Home > Features and Commentary > In brief > Services exports hit $4billion
New Zealand companies exported $4 billion of commercial services during the June 2011 year, according to the 2011 Census of International Trade in Services and Royalties released by Statistics New Zealand.
When the census was last conducted in 2005, exports of commercial services stood at $1.5 billion.
Exports of commercial services accounted for 29.6 percent of total service exports in 2011, up from 19.8 percent in 2005.
Imports of commercial services rose by $2.3 billion to $5.8 billion over the same period.
“Companies are buying and selling more services internationally, which is an indicator that New Zealand is becoming a more globalised economy,” Balance of Payments manager John Morris said in a statement.
The increase in service exports was partly driven by New Zealand companies receiving more management fees from their overseas subsidiaries.
Information technology companies also received more revenue from abroad for their software design and royalties.
Commercial services include information technology services, engineering services, royalties, management fees between related companies, and other business services such as accounting and legal services.
For the first time, the Census of International Trade in Services and Royalties measured how service exports were delivered to overseas clients.
Of all commercial service exports, 85.8 percent were provided to foreign customers by the Internet, email, or phone.
22 February 2012
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