A Profile of U.S. Exporters and Importers of Services June/0612_MNC.pdf · vices exporters and...

66 June 2012

N CONTRAST to a large and growing deficit ontrade in goods the United States has historically

run a surplus on trade in services In 2011 a $1935billion surplus on trade in private services partially off-set a $7383 billion deficit on trade in goods1 Despitethe importance of services trade and widespread inter-est in topics such as offshore outsourcing and recentpolicy initiatives aimed at boosting US exports littleinformation about an important group of US export-ersmdashfirms that trade in private servicesmdashis publiclyavailable

This article presents summary information aboutUS firms that trade in servicesmdashboth exporters andimportersmdashthrough the use of a new data set thatcombines data on cross-border trade in services fromsurveys administered by the Bureau of Economic Anal-ysis (BEA) with data on the operations of multina-tional companies (MNCs) for 2008 the most recentyear for which final data are available for MNCs2 Link-ing these data was necessary to compile informationabout the characteristics of MNCs engaged in interna-tional trade in services because BEArsquos surveys of tradein services do not collect operating data such as em-ployment sales or value added Information from thenewly linked data set can answer questions about thecharacteristics of firms that trade in services that maybe used to inform policymakers and to enable new re-search3

In 2008 trade in the services that are covered byBEA surveys and included in this studymdashfinancial ser-vices insurance royalties and license fees telecommu-nications and business professional and technical(BPT) services (excluding medical services)mdashtotaled

1 Private services exclude service transactions by the US governmentincluding the military

2 See the box ldquoLinking BEA Surveys on International Trade in Serviceswith Surveys on Operations of MNCsrdquo

3 See the box on ldquoUsing the Linked Data for Research on InternationalTrade in Services and MNCsrdquo

$3023 billion in exports and $1956 billion in imports(table A)4 These services which represent most USinternational services transactions by businesses (ex-cluding transactions related to passenger and freighttransportation) accounted for more than half of totalprivate services exports and imports The surplus ontrade in services covered by this study $1067 billionaccounted for nearly three-quarters of the $1483 bil-lion US surplus on private services trade in 2008

This analysis of international trade in services basedon new linked data yields several key findings

Trade in the services covered in this article accountfor a substantial share of the overall surplus on USprivate services trade In 2008 much of the $1067billion surplus was attributable to US parent com-panies and the remainder was due to non-MNCsIn contrast US affiliates had a deficit on trade inservices mainly due to their large imports of insur-ance and to a lesser extent BPT services and royal-ties and license fees

Firms in industries that are typically associated withthe production or sales of goods are significant ser-vices exporters and importers Manufacturing wasamong the largest sectors that exported andimported services and MNCs dominated trade by

4 In this article the terms total exports total imports and total trade inservices are used to refer to total exports or imports of the services coveredby this study which are based on data collected by BEA on its surveys Formore information on these surveys see the box ldquoBEA Surveys of Interna-tional Trade in Services and Direct Investmentrdquo

A Profile of US Exporters and Importers of ServicesEvidence From New Linked Data on International Trade in Services and Operations of Multinational CompaniesBy Kevin Barefoot and Jennifer Koncz-Bruner

I

Table A US Trade in Private Services 2008[Millions of dollars]

Exports Imports Balance

Total private services 1 519540 371196 148344Of which

Covered private services 2 302303 195555 106748

1 As published in international transactions accounts table 32 Includes all private services covered by BEA surveys and included in this study royalties and license fees

financial services insurance telecommunications and business professional and technical services (exceptmedical services)

67 June 2012 SURVEY OF CURRENT BUSINESS

manufacturing firms Trade in services by manufacshyturers largely consisted of transactions related to the use or creation of intellectual property as well as to the provision of headquarters and support services or the allocation of expenses For exports and imports royalties and license fees (especially indusshytrial processes and trademarks) and BPT services (especially ldquomanagement and consultingrdquo and ldquoresearch and development (RampD) and testingrdquo) were the largest categories of services traded and most of the trade was attributable to affiliated transshyactions

MNCs are important services traders accounting for a substantial portion of both affiliated and unafshyfiliated trade in services US parents accounted for a larger portion of trade than US affiliates both overall and for most types of services 5 US parents tend to have larger transactions and trade with more countries whereas US affiliates generally traded with fewer countries and much of their trade was limited to transactions with members of their foreign parent group

The prevalence of MNCsrsquo two-way transactions in ldquoroyalties and license feesrdquo and ldquoRampD and testingrdquo services indicates that innovative activities are being carried out across locations and not just at the firm headquarters Trade in management and consultshying services was also common among both US parshyents and US affiliates for both exports and imports reflecting the importance of costs or busishyness functions that are centralized in one location but that may benefit other parts of the firm In some cases these transactions reflect allocated expenses in others they reflect headquarters services that are carried out by one unit for another affiliated unit

US parents and US affiliates dominated trade in both financial and insurance services For financial services much of the trade was with unaffiliated parties For insurance much of the trade was due to reinsurance which is used extensively by large insurers to manage concentrated risks Other facshytors that may affect US demand for reinsurance from abroad include tax and regulatory policies and the fact that major reinsurance centers are primarily located outside the United States particularly in the United Kingdom Switzerland Germany and Bershymuda

5 A US parent is a US resident that owns at least 10 percent directly or indirectly of a foreign business enterprise which is called a foreign affiliate A US affiliate is a US business enterprise that is owned directly or indishyrectly at least 10 percent by a foreign resident which is the foreign parent A US parent is also a US affiliate if the US parent is in turn owned 10 percent or more by a foreign company

Transactions by non-MNCs were much smaller than those by MNCs for all but a few types of sershyvices including financial services and various types of BPT services including legal and ldquocomputer and informationrdquo services

Affiliated transactions dominated MNCsrsquo trade in many services especially BPT services and ldquoroyalties and license feesrdquo Affiliated trade tended to be more important for US affiliates than for US parents especially for imports On average over 80 percent of US affiliatesrsquo imports were from affiliated parshyties but just over half of US parentsrsquo imports were affiliated Although many of the same services tended to be dominated by affiliated trademdashsuch as ldquoRampD and testingrdquo and industrial engineeringmdashthe affiliated shares tended to be lower for US parents which appeared to make more use of outsourced unaffiliated services than did US affiliates The same was true for exports but the differences were much narrower both overall and among service types Among both US parents and US affiliates exports of several types of servicesmdashincluding advertising management and consulting and accounting and related servicesmdashtended to be to affiliated parties Transactions in these services mainly reflect allocated expenses or headquarters and support services provided among units of the MNC

Many small firms engage in services trade but large firms dominate the value of services trade Although their share of the total number of service traders tends to be small large and very large firms account for most of the value of services trade The extent to which service trade was concentrated among large firms was similar to patterns observed for goods traders This was particularly evident for US parents and to a lesser extent US affiliates By industry small affiliates tended to garner the largest share of total exports or imports in finance and insurance In this sector small firmsmdashin terms of number of employeesmdashcould be large traders because a small number of employees can execute large-valued transactions The remainder of this article has two sections The

first section presents general information on all US firms that engage in international trade in services and on the subset of firms that are not MNCs The second section examines in more detail the characteristics of MNCs that export and import services using data from BEArsquos surveys of the operations of MNCs This section discusses the trade in services of US parents and mashyjority-owned US affiliates by their primary industry of activity by affiliation of transactors by partner

