Colombia - Computer, communications and other services (% of commercial service imports)

The value for Computer, communications and other services (% of commercial service imports) in Colombia was 28.17 as of 2021. As the graph below shows, over the past 53 years this indicator reached a maximum value of 37.91 in 2020 and a minimum value of 11.54 in 1994.

Definition: Computer, communications and other services (% of commercial service imports) include such activities as international telecommunications, and postal and courier services; computer data; news-related service transactions between residents and nonresidents; construction services; royalties and license fees; miscellaneous business, professional, and technical services; and personal, cultural, and recreational services.

Source: International Monetary Fund, Balance of Payments Statistics Yearbook and data files.

See also:

Year Value
1968 24.09
1969 24.41
1970 21.12
1971 17.73
1972 17.03
1973 18.13
1974 20.27
1975 24.47
1976 19.81
1977 24.11
1978 21.34
1979 23.98
1980 21.56
1981 18.22
1982 14.02
1983 15.82
1984 17.48
1985 28.22
1986 18.89
1987 18.77
1988 17.46
1989 15.96
1990 24.42
1991 25.14
1992 22.95
1993 21.14
1994 11.54
1995 13.80
1996 17.13
1997 15.76
1998 16.43
1999 18.72
2000 18.35
2001 18.42
2002 18.33
2003 20.47
2004 21.86
2005 21.11
2006 24.60
2007 30.09
2008 30.69
2009 36.29
2010 34.91
2011 34.31
2012 33.92
2013 36.93
2014 36.39
2015 35.74
2016 35.12
2017 33.31
2018 32.84
2019 29.94
2020 37.91
2021 28.17

Development Relevance: Trade in services differs from trade in goods because services are produced and consumed at the same time. Thus services to a traveler may be consumed in the producing country (for example, use of a hotel room) but are classified as imports of the traveler's country. In other cases services may be supplied from a remote location; for example, insurance services may be supplied from one location and consumed in another.

Limitations and Exceptions: Balance of payments statistics, the main source of information on international trade in services, have many weaknesses. Disaggregation of important components may be limited and varies considerably across countries. There are inconsistencies in the methods used to report items. And the recording of major flows as net items is common (for example, insurance transactions are often recorded as premiums less claims). These factors contribute to a downward bias in the value of the service trade reported in the balance of payments. Efforts are being made to improve the coverage, quality, and consistency of these data. Eurostat and the Organisation for Economic Co-operation and Development, for example, are working together to improve the collection of statistics on trade in services in member countries. Still, difficulties in capturing all the dimensions of international trade in services mean that the record is likely to remain incomplete. Cross-border intrafirm service transactions, which are usually not captured in the balance of payments, have increased in recent years. An example is transnational corporations' use of mainframe computers around the clock for data processing, exploiting time zone differences between their home country and the host countries of their affiliates. Another important dimension of service trade not captured by conventional balance of payments statistics is establishment trade - sales in the host country by foreign affiliates. By contrast, cross-border intrafirm transactions in merchandise may be reported as exports or imports in the balance of payments.

Statistical Concept and Methodology: The balance of payments (BoP) is a double-entry accounting system that shows all flows of goods and services into and out of an economy; all transfers that are the counterpart of real resources or financial claims provided to or by the rest of the world without a quid pro quo, such as donations and grants; and all changes in residents' claims on and liabilities to nonresidents that arise from economic transactions. All transactions are recorded twice - once as a credit and once as a debit. In principle the net balance should be zero, but in practice the accounts often do not balance, requiring inclusion of a balancing item, net errors and omissions. The concepts and definitions underlying the data are based on the sixth edition of the International Monetary Fund's (IMF) Balance of Payments Manual (BPM6). Balance of payments data for 2005 onward will be presented in accord with the BPM6. The historical BPM5 data series will end with data for 2008, which can be accessed through the World Development Indicators archives. The complete balance of payments methodology can be accessed through the International Monetary Fund website (www.imf.org/external/np/sta/bop/bop.htm).

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Private Sector & Trade Indicators

Sub-Topic: Imports