The export of financial services has become a trend of international trade.

The export of financial services has become a trend of international trade.

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International trade in services has shown a dynamism that has been multiplied by almost five times over the last twenty years. These have been growing at rapid rates in recent years in almost everyone. This growth has come largely being driven by increasing trade in activities that were previously weakly tradable or non-tradable, such as health, education, accounting, legal services and management, advertising and research and development, among others. In parallel, areas where exports were already relatively important for some time, as finance or construction and engineering, have seen deepen their level of internationalization.

When it comes to international trade, the first thing that comes to mind is exported, but a company which is dedicated to export, not necessarily only fulfill that function, but this can import the purpose or the use of production inputs than to be exported later.

Of the various categories of services provided by those financial sector they have shown an even greater to aggregate growth. As with trade in goods, trade in services, particularly financial services, shows a high, albeit declining, concentration in the more advanced economies.

In the case of trade in financial services, this has been shown almost permanently increased participation in trade in services has doubled in recent decades. In this sense while global trade in financial services has been gaining importance in the international trade in services, which in turn has shown increasing dynamism.

Common Financial Services for Exporting Companies:

  • The remittances.

It is a payment service turned to banks and credit institutions located abroad checks. Offering as a benefit immediately available funds in national currency on the same day.

  • International transfers.

It is an option to manage foreign exchange reception, achieving them integrate into a banking network. Works receiving funds from anywhere in the world on any account, giving you direct bank accreditation, availability of foreign exchange, get a better exchange rate at any one suitable.

  • Export Credits.

Achieving finance different needs as supports for pre-export, sale of direct and indirect exporters, investment projects and restructuring of liabilities.

Image courtesy of Latvijas Banka at Flickr.com
Image courtesy of Latvijas Banka at Flickr.com

Common Financial Services for Importers Enterprises:

  • Long-Term Credit.

They are funding for construction projects and development of industrial, commercial, corporate and service centers.

For small and medium enterprises are given support to develop its expansion plans, modernization, purchase of equipment, imports of capital goods and needs permanent working capital.

  • International Transfer sent abroad.

International payment instrument, which allows you to send funds abroad as a result of international trade activities.

  • Other types of credits.

There credits granted in dollars with fixed or variable rate. And credits for imports of machinery and equipment, working with insurance bodies, allowing expedite procedures for approval.

  • Turns on foreign trade.

Another alternative for making payments abroad, offering the service cancellation in case of loss of the document (Stop payment).

They just have to check through Internet banks that have these services available in your country. Always they appear in the sections of “Company” and “International”.

Therefore nothing discussed above get stuck in theory. Because these financial products and services, tend to homogenize due to strong competition from international banks.

Recommending always, verify that the fees and rates offered by existing private or government-owned banks, are the most convenient for you, as an entrepreneur.

Some numbers worldwide …

  • The European financial sector, the most affected by the global crisis, tried to recover in 2010. Exports from the European Union (extra-EU) grew slightly (3 percent), while in Switzerland fell 2 percent. Europe’s share in world exports of financial services reached 49 percent in 2010.
  • Exports of financial services of the United States grew by 5 percent in 2010.
  • Asia experienced a strong recovery in the financial services sector. Singapore’s exports rose 31 percent and Hong Kong, China 12 percent. India exports grew by 64 percent but Japan decreased 25 percent.

In conclusion

The international trade of services has shown a dynamism that has been multiplied by almost five times over the last twenty years. Of the various categories of services provided by those financial sector they have shown an even greater to aggregate growth. As with trade in goods, trade in services, particularly financial services, shows a high, albeit declining, concentration in the more advanced economies. When it comes to international trade, the first thing that comes to mind is exported, but a company which is dedicated to export, not necessarily only fulfill that function, but this can import the purpose or the use of production inputs than to be exported later.

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