Overview
The Importance of Trade in Services in ASEAN Economy
Services is a sizeable and continuously expanding component of GDP in ASEAN economies. As of 2018, services sector represents between 38% and 69% of ASEAN Member States’ Gross Domestic Product
(Source: ASEANStats, November 2019)
ASEAN's Export and Import of Services
Travel, transport, and other business services dominate the export and import of services of ASEAN in general. ASEAN’s export is dominated by travel services, while ASEAN’s import is dominated by transport services. In the distant fourth place, ASEAN’s export is also contributed by financial services, while ASEAN’s import comes from charges for the use of intellectual property. These services sectors are classified based on the IMF Balance of Payments Manual, 6th Edition.
(Source: ASEANStats, November 2019)
ASEAN's Services Export by Sectors (2018 Data out of Total Export of US$ 404.9 billion)
ASEAN's Import Export by Sectors (2018 Data out of Total Import of US$ 373.8 billion)
Services sectors have also been traditionally the largest recipient of Foreign Direct Investments (FDI) into the region. With few exceptions, throughout the last 15 years, services sectors have attracted about 60 or higher percentage of total FDI flow into ASEAN.
(Source: ASEANStats, November 2019)
FDI Inflow to ASEAN by Sector
