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

The value for Computer, communications and other services (% of commercial service imports) in Korea was 58.83 as of 2021. As the graph below shows, over the past 45 years this indicator reached a maximum value of 59.17 in 2020 and a minimum value of 31.38 in 1991.

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
1976 32.77
1977 44.47
1978 50.79
1979 34.69
1980 33.51
1981 40.84
1982 39.38
1983 42.54
1984 41.79
1985 34.63
1986 34.01
1987 36.18
1988 34.12
1989 31.72
1990 32.55
1991 31.38
1992 32.20
1993 31.53
1994 33.95
1995 34.64
1996 37.33
1997 38.35
1998 44.77
1999 42.90
2000 42.68
2001 39.86
2002 36.91
2003 38.34
2004 37.59
2005 36.86
2006 36.38
2007 35.57
2008 39.09
2009 48.14
2010 45.93
2011 47.50
2012 48.69
2013 49.47
2014 49.50
2015 48.27
2016 47.02
2017 47.85
2018 48.05
2019 49.79
2020 59.17
2021 58.83

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