68 A Profile of US Exporters and Importers of Services June 2012

countries by size and in comparison to their goods trade

All US Services Traders US exporters and importers of services covered in this study were classified in a variety of industries includshying those that are not generally associated with sershyvices including manufacturing6 This section uses information from BEArsquos trade in services surveys to exshyamine the trade by industry of all US firms that trade services and the role of the subset of those firms that are not MNCs in services trade

Trade in services by industry Finance and insurance firms were the largest exporters and importers of services in 2008 Firms classified in manufacturing were the second leading exporters and importers of services (table B) Much of the trade in manufacturing was related to intellectual property and to headquarters and support services

Exports In 2008 ldquofinance and insurancerdquo and manufacturing firms were the largest services exportshyers each accounted for about one-quarter of total exshyports Within finance and insurance firms classified in finance accounted for about three-quarters of exports Exports by the finance and insurance sector mainly consisted of financial services and to a lesser extent business professional and technical (BPT) services

6 BEA surveys of international services transactions are conducted at the enterprise level a reporting entityrsquos industry classification is based on the industry that best describes the entityrsquos major activity Thus entities classishyfied in a particular industry could have activities in a variety of other indusshytries For example a firm classified in computer equipment manufacturing may have secondary activities in computer systems design and related sershyvices

and insurance Within manufacturing exporters were spread

across industries but two industries in which intellecshytual property is particularly importantmdashchemicals manufacturing and transportation equipment manushyfacturingmdashtogether accounted for more than half of services exported by manufacturing firms Firms classhysified in manufacturing primarily produce goods but they may have sizable services transactions related to intellectual property that they hold support services that they provide to affiliated parties andor secondary activities in services industries

The next largest services exporting sector was inforshymation which was led by firms in publishing and in broadcasting Royalties and license fees especially for software and film and TV tape distribution was the largest category of exports for firms in information Exports of telecommunications services were also subshystantial

Imports Imports of services were largest for the fishynance and insurance sector which accounted for more than a third of the total Firms classified in manufacshyturing were the next largest importers by sector acshycounting for about a quarter of services imports

Within finance and insurance insurers accounted for the large majority of imports Insurers mainly imshyported insurance services especially reinsurance Large imports of reinsurance reflect insurersrsquo efforts to pool and mitigate their risks particularly if their risk exposure is concentrated in a particular geoshygraphic area or type of hazard Large reinsurance imports also reflect that the big reinsurance centers are located abroad particularly in the United Kingdom Switzerland Germany and Bermuda Tax

Table B Trade in Services by Major Industry 2008 [Millions of dollars]

Total Financial services Insurance Royalties and

license fees Telecommushy

nications

Business professional and technical services1

Total Computer

and information

Management and

consulting

Research and

development and testing

Operational leasing Other

Exports

All industries of which

Manufacturing Information Finance and insurance Professional scientific and technical services

302303

77594 51359 78995 38527

63027

(D) (D)

55548 (D)

13403

(D) (D)

10641 (D)

102125

40626 31201

(D) 14448

9999

184 9454

(D) (D)

113750

35903 (D)

12316 23991

13120

2784 4029 1049 3169

29708

9741 2555 5183 4005

17345

8702 (D) (D)

3498

7728

632 (D) (D)

0

45849

14044 1925

(D) 13318

Imports

195555 17218 58913 29623 7761 82039 16895 22766 16322 1680 24376

Manufacturing 51420 931 1569 15941 115 32865 1935 8809 9896 111 12114 Information 25061 (D) (D) 6822 7171 10975 (D) 4259 2237 (D) 2849 Finance and insurance 73281 15130 50778 195 79 7099 1854 4080 (D) (D) 1099 Professional scientific and technical services 19322 (D) (D) 1530 (D) (D) (D) 2697 2085 (D) 2950

D Suppressed to avoid disclosure of data of individual companies 1 For this article business professional and technical services excludes medical services

and regulatory policies may also affect US demand for reinsurance

In manufacturing service importers were spread across industries but like exports imports were largshyest for industries in which intellectual property is parshyticularly important such as chemicals manufacturing and transportation equipment manufacturing By type of service BPT services were the largest for manufacshyturers imports of ldquoRampD and testing servicesrdquo and ldquomanagement and consultingrdquo services were the largest components Royalties and license fees mainly payshyments for the use of industrial processes and tradeshymarks was the next largest type of service imported by firms in manufacturing

The role of non-MNCs in services trade By linking BEArsquos surveys of trade in services to its surshyveys of the operations of MNCs the transactions of firms that are not MNCs can be identified Overall non-MNCs accounted for $532 billion of exports and $331 billion of imports resulting in a surplus of $201 billion (table C) While it is possible to separately identify transactions of non-MNCs at an aggregate level detailed information by type of service (as in tashyble D) cannot be presented for these firms due to conshyfidentiality concerns that arise from the overlap

Table C MNC and Non-MNC Trade 2008 [Millions of dollars]

Total MNC Non-MNC

302303 249133

53170

195555 162480 33075

106748 86653 20095

MNC Multinational company NOTE The total for MNCs removes the overlap that occurs when a US parent is in turn owned 10 percent or

more by a foreign company In 2008 total exports for firms that were both a US parent and a foreign-owned US affiliate (both majority owned and minority owned) were $263 billion and imports were $332 billion

between US parents and US affiliates in cases where a US parent is owned by a foreign MNC

Exports The largest exports by non-MNCs were fishynancial services and BPT services Within BPT sershyvices non-MNCs were especially important exporters of legal services and architectural engineering and other technical services

Compared with MNCs non-MNCs were smaller exporters The average value of exports per non-MNC was $17 million compared to $233 million per US parent and $64 million per US affiliate In addition non-MNCs traded on average with fewer countries (12 countries) than US parents (21 countries) but more than US affiliates (9 countries) Among non-MNCs about a third traded with just one country (chart 1) Non-MNCs also typically exported only one type of service compared with US parents and US affiliates which exported three types of service on average Among non-MNCs 90 percent exported just one type of service compared with roughly half of US parents and two-thirds of US affiliates (chart 2)

Imports Non-MNCs were important importers of BPT services especially computer and information services management and consulting services RampD and testing services as well as insurance Similar to exshyports the average value of services imports per non-MNC ($12 million) was less than that for US parents ($176 million) and that for US affiliates ($65 million) In addition non-MNCs traded with 8 countries on avshyerage fewer than US parents (16 countries) but more than US affiliates (5 countries) Among non-MNCs 82 percent imported only one type of service comshypared with 50 percent of US parents and 56 percent of US affiliates

Table D Trade in Services by Type of Service and Type of Firm 2008 [Millions of dollars]

