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An Assessment of International Competitiveness in CARICOM Services Exports

Author

Listed:
  • Troy Lorde

    (Department of Economics, The University of the West Indies – Cave Hill Campus, St. Michael BB11000, Barbados)

  • Antonio Alleyne

    (Dongbei University of Finance and Economics, Dalian, Liaoning, China)

  • Brian Francis

    (Department of Economics, The University of the West Indies – Cave Hill Campus, St. Michael BB11000, Barbados)

Abstract

CARICOM countries have determined that the export of services is the platform for future development of their economies in light of the loss of preferences for their traditional agricultural exports. This paper aims to determine if services can indeed fulfill this objective for the region within the context of international export competitiveness. We addressed the following questions: Which services exports in CARICOM countries are globally competitive; what is the degree of diversification in services exports; and what is the extent of export similarity in services in CARICOM. On a whole, other than Travel Services, and to a much lesser extent, Insurance Services, very few services exports in CARICOM countries are globally competitive. Most notably, Financial Services in the region, a sector touted as one to which several CARICOM countries are looking for future economic growth and development, are not competitive. St. Lucia and Jamaica are the only countries to exhibit advantages in Computer and Information Services and Personal, Cultural, and Recreational Services respectively. Guyana is competitive in Communications Services and Royalties and License Fees and Suriname in Transportation Services, Government Services and Other Business Services. Further, there is little diversification in services exports. Compounding this problem, there is a high degree of services exports similarity. If countries in the region wish to stake their future on the performance of services, regional governments will need to put in place strategies to enhance the sector’s competitiveness.

Suggested Citation

  • Troy Lorde & Antonio Alleyne & Brian Francis, 2015. "An Assessment of International Competitiveness in CARICOM Services Exports," Global Economy Journal (GEJ), World Scientific Publishing Co. Pte. Ltd., vol. 15(4), pages 525-558, December.
    • Handle: RePEc:wsi:gejxxx:v:15:y:2015:i:04:n:gej-2015-0006
    DOI: 10.1515/GEJ-2015-0006
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    References listed on IDEAS

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    1. Denny Lewis & Alan Webster, 2001. "Export Specialisation in the Caribbean and its Implications for Trade Negotiations," The World Economy, Wiley Blackwell, vol. 24(6), pages 809-828, June.
    2. Pomfret, Richard, 1981. "The Impact of EEC Enlargement on Non-member Mediterranean Countries' Exports to the EEC," Economic Journal, Royal Economic Society, vol. 91(363), pages 726-729, September.
    3. Thomas Vollrath, 1991. "A theoretical evaluation of alternative trade intensity measures of revealed comparative advantage," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 127(2), pages 265-280, June.
    4. Oecd, 2005. "Growth in Services - Fostering Employment, Productivity and Innovation," OECD Digital Economy Papers 94, OECD Publishing.
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    Cited by:

    1. Troy Lorde & Antonio Alleyne & Roger Hosein & Mu Yifei, 2020. "Should the Caribbean Look to the East? An Assessment of Caribbean Export Potential," The International Trade Journal, Taylor & Francis Journals, vol. 34(1), pages 136-150, January.

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