8/ 10/ 100/ 7/ Alrica 6/ ò/ ò/ 7/ 100/ ò/
AustraIIa 8/ 8/ 4/ 6/ 4/ 100/ Ansiralia 4/ ò/ 6/ 4/ 4/ 100/
IanoI a: Inµorts
SorvIcos Goods
i i
East Euroµo ^ortL AnorIca SoutL AnorIca AsIa AIrIca AustraIIa East Euroµo ^ortL AnorIca SoutL AnorIca AsIa AIrIca AustraIIa
East Euroµo 100/ 0/ 6/ 0/ 7/ ò/ Lnropc 100/ 8/ 6/ 8/ 6/ 8/
^ortL AnorIca 8/ 100/ 4/ 0/ 7/ 2/ Noril Amcrica 6/ 100/ ò/ 6/ ò/ ò/
i÷1 SoutL AnorIca ò/ ò/ 100/ 7/ 8/ 6/ Sonil Amcrica 8/ 8/ 100/ 8/ 6/ 6/
AsIa 7/ 8/ 4/ 100/ 6/ ò/ Asia 6/ 7/ ò/ 100/ ò/ 6/
AIrIca 7/ 7/ 7/ 8/ 100/ 7/ Alrica 4/ 8/ 6/ 4/ 100/ ò/
AustraIIa ò/ 4/ 10/ 6/ 6/ 100/ Ansiralia 2/ 8/ ò/ 2/ 4/ 100/
20
NBB WORKING PAPER No. 237 - DECEMBER 2012 31
NATIONAL BANK OF BELGIUM - WORKING PAPERS SERIES
The Working Papers are available on the website of the Bank:http://www.nbb.be.
184. "Discriminatory fees, coordination and investment in shared ATM networks" by S. Ferrari, Research
series, J anuary 2010.
185. "Self-fulfilling liquidity dry-ups", by F. Malherbe, Research series, March 2010.
186. "The development of monetary policy in the 20th century - some reflections", by O. Issing, Research
series, April 2010.
187. "Getting rid of Keynes? A survey of the history of macroeconomics from Keynes to Lucas and beyond",
by M. De Vroey, Research series, April 2010.
188. "A century of macroeconomic and monetary thought at the National Bank of Belgium", by I. Maes,
Research series, April 2010.
189. "Inter-industry wage differentials in EU countries: What do cross-country time-varying data add to the
picture?", by Ph. Du Caju, G. Kátay, A. Lamo, D. Nicolitsas and S. Poelhekke, Research series,
April 2010.
190. "What determines euro area bank CDS spreads?", by J . Annaert, M. De Ceuster, P. Van Roy and
C. Vespro, Research series, May 2010.
191. "The incidence of nominal and real wage rigidity: An individual-based sectoral approach", by J . Messina,
Ph. Du Caju, C. F. Duarte, N. L. Hansen, M. Izquierdo, Research series, J une 2010.
192. "Economic importance of the Belgian ports: Flemish maritime ports, Liège port complex and the port of
Brussels - Report 2008", by C. Mathys, Document series, J uly 2010.
193. "Wages, labor or prices: how do firms react to shocks?", by E. Dhyne and M. Druant, Research series,
J uly 2010.
194. "Trade with China and skill upgrading: Evidence from Belgian firm level data", by G. Mion,
H. Vandenbussche, and L. Zhu, Research series, September 2010.
195. "Trade crisis? What trade crisis?", by K. Behrens, G. Corcos and G. Mion, Research series,
September 2010.
196. "Trade and the global recession", by J . Eaton, S. Kortum, B. Neiman and J . Romalis, Research series,
October 2010.
197. "Internationalization strategy and performance of small and medium sized enterprises", by J . Onkelinx
and L. Sleuwaegen, Research series, October 2010.
198. "The internationalization process of firms: From exports to FDI?", by P. Conconi, A. Sapir and
M. Zanardi, Research series, October 2010.
199. "Intermediaries in international trade: Direct versus indirect modes of export", by A. B. Bernard, M. Grazzi
and C. Tomasi, Research series, October 2010.
200. "Trade in services: IT and task content", by A. Ariu and G. Mion, Research series, October 2010.
201. "The productivity and export spillovers of the internationalisation behaviour of Belgian firms", by
M. Dumont, B. Merlevede, C. Piette and G. Rayp, Research series, October 2010.
202. "Market size, competition, and the product mix of exporters", by T. Mayer, M. J . Melitz and
G. I. P. Ottaviano, Research series, October 2010.
203. "Multi-product exporters, carry-along trade and the margins of trade", by A. B. Bernard, I. Van Beveren
and H. Vandenbussche, Research series, October 2010.
204. "Can Belgian firms cope with the Chinese dragon and the Asian tigers? The export performance of multi-
product firms on foreign markets" by F. Abraham and J . Van Hove, Research series, October 2010.