Exports Imports

All firms US parents US affiliates 1 All firms US parents US affiliates1

Total 302303 219487 51926 195555 121662 70235 Financial 63027 41573 7757 17218 13271 1901 Insurance 13403 9559 5052 58913 33880 30334 Royalties and license fees 102125 91937 7186 29623 16520 16715 Telecommunications 9999 5405 3063 7761 3901 2620 Business professional and technical 2 113750 71012 28868 82039 54090 18665

of which Computer and information 13120 9615 1575 16895 10360 3871 Management and consulting 29708 19663 10257 22766 14478 8537 Research and development and testing 17345 9392 7123 16322 11856 3190 Advertising 4256 3223 822 2079 1810 123 Architectural engineering and other technical 5793 1865 1043 1049 730 201 Installation maintenance and repair 10019 5427 847 5742 3968 344 Legal 7317 1902 135 1918 1196 139

NOTE Throughout this article statistics are presented separately for US parents and for majority-owned US affiliates the statistics are not adjusted for the double-counting that happens when a firm is both a US parent and a majority-owned US affiliate which can occur when a US parent is in turn owned more than 50 percent by a foreign company In such cases exports and imports of services are included in the statistics for US parents and for majority-owned US affiliates In 2008 total exports for firms that were both a US parent and a majority-owned US affiliate were $232 billion and imports were $311 billion The overlap can be removed in the aggregate statistics but not by type of service due to confidentiality concerns

1 The term ldquoUS affiliatesrdquo is used throughout this article to refer to majority-owned US affiliates In 2008 exports of services by minority-owned US affiliates totaled $40 billion and imports totaled $37 billion 2 For this article business professional and technical services excludes medical services

MNCs that Export and Import Services US parents exported $2195 billion of services in 2008 and imported $1217 billion resulting in a trade surshyplus of $978 billion Majority-owned US affiliates exshyported $519 billion of services and imported $702 billion resulting in a trade deficit of $183 billion (tashyble D)7

MNCs are important traders for a number of reashysons First services that relate to the use or creation of intellectual property such as ldquoroyalties and license feesrdquo and ldquoRampD and testing servicesrdquo are typically traded among affiliated parties thus the transactions will be concentrated among MNCs Second certain business functions or expenses may be centralized at

7 In this article the focus is on majority-owned affiliates rather than all US affiliates because more detailed information is available about them and because a majority ownership stake implies a greater degree of control by the foreign parent

Chart 1 Number of Trading-Partner Countries by Firm Type 2008

particular units of an MNC but may benefit other units which gives rise to transactions for headquarters services provided by parents to affiliates or for support services provided by affiliates to parents Third MNCs are typically large firms and for many types of sershyvices trade tends to be concentrated in the largest firms Lastly by definition MNCs are connected to inshyternational markets which makes them more likely to trade both goods and services However US affiliates tend to be smaller exporters and importers of services than US parents because the aim of US affiliates in most services industries is to access and serve the US market8 Furthermore transactions for the provision of headquarters services or charges for allocated

8 The term ldquoUS affiliatesrdquo is used for the remainder of this article to refer to majority-owned US affiliates

Chart 2 Number of Service Types Traded by Firm Type 2008

1 country 2ndash5 countries 6ndash15 countries

16ndash30 countries More than 30 countries

Non-MNCs US parents US affiliates

100

90

80

70

60

50

40

30

20

10

0 Non-MNCs US parents US affiliates

100

90

80

70

60

50

40

30

20

10

0

US Bureau of Economic Analysis

Imports

Exports Percent

Percent

1 service type 2 service types 3ndash5 service types

6ndash12 service types More than 12 service types

100

90

80

70

60

50

40

30

20

10

100

90

80

70

60

50

40

30

20

10

0

Imports

Exports Percent

Percent

expenses which are charged for overhead costs inshycurred at one unit but beneficial to all units would more likely result in exports by a multinational parent than by an affiliate

This section examines the trade in services of US parents and of US affiliates by industry by affiliation of the transactors by partner country by firm size and in comparison with their trade in goods

US parents In 2008 US parents accounted for 73 percent of exshyports and 62 percent of imports of services covered in this article While US parentsrsquo trade in services acshycounted for a majority of US services trade they were small compared to other measures of their operations US parentsrsquo exported services were only 24 percent of their sales and their imported services were just 18 percent of their purchased inputs9 Comparing proshyduction with international purchases of services US parents contributed nearly $21 of value added to the US economy for every dollar of services that they imshyported Overall US parents exported about $10000 of services and imported nearly $5000 of services per employee

By industry

Manufacturing was among the top sectors that export and import services largely due to transactions related to intellectual property and intrafirm trade in headshyquarters and support services

Exports The largest exporters of services by indusshytry were firms classified in manufacturing which acshycounted for nearly a third of total exports (table E) Within manufacturing US parents classified in chemshyicals manufacturing and in transportation equipment manufacturing were the largest services exporters In both of these industries intellectual property forms an important part of firmsrsquo competitive advantage which gives rise to transactions in ldquoroyalties and license feesrdquo and ldquoRampD and testing servicesrdquo (included in business professional and technical (BPT) services) US parshyentsrsquo exports of RampD and testing services reflect both services performed by one unit for another and alloshycated expenses related to the firmrsquos RampD Due to the sensitive nature of intellectual property with respect to firmsrsquo competitiveness it is common for firms to keep

9 Inventory change data for US parents are not available Therefore US parentsrsquo measure of purchased inputs calculated as sales minus value added includes inventory change However the value of inventory change compared with the value of sales and shipments is very small For example in the Census Bureau 2010 Annual Survey of Manufactures inventory change accounted for less than 1 percent of total shipments in 2009 and 2010

their intellectual property within the firm using forshyeign affiliates to exploit their intellectual property abroad rather than licensing it to unaffiliated parties In addition exports of management and consulting services are also significant Management and consultshying services exports between affiliated parties tend to be substantial and reflect both allocated expenses and headquarters services that may be carried out on beshyhalf of foreign affiliates More than three-quarters of exports by manufacturing parents were to affiliated parties

The next largest services exporting sector was fishynance and insurance which accounted for 26 percent of US parentsrsquo exports Exports of financial services especially to unaffiliated persons composed the major part of exports for the sector By type of financial sershyvice the largest exports were of securities services which consist of brokerage services underwriting and private placement services and management and advishysory services For both insurance and financial sershyvices the dominant role of US parents is likely a reflection of their size prominent market position and international presence

Imports US parents classified in finance and inshysurance accounted for 40 percent of total US parentsrsquo imports Like exports the vast majority of services imshyports for the finance and insurance sector were unaffilshyiated transactions Imports of insurance especially reinsurance accounted for the largest part of imports Latin America and Other Western Hemisphere and Europe were the main sources of imports reflecting the location of large reinsurance centers in those locashytions

Table E US Parentsrsquo Trade in Services and in Goods by Major Industry and Firm Size 2008

[Millions of dollars]

Services Goods

Exports Imports Exports Imports

All US parents 219487 121662 553658 708706 Small and medium firms 8596 6004 29466 23951 Large and very large firms 210890 115658 524192 684755 Manufacturing 69653 40012 474718 523677

