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The purpose of this indicator is to record the value of services exchanged between residents and non-residents of an economy.

Trade in services measures the value of net payments received from the sale of services to non-residents. The net value is calculated by taking the difference between the payments received from the export of services (credit) and the payments made for the import of services from non-residents.

Central Bank of Belize

Central Bank of Belize

Annual

Million of Belize dollars

Trade in services includes the value of net payments for services such as manufacturing, maintenance & repair, transportation, travel, telecommunications, construction, insurance & pension, financial services, charges for the use of intellectual property, telecommunications, computer and information services, royalties and license fees, other business services, personal services, cultural and recreational services, and government services.

Services is the second major category (after goods) of the current account as defined in the IMF Balance of Payments and International Investment Position manual sixth edition. Services covers traditional items, such as travel and transportation and items, such as communications, financial and computer services, royalties and license fees, and many types of other business services.

is by type of service. 

The balance of payments is a statistical statement that summarizes transactions between residents and non-residents during a period. It consists of the goods and services account, the primary income account, the secondary income account, the capital account, and the financial account. Under the double-entry accounting system that underlies the balance of payments, each service transaction is recorded as consisting of two equal and opposite entries, reflecting the inflow and outflow element to each exchange. For each transaction, each party records a matching credit and debit entry:

• Credit (CR.)—exports of services

• Debit (DR.)—imports of services