205. "Immigration, offshoring and American jobs", by G. I. P. Ottaviano, G. Peri and G. C. Wright, Research
series, October 2010.
206. "The effects of internationalisation on domestic labour demand by skills: Firm-level evidence for
Belgium", by L. Cuyvers, E. Dhyne, and R. Soeng, Research series, October 2010.
207. "Labour demand adjustment: Does foreign ownership matter?", by E. Dhyne, C. Fuss and C. Mathieu,
Research series, October 2010.
208. "The Taylor principle and (in-)determinacy in a New Keynesian model with hiring frictions and skill loss",
by A. Rannenberg, Research series, November 2010.
209. "Wage and employment effects of a wage norm: The Polish transition experience" by
A. de Crombrugghe and G. de Walque, Research series, February 2011.
210. "Estimating monetary policy reaction functions: A discrete choice approach" by J . Boeckx,
Research series, February 2011.
211. "Firm entry, inflation and the monetary transmission mechanism" by V. Lewis and C. Poilly,
Research series, February 2011.
212. "The link between mobile telephony arrears and credit arrears" by H. De Doncker, Document series,
March 2011.
NBB WORKING PAPER No. 237 - DECEMBER 2012 32
213. "Development of a financial health indicator based on companies' annual accounts", by D. Vivet,
Document series, April 2011.
214. "Wage structure effects of international trade: Evidence from a small open economy", by Ph. Du Caju,
F. Rycx and I. Tojerow, Research series, April 2011.
215. "Economic importance of the Belgian ports: Flemish maritime ports, Liège port complex and the port of
Brussels - Report 2009", by C. Mathys, Document series, J une 2011.
216. "Verti-zontal differentiation in monopolistic competition", by F. Di Comite, J .-F. Thisse and
H. Vandenbussche, Research series, October 2011.
217. "The evolution of Alexandre Lamfalussy's thought on the international and European monetary system
(1961-1993)" by I. Maes, Research series, November 2011.
218. "Economic importance of air transport and airport activities in Belgium – Report 2009", by X. Deville and
S. Vennix, Document series, December 2011.
219. "Comparative advantage, multi-product firms and trade liberalisation: An empirical test", by C. Fuss and
L. Zhu, Research series, J anuary 2012.
220. "Institutions and export dynamics", by L. Araujo, G. Mion and E. Ornelas, Research series,
February 2012.
221. "Implementation of EU legislation on rail liberalisation in Belgium, France, Germany and the
Netherlands", by X. Deville and F. Verduyn, Document series, March 2012.
222. "Tommaso Padoa-Schioppa and the origins of the euro", by I. Maes, Document series, March 2012.
223. "(Not so) easy come, (still) easy go? Footloose multinationals revisited", by P. Blanchard, E. Dhyne,
C. Fuss and C. Mathieu, Research series, March 2012.
224. "Asymmetric information in credit markets, bank leverage cycles and macroeconomic dynamics", by
A. Rannenberg, Research series, April 2012.
225. "Economic importance of the Belgian ports: Flemish maritime ports, Liège port complex and the port of
Brussels - Report 2010", by C. Mathys, Document series, J uly 2012.
226. "Dissecting the dynamics of the US trade balance in an estimated equilibrium model", by P. J acob and
G. Peersman, Research series, August 2012.
227. "Regime switches in volatility and correlation of financial institutions", by K. Boudt, J . Daníelsson,
S.J . Koopman and A. Lucas, Research series, October 2012.
228. "Measuring and testing for the systemically important financial institutions", by C. Castro and S. Ferrari,
Research series, October 2012.
229. "Risk, uncertainty and monetary policy", by G. Bekaert, M. Hoerova and M. Lo Duca, Research series,
October 2012.
230. "Flights to safety", by L. Baele, G. Bekaert, K. Inghelbrecht and M. Wei, Research series, October 2012.
231. "Macroprudential policy, countercyclical bank capital buffers and credit supply: Evidence from the
Spanish dynamic provisioning experiments", by G. J iménez, S. Ongena, J .-L. Peydró and J . Saurina,
Research series, October 2012.
232. "Bank/sovereign risk spillovers in the European debt crisis", by V. De Bruyckere, M. Gerhardt,
G. Schepens and R. Vander Vennet, Research series, October 2012.
233. "A macroeconomic framework for quantifying systemic risk", by Z. He and A. Krishnamurthy, Research
series, October 2012.
234. "Fiscal policy, banks and the financial crisis", by R. Kollmann, M. Ratto, W. Roeger and J . in't Veld,
Research series, October 2012.
235. "Endogenous risk in a DSGE model with capital-constrained financial intermediaries", by H. Dewachter
and R. Wouters, Research series, October 2012.
236. "A macroeconomic model with a financial sector", by M.K. Brunnermeier and Y. Sannikov, Research
series, October 2012.
237. "Services versus goods trade : Are they the same?", by A. Ariu, Research series, December 2012.
doc_854791907.pdf