Small and medium firms 762 613 18922 10601 Large and very large firms 68891 39399 455797 513076

Wholesale and retail trade 16223 4976 56275 175755 Small and medium firms 192 137 8990 13073 Large and very large firms 16031 4838 47285 162682

Information 40436 14129 2073 1092 Small and medium firms 1205 326 415 (D) Large and very large firms 39231 13802 1658 (D)

Finance and insurance 57632 48953 (D) (D) Small and medium firms 5163 4587 (D) (D) Large and very large firms

Professional scientific and technical 52468 44366 (D) (D)

services 20761 10079 (D) (D) Small and medium firms 253 48 (D) (D) Large and very large firms 20507 10031 (D) (D)

All other industry sectors 14782 3513 (D) (D) Small and medium firms 1021 292 (D) (D) Large and very large firms 13762 3222 (D) (D)

D Suppressed to avoid disclosure of data of individual companies

The next largest importers of services were firms classified in manufacturing which accounted for a third of imports US parents classified in transportashytion equipment manufacturing and chemicals manushyfacturing were the largest importers of services within the manufacturing sector The largest category of sershyvices was BPT services which were broadly based by type of service with the largest imports attributable to ldquoRampD and testing servicesrdquo and ldquomanagement and consulting servicesrdquo Like US parentsrsquo exports of BPT services especially management and consulting sershyvices imports of these services may reflect allocated expenses incurred at one unit and spread among othshyers as well as support services carried out for another unit in this case services performed by an affiliate for the US parent US imports of RampD and testing sershyvices reflect reimbursement of affiliates for their RampD expenses cost-sharing arrangements for the developshyment of new technology by affiliates or payments for services provided to the parent A substantial amount of RampD is conducted by the foreign affiliates of US MNCs in order to better meet local demand or to benshyefit from proximity to new sources of knowledge or talent10 In 2008 17 percent or $417 billion of US MNCsrsquo total worldwide RampD expenditures were pershyformed by affiliates Royalties and license fees were the second largest category of services imported by US parents in manufacturing payments related to indusshytrial processes were the largest component

By affiliation

Affiliated trade accounted for 52 percent of exports and 45 percent of imports (table F) As expected affilishyated trade in services by US parents was almost enshytirely between parents and their foreign affiliates

10 See Kevin B Barefoot and Raymond J Mataloni Jr ldquoUS Multinashytional Companies Operations in the United States and Abroad Prelimishynary Results from the 2009 Benchmark Surveyrdquo SURVEY OF CURRENT BUSINESS

91 (November 2011) 29ndash55

Table F US Parentsrsquo Exports Imports and Balance on Trade in Services and Goods 2008

Services Goods

Exports Imports Balance Exports Imports Balance

Total 219487 121662 97824 553658 708706 ndash155048 Unaffiliated 106340 67329 39010 277011 310201 ndash33190 Affiliated 113147 54333 58814 276647 398505 ndash121858

of which with foreign affiliates 106104 43682 62422 227586 272604 ndash45018 with foreign parent group 7043 10651 ndash3608 49061 125901 ndash76840

Shares (percent)

Total 100 100 100 100 100 100 Unaffiliated 48 55 40 50 44 21 Affiliated 52 45 60 50 56 79

accounting for 94 percent of affiliated services exports and 80 percent of affiliated services imports and resultshying in a surplus of $624 billion Trade with the foreign parent groups accounted for just 3 percent of total sershyvices exports and 9 percent of total services imports11

In contrast to trade with foreign affiliates trade with the foreign parent groups ran a small deficit of $36 bilshylion

Exports For every type of service except financial services trade was predominately with affiliated parshyties on average (chart 3)12 On average accounting sershyvices were almost entirely exported to affiliated parties and more than 90 percent of mining performing arts management and consulting and trade-related sershyvices exports were to affiliated parties Financial sershyvices with 19 percent and computer and information services with 63 percent had the lowest shares of affilshyiated trade

11 The foreign parent group of a US affiliate consists of (1) the foreign parent (2) any foreign person proceeding up the foreign parentrsquos ownershyship chain who owns more than 50 percent of the person below it up to and including the ultimate beneficial owner and (3) any foreign person proceeding down the ownership chains of each of these members that is owned more than 50 percent by the person above it

12 Insurance services are not included in the discussion or in charts 3 and 4 because all insurance transactions even those between affiliated comshypanies are deemed to be with unaffiliated parties because the services are deemed to be provided to policyholders who pay insurance premiums and are not affiliated with either company This treatment is consistent with BEArsquos treatment of insurance in published services statistics and in the International Transactions Accounts However insurance services are included in the aggregate ldquoall servicesrdquo line and contributed to its lower share of affiliated trade than most individual services

Using the Linked Data for Research on International Trade in Services and MNCs

The link between BEA surveys on international trade in services and on the operations of multinational companies (MNCs) is a valuable resource for researchers Several projects that use the linked data are currently underway at BEA One project considers patterns of international trade in research and develshyopment (RampD) and testing services with respect to RampD activities carried out at MNCs Another analyzes US services imports from affiliates with respect to the productive resources available at the foreign affiliates of multinational companies Planned research includes a project to assess international transactions related to intellectual property with respect to patterns in the returns to those assets and the resources used to produce them in US MNCs Other projects aim to examine the choice of serving foreign markets via affiliates or through cross-border transactions for sershyvices as well as trends in the characteristics of service traders

Most affiliated trade consisted of transactions with foreign affiliates On average RampD exported to the forshyeign parent group accounted for about a quarter of parentsrsquo exported RampD services which was the largest share for all US parentsrsquo exports to the foreign parent group by type of service

Imports The average share of US parentsrsquo imshyports with affiliated parties varied more by type of sershyvice than it did for their exports (chart 4) On average about 70 percent of management and consulting sershyvices but only 24 percent of legal services were imshyported from affiliated parties

For several services affiliated transactions acshycounted for the majority of the average composition for both exports and imports including management

Chart 3 Average Composition of US Parentsrsquo Exports by Type of Service and Affiliation 2008

and consulting RampD and testing performing arts inshydustrial engineering construction and architectural and engineering services The majority of trade in fishynancial services was unaffiliated for both exports and imports The share with unaffiliated parties was much higher for imports than for exports for legal mining accounting operational leasing advertising training and telecommunications services

On average most of US parentsrsquo affiliated imports were from their foreign affiliates Imports from the foreign parent group for management and consulting services accounted for an average of about 20 percent of parentsrsquo imports of those services which was the largest average share for all of US parentsrsquo imports from the foreign parent group by type of service

Chart 4 Average Composition of US Parentsrsquo Imports by Type of Service and Affiliation 2008

All services

Accounting and related

Mining

Arts

Management and consulting

Trade related

Advertising

Industrial engineering

Telecommunications

Construction

Other

Legal

RampD and testing

Architectural and engineering

Training

Royalties and license fees

Operational leasing

Installation maintenance and repair

Computer and information

Financial services

0 10 20 30 40 50 60 70 80 90 100 Percent

To affiliated foreign persons To unaffiliated foreign persons

All services

RampD and testing

Arts

Trade related

Construction

Other

Mining

Telecommunications

Training

Advertising

Financial services

Operational leasing

Legal

From affiliated foreign persons

0 10 20 30 40 50 60 70 80 90 100 Percent

From unaffiliated foreign persons

Exports Imports

Chart 5 Trading Partners of US Parents by Major Area 2008

1 Other includes Africa Middle East and unallocated

Canada 7

Europe 53

Latin America and Other Western Hemisphere 14

Asia and Pacific 21

Other1 5 Canada 5

Europe 49

Asia and Pacific 19

Other1 4

By partner countryThe majority of US parentsrsquo trade in services was withEurope for both exports and imports more than 75percent of US parents that traded services traded withEurope By major region of partner country the distri-bution of US parentsrsquo exports and imports was con-sistent with the distribution of total trade in servicescovered by this study

Exports Europe was the top destination for USparentsrsquo services exports accounting for 53 percent oftotal US parentsrsquo exports (chart 5) By affiliation 59

percent of US parentsrsquo services exports to Europeconsisted of affiliated trade (Full detail on trade bydestination and by affiliation are not shown to protectthe confidentiality of the data)

The next largest destination was Asia and Pacificwhich accounted for 21 percent of total US parentsrsquoservices exports More than two-thirds of parents ex-ported to Asia and Pacific and 42 percent of exportswere to affiliated parties

Latin America and Other Western Hemisphere ac-counted for 14 percent of total US parentsrsquo services

The US Bureau of Economic Analysis conducts a seriesof surveys to collect information on trade in interna-tional services and on the operations of multinationalcompanies The data collection system for internationaltrade in services including the unique firm identifiers ineach data set differs from that for the operations of mul-tinational companies

The project to link these data sets is the first of its kindconducted at the BEA in terms of scope The project cov-ered all three of the major surveys of international tradein servicesmdashthe financial services surveys insurance sur-veys and selected services and transactions in intellectualproperty surveysmdashas well as surveys of the operations ofboth US parents and US affiliates Previous projectshad linked the insurance survey to the US parent surveyand the selected services and transactions in intellectualproperty surveys to the US parent survey This projectexpands on the previous efforts to link the two sets ofsurveys for 2006ndash2008 and aims to include 2009 as well

The surveys were linked via a series of ldquobridgerdquo filesthat identified common reporters in each survey througha multistep process First reporters were linked byemployer identification numbers (EINs) which are col-lected on most BEA surveys and are used for reporting onUS tax forms Among those firms not linked by an EINa second phase attempted to link reporters by their stan-dardized names which incorporate standard namingconventions This step required particularly carefulreview because of its tendency to produce false matcheswhich were removed Finally large unmatched interna-tional services transactors especially those that indicatedthat they had affiliated exports or imports were reviewedto determine if a match should exist but was not identi-fied in the earlier procedures The overall quality of thelink was good and resulted in a high degree of coverageby linked entities overall and particularly among affili-ated transactions

Linking BEA Surveys on International Trade in Services with Surveys on Operations of MNCs

June 2012 SURVEY OF CURRENT BUSINESS 75

exports About 60 percent of parents exported to LatinAmerica and Other Western Hemisphere By affilia-tion the value of US parentsrsquo exports with LatinAmerica and Other Western Hemisphere was almostevenly split between affiliated parties and unaffiliatedparties

Imports Like exports European firms accountedfor the largest share 49 percent of US parentsrsquo im-ports of services By affiliation the value of US par-entsrsquo imports from Europe was almost evenly splitbetween trade with affiliated parties and unaffiliatedparties (Full detail on trade by origin and by affiliationare not shown to protect the confidentiality of thedata)

Latin America and Other Western Hemisphere ac-counted for the next largest share 23 percent of totalUS parentsrsquo imports About half of US parentstraded with Latin America and Other Western Hemi-sphere Unlike exports imports from the region wereoverwhelmingly from unaffiliated parties

Asia and Pacific accounted for 19 percent of totalUS parentsrsquo imports More than 60 percent of USparents traded with Asia and Pacific By affiliationabout two-thirds of imports were from affiliated par-ties

By firm size

In 2008 about 40 percent of US parents exported ser-vices 30 percent of US parents imported services andalmost a quarter of US parents both exported and im-ported services The tendency to engage in servicestrade and the value of services traded by US parentsincreased with firm size as measured by employment(table G) Of the 535 small US parents (those parentswith up to 500 employees) about 20 percent exportedservices and 13 percent imported services in contrast

of the 401 very large US parents (those with morethan 10000 employees) 68 percent exported servicesand 57 percent imported services In addition thenumber of partner countries and the number of ser-vice types traded also increased with size Smaller par-ents tended to trade fewer types of services with fewerpartner countries than larger parents

ExportsVery large US parents and large US par-ents (those with 1001ndash10000 employees) and verylarge US parents accounted for almost four-fifths ofUS parent exporters and for 96 percent of US par-entsrsquo total exports By sector US parents in manufac-turing accounted for almost half of large and very largeexporters but only about a third of their exportsWithin the manufacturing sector chemicals transpor-tation equipment computers and electronic productsand machinery were the leading exporting industriesLarge and very large manufacturing parents primarilyexported royalties and license fees management andconsulting services RampD and testing and installationmaintenance and repair services which combined ac-counted for over 80 percent of total exported services

Finance and insurance parents accounted for 13percent of the total number of large and very large ex-porters and accounted for a quarter of the value of theindustryrsquos services exports About two-thirds of ser-vices exported by large and very large finance and in-surance parents were financial services insuranceoperational leasing and management and consultingservices Information parents accounted for 10 percentof the total number of large and very large exportersand accounted for 19 percent of services exports Over70 percent of exported services by large and very largeinformation parents were royalties and license fees fol-lowed distantly by telecommunications

While large and very large US parents dominated

Table G US Parentsrsquo Trade in Services and Goods and Other Selected Measures by Employment Size 2008

Total number of

firms

Services Goods

Employment (thousands)

Sales Value added

Purchased Inputs1

Number of firms Value(millions of dollars) Number of firms Value

(millions of dollars)

Exporters Importers Exports Imports Exporters Importers Exports Imports Millions of dollars

All US parents 2197 911 665 219487 121662 1283 1093 553658 708706 22273 9274878 2500543 6774335Small and medium firms 809 196 129 8596 6004 449 377 29466 23951 456 321608 67846 253762

0-500 employees 535 108 72 2134 1567 271 231 15151 12150 189 170810 31216 139593501-1000 employees 274 88 57 6462 4437 178 146 14315 11802 267 150799 36630 114169

Large and very large firms 1388 715 536 210890 115658 834 716 524192 684755 21818 8953270 2432697 65205721001-10000 employees 987 444 307 55267 28477 634 524 170876 150684 3989 2084561 555891 1528670More than 10000 employees 401 271 229 155624 87181 200 192 353316 534071 17829 6868709 1876807 4991902

Shares (percent)

1 Inventory change data are not available for US parents Therefore US parentsrsquo measure of purchased inputs calculated as sales minus value added includes inventory change However the value of inventory change compared to sales andshipments is very small For example in the Census 2010 Annual Survey of Manufactures inventory change accounted for less than 1 percent of total shipments for manufacturing in 2009 and 2010

service exports exported services by large and very large US parents were only 24 percent of their sales Exports of services were 27 percent of sales of small US parents and medium (those with 501ndash1000 emshyployees) US parents Small and medium firms tended to export more per employee about $19000 worth of services per employee than did large and very large parents about $10000 worth of services per employee

Small and medium parents each accounted for about 10 percent of the total number of exporters but accounted for less than 5 percent of parentsrsquo total exshyported services Small and medium parents were prishymarily in manufacturing which accounted for 44 percent of exporters but only 9 percent of the value of small and medium parentsrsquo exports Companies in fishynance and insurance accounted for 60 percent of exshyports by small and medium parents

Chart 6 Number of Partner Countries of US Parents by Employment Size 2008

Smaller firms tended to trade with fewer countries (chart 6) By employment size about 65 percent of small parents exported to 5 or fewer countries while about 16 percent exported to more than 15 countries In contrast 57 percent of very large parent companies exported to more than 15 countries

Smaller firms also tended to trade in fewer types of services than the largest firms (chart 7) By employshyment size about 76 percent of small parents exported one or two types of services while 24 percent exported more than two types In contrast 64 percent of very large parents exported one or two types while 36 pershycent exported more than two types

Imports Similar to exports large and very large US parents accounted for four-fifths of US parent importers and 95 percent of total imports By sector US parents in manufacturing accounted for 48 pershycent of large and very large importers and 34 percent of

Chart 7 Number of Service Types Traded by US Parents by Employment Size 2008

0ndash500 501ndash1000 1001ndash10000 More than 10000

1 country 2minus5 countries 6minus15 countries

16minus30 countries More than 30 countries

100

90

80

70

60

50

40

30

20

10

0 0ndash500 501ndash1000 1001ndash10000 More than

10000Employment size

Employment size

100

90

80

70

60

50

40

30

20

10

0

Imports

Exports Percent

Percent

1 service type 2 service types 3minus5 service types

6minus12 service types More than 12 service types

100

90

80

70

60

50

40

30

20

10

0 0ndash500 501ndash1000 1001ndash10000 Greater than

Employment size

0ndash500 501ndash1000 1001ndash10000 Greater than 10000

100

90

80

70

60

50

40

30

20

10

0

Imports

Exports Percent

Percent

the value of their imports Within the manufacturing sector chemicals transportation equipment computshyers and electronic products and machinery accounted for about 60 percent of the total importers and about 80 percent of total imports Large and very large manshyufacturing parents primarily imported royalties and lishycense fees management and consulting services RampD and testing services industrial engineering services and maintenance services which combined accounted for over 80 percent of imported services

Finance and insurance parents accounted for 16 percent of large and very large importers and 38 pershycent of the value of the industryrsquos imports Large and very large finance and insurance parents primarily imshyported insurance services which accounted for about two-thirds of their imported services followed by fishynancial services

Imported services were 18 percent of purchased inshyputs of large and very large parents and 24 percent of purchased inputs of small and medium parents Comshy

paring production and international purchases of sershyvices large and very large US parents contributed $21 of value added to the US economy for every dollar of services that they imported while small and medium parents contributed about $11 of value added

Small and medium parents accounted for 19 pershycent of importers but only 5 percent of parentsrsquo total imported services While firms in manufacturing acshycounted for more small and medium importers than other sectors companies in finance and insurance acshycounted for 76 percent of imported services by small and medium parents

Larger US parents tended to import from more countries About 70 percent of small parents imported from 5 or fewer countries while less than 7 percent imshyported from more than 15 countries In contrast 53 percent of very large parents imported from more than 15 countries while about a quarter imported from 5 or fewer countries

BEA Surveys of International Trade in Services and Direct Investment

The Bureau of Economic Analysis (BEA) conducts 18 surveys to collect information on US international trade in services and on the operations of multinational companies (MNCs) This project used several of these data sets which are the source of data for statistics included in the US international accounts or for statistics on the operations of MNCs Each of the survey forms described below can be found on the BEArsquos Web site wwwbeagov by clicking on ldquoSurvey forms and related materishyalsrdquo under the section ldquoInternationalrdquo

BEA conducts three main sets of surveys on US internashytional trade in services

Surveys of transactions in selected services and intellectual property The BEndash120 benchmark survey is conducted every five years most recently completed for 2006 and currently being conducted for 2011 The BEndash125 is a quarterly survey These surveys cover US international trade in all types of services and intellectual property that are not collected on other BEA surveys or available from other sources They cover transactions in the following types of services accounting auditing and bookkeeping advertising auxiliary insurance (except by US insurance companies) computer and data processing construction database and other inforshymation educational and training engineering architectural and surveying financial (payments only) industrial engishyneering industrial-type maintenance installation alterashytion and training legal management consulting and public relations (including allocated expenses) merchanting (receipts only) mining operational leasing performing arts sports and other live performances presentations and events premiums paid and losses covered for primary insurshyance (payments only) research development and testing telecommunications trade-related ldquootherrdquo (type must be specified)

Surveys of insurance transactions The BEndash140 benchmark survey is conducted every five years most recently for 2008

The BEndash45 is a quarterly survey These surveys collect data on premiums and losses by insurance companies that have engaged in transactions with foreign persons They cover transactions for reinsurance primary insurance (receipts only) and auxiliary insurance

Surveys of financial services transactions The BEndash180 benchmark is conducted every five years most recently for 2009 The BEndash185 is a quarterly survey These surveys cover transactions in the following types of financial services between US financial services providers and foreign pershysons brokerage services related to equity other brokerage services underwriting and private placement financial manshyagement services credit-related services (except card) credit card services financial advisory and custody securities lendshying electronic funds transfer and ldquootherrdquo (type must be specified) BEA conducts two sets of benchmark and annual surveys on

the operations of multinational companies Surveys of US direct investment abroad The BEndash10

benchmark survey is conducted every five years most recently for 2009 The BEndash11 survey is conducted annually The annual and benchmark surveys collect detailed informashytion on the finances and operations of US parents and their foreign affiliates including information on income stateshyments balance sheets RampD employment and trade in goods

Surveys of foreign direct investment in the United States The BEndash12 benchmark survey is conducted every five years most recently for 2007 The BEndash15 survey is conducted annually Like the surveys of US direct investment abroad the annual and benchmark surveys collect detailed informashytion on the finances and operations of US affiliates of forshyeign multinational companies including information on income statements balance sheets RampD employment and trade in goods

Smaller firms also tended to import fewer types of services than larger firms In 2008 80 percent of small parents imported one or two types of services while 14 percent imported more than five types Only half of very large parents imported one or two types while 30 percent imported more than five types

Trade in goods comparison

US parents were more engaged in trading goods than trading services in terms of both the number of firms that trade and the value of trade The value of goods exports $5537 billion was more than twice the value of services exports $2195 billion Imports of goods surpassed imports of services by a factor of more than five US parents imported $7087 billion in goods in 2008 compared with $1217 billion in services

The balance of US parentsrsquo trade in services a surshyplus of $978 billion contrasts with the balance on trade in goods a deficit of $1550 billion The surplus on services trade reflects surpluses for both affiliated trade which accounted for about 60 percent of the surshyplus and unaffiliated trade The deficit on trade in goods consisted mostly of a deficit on affiliated trade which was 79 percent of the total deficit Overall the positive balance on trade in services partly offsets the deficit on goods yielding a combined deficit on US parentsrsquo trade in goods and services of $572 billion

Exports In 2008 US parents were more engaged in exporting goods than in exporting services 58 pershycent of US parents exported goods compared with 41 percent that exported services US parentsrsquo exports of goods were about 60 percent of their total sales while exports of services were about 24 percent of sales However among very large parents a higher proporshytion of firms exported services (68 percent) than exshyported goods (50 percent) The value of both services and goods exports per employee decreased with firm size large and very large parents exported about $24000 worth of goods and about $10000 worth of services per employee and small and medium parents exported about $65000 worth of goods and about $19000 worth of services per employee

By industry goods exporters were primarily classishyfied in manufacturing which accounted for 86 percent of goods exports The top 25 goods exporters in manushyfacturing also exported services and 11 of these top goods exporters were among the top 25 exporters of services

By affiliation both services and goods trade was evenly split between trade with affiliated parties and unaffiliated parties In 2008 52 percent of services exshyports were to affiliated parties compared with 50 pershycent of goods exports

Imports In 2008 US parents were more engaged

in importing goods than in importing services about half of US parents imported goods while 30 percent imported services US parentsrsquo imports of goods acshycounted for about 105 percent of their total purchased inputs while US parentsrsquo imports of services were much smaller just 18 percent of total purchased inshyputs However more very large parents imported sershyvices (57 percent) than imported goods (48 percent) The share of imported goods in purchased inputs of small and medium parents (94 percent) was slightly less than that of large and very large parents (105 pershycent) but the share of imported services in their purshychased inputs (24 percent) was slightly higher than that of large and very large parents (18 percent)

By industry goods importers were concentrated in industries that typically produce and sell goods namely manufacturing (74 percent) and wholesale and retail trade (25 percent) Within manufacturing the largest importers of goods also tended to be the largest importers of services Among the top 25 goods imshyporters all but 3 also imported services and 10 were also among the top 25 importers of services

By affiliation the majority of services imports were from unaffiliated parties while the majority of goods imports were from affiliated parties Unaffiliated trade accounted for 55 percent of services imports while unshyaffiliated trade accounted for 44 percent of goods imshyports

US affiliates In 2008 majority-owned US affiliates of foreign MNCs accounted for $519 billion (17 percent) of US exports and $702 billion (36 percent) of US imports (table H) Although US affiliatesrsquo exports and imports

Table H US Affiliatesrsquo Trade in Services and Goods by Major Industry and Firm Size 2008

Services Goods

All industries 51926 70235 244106 602805 Small and medium firms 13898 20392 66090 194532 Large and very large firms 38028 49843 178016 408273

Manufacturing 7763 13976 139831 261266 Small and medium firms 660 2223 27386 58096 Large and very large firms 7103 11752 112445 203170

Information 9304 8288 2760 (D) Small and medium firms 2008 1845 (D) (D) Large and very large firms 7296 6443 (D) (D)

Finance and insurance 16107 31573 0 () Small and medium firms 6516 10010 0 (D) Large and very large firms 9592 21563 0 (D)

Professional scientific and technical services 2904 4226 957 352 Small and medium firms 852 (D) (D) (D) Large and very large firms 2052 (D) (D) (D)

All other industry sectors 4039 5925 (D) (D) Small and medium firms 2290 (D) (D) (D) Large and very large firms 1749 (D) (D) (D)

A nonzero value between ndash$500000 and $500000 D Suppressed to avoid disclosure of data of individual companies

of services were substantial in size they were smallcompared with other measures of their operations Asa percentage of sales services exports were equivalentto just 15 percent of sales and as a percentage of pur-chased inputs services imports amounted to just 27percent Comparing production and internationalpurchases of services US affiliates contributed morethan $9 of value added to the US economy for everydollar of services that they imported Overall US af-filiates exported about $9000 of services per employeeand imported about $12500 per employee

By industry

US affiliates in finance and insurance were the largestservice traders but affiliates in two sectors associatedwith goods ldquowholesale and retail traderdquo and manufac-turing were also important traders

Exports The largest exporters were affiliates in fi-nance and insurance which accounted for nearly athird of US affiliatesrsquo exports Financial services andinsurance accounted for much of the sectorrsquos exports

Affiliates classified in the ldquowholesale and retailtraderdquo and manufacturing sectors were also large ex-porters of services together accounting for more thana third of US affiliatesrsquo exports For these sectorstransactions that relate to the creation or use of intel-lectual property (including ldquoroyalties and license feesrdquoand ldquoRampD and testing servicesrdquo) were particularlylarge US affiliates accounted for more than 40 per-cent of US exports of RampD and testing services in-cluded in business professional and technical (BPT)services largely because of substantial exports to theirforeign parent groups Foreign MNCs often find theUnited States to be an attractive location for their RampDactivities because of the access to new sources ofknowledge a supply of skilled labor and opportunitiesfor collaboration through proximity to leading univer-sities and clusters of industrial research activity In ad-dition the large domestic market may attract RampD totailor products to local requirements or customersrsquoneeds As a result US affiliates performed $407 bil-lion of RampD in 2008

Imports US affiliates classified in finance and in-surance accounted for nearly half of imports insur-ance mainly reinsurance accounted for most of theindustryrsquos imports Latin America and Other WesternHemisphere and Europe were the main sources of im-ports reflecting the location of large reinsurance cen-ters in those areas

The next largest imports by sector were attributableto manufacturing especially chemicals and transpor-tation equipment manufacturers Most imports bymanufacturing affiliates were ldquoroyalties and licensefeesrdquo and BPT services

By affiliationWhile US affiliates would be expected to be importantcontributors to affiliated trade in services due to trans-actions with foreign parent groups they also have sub-stantial unaffiliated transactions (table I) In 2008affiliated trade accounted for 62 percent of US affili-atesrsquo total exports of services and 52 percent of im-ports Most affiliated trade by US affiliates was withtheir foreign parent groups13

Exports By type of service the average share of ex-ports attributable to affiliated transactions was at least90 percent for all major service types except three(chart 8) Among those service types with the highestaverage share of affiliated exports most were BPT ser-vices In most cases US affiliatesrsquo receipts for theseservices likely reflect foreign parents reimbursing affili-ates for their overhead costs or other expenses For ex-ample because many US affiliates that report exportsof advertising management and consulting legal andaccounting services do not report sales in industriesmost closely associated with these services their ex-ports of these services likely reflect allocated expensesor reimbursement for services that US affiliates pur-chased from other firms rather than receipts for ser-vices that US affiliates performed on behalf of theparent In contrast affiliated exports for ldquoRampD andtestingrdquo and industrial engineering might reflect trans-actions to reimburse affiliates for their expenses andfor services performed for foreign parents

Financial services had by far the lowest averageshare of affiliated exports less than 30 percent fol-lowed by operational leasing and ldquoroyalties and li-cense feesrdquo Within financial services unaffiliatedtransactions dominated exports of brokerage financialadvisory and financial management services

Imports Like exports on average affiliated trans-actions tend to dominate US affiliatesrsquo imports ofmost service types (chart 9) Affiliated trade accounted

13 Like the treatment of US parent companies insurance services arenot included in this discussion or in charts 8 and 9 because all insurancetransactions are deemed to be with unaffiliated parties

Table I US Affiliatesrsquo Exports Imports and Balance on Trade in Services and Goods by Affiliation 2008

Services Goods

Total 51926 70235 ndash18309 244106 602805 ndash358699Unaffiliated 19782 33799 ndash14016 108695 112564 ndash3869Affiliated 32143 36436 ndash4293 135411 490241 ndash354830

with foreign affiliates 5051 1474 3578 22149 35775 ndash13626with foreign parent group 27092 34963 ndash7870 113262 454466 ndash341204

Shares (percent)

Total 100 100 100 100 100 100Unaffiliated 38 48 77 45 19 1Affiliated 62 52 23 55 81 99

80

most service types (chart 9) Affiliated trade accounted for an average of at least 90 percent of imports for 12 of the major service types led by legal services installashytion maintenance and repair RampD and testing operashytional leasing and industrial engineering The high average shares of affiliated trade in these services reshyflects the importance of headquarters or other services provided by foreign parent groups to US affiliates as well as payments by affiliates to cover their share of corporate expenses The lowest average affiliated shares of imports were for trade-related services training and financial services

Chart 8 Average Composition of US Affiliatesrsquo Exports by Type of Service and Affiliation 2008

A Profile of US Exporters and Importers of Services June 2012

By partner country

Europe was the top destination for US affiliatesrsquo exshyports and the top source for their imports Overall the distribution of US affiliatesrsquo exports and imports by location of trade partner resembled that of total sershyvices trade

Exports Europe was the top destination for US afshyfiliatesrsquo exports of services in 2008 followed by Asia and Pacific and Latin America and Other Western Hemisphere Exports to Europe totaled $272 billion accounting for more than half of affiliatesrsquo exports

Chart 9 Average Composition of US Affiliatesrsquo Imports by Type of Service and Affiliation 2008

All services

Advertising

Legal

RampD and testing

Construction

Telecommunications

Trade related

Other

Training

Operational leasing

Financial services

To affiliated foreign persons

0 10 20 30 40 50 60 70 80 90 100 Percent

To unaffiliated foreign persons

All services

Legal

RampD and testing

Operational leasing

Other

Construction

Telecommunications

Advertising

Financial services

Training

Trade related

Canada 6

Europe 52

Asia and Pacific 20

Other1 6 Canada 4

Europe 62

Asia and Pacific 16

Other1 1

Exports Imports

Chart 10 Trading Partners of US Affiliates by Major Area 2008

country where its foreign parent or ultimate beneficialowner (UBO) was located accounted for more thanhalf of exports to Europe most exports to the countryof an affiliatersquos foreign parent or UBO were affiliatedtrade (chart 11)14

US affiliates exported $105 billion of services toAsia and Pacific Transactions between affiliates andthe country in which their foreign parent or UBO is lo-cated accounted for about half of exports to the regionthese exports largely consisted of affiliated transac-tions

Exports to Latin America and Other Western Hemi-sphere totaled $84 billion and were largely attributableto transactions with unaffiliated persons Consistentwith the low share of affiliated trade to this region theshare of total exports attributable to transactions be-tween an affiliate and its country of foreign parent orUBO was just 19 percent

Imports Europe was the largest source of US affili-atesrsquo imports followed by Latin America and Other

14 A foreign parent is the first person outside the United States in a USaffiliatersquos ownership chain that has a direct investment interest in the affili-ate The UBO is that person proceeding up the affiliatersquos ownership chainthat is not owned more than 50 percent by another person and is that per-son that ultimately owns or controls the US affiliate and therefore ulti-mately derives the benefits of ownership or control Unlike the foreignparent the UBO of an affiliate may be located in the United States Formost affiliates the country of UBO is the country of the foreign parent thecountry of the UBO and the country of the foreign parent were the same forabout 80 percent of affiliates in 2008

Western Hemisphere and Asia and Pacific Importsfrom Europe totaled $432 billion transactions be-tween affiliates and the country in which their foreignparent or UBO is located accounted for more than 60percent of imports from the region

Imports from Latin America and Other WesternHemisphere totaled $117 billion and largely consistedof insurance services The share of imports from thisregion attributable to transactions between an affiliateand its country of foreign parent or UBO was relativelylow

US affiliates imported $116 billion in servicesfrom Asia and Pacific The share of imports attribut-able to transactions between US affiliates and theircountry of foreign parent or UBO was especially highfor this region (82 percent) with most trade attribut-able to affiliated transactions

By firm size

The tendency of affiliates to engage in trade in servicesincreased with size (table J) For example only 10 per-cent of small affiliates (up to 500 employees) exportedservices and 14 percent imported services In contrastmore than half of very large affiliates (those with morethan 10000 employees) exported or imported services

Exports Together small and medium affiliates(those with 501ndash1000 employees) accounted fornearly two-thirds of exporters but they accounted for

Transactions between an affiliate and its country of UBO or foreign parent

All other transactions

100

90

80

70

60

50

40

30

20

10

0Canada Europe Latin America

and Other WesternHemisphere

Asia andPacific

100

90

80

70

60

50

40

30

20

10

0

Imports

Exports

Chart 11 Composition of US Affiliatesrsquo Trade in Services by Selected Region 2008

Percent

Canada Europe Latin America and Other Western

Hemisphere

Asia andPacific

only about a quarter of exports In contrast very largeaffiliates accounted for less than 10 percent ofexporters but they accounted for 30 percent of ser-vices exports Together large affiliates (those with1001ndash10000 employees) and very large affiliates ac-counted for nearly three-quarters of services exportedby US affiliates By industry large and very large affil-iates tend to dominate exports of services in most in-dustries for example they accounted for 91 percent ofservices exports in manufacturing and 87 percent inwholesale and retail trade

Comparing services exports with US affiliatesrsquo salesdemonstrates that service exports are small comparedwith their overall operations regardless of firm size Asa percentage of total sales exports of services ac-counted for 15 percent of sales of large and very largeaffiliates and 14 percent of sales of small and mediumaffiliates However small and medium affiliates weremore intensive service exporters than large and verylarge affiliates in terms of exports per employee In2008 small and medium affiliates exported nearly$17000 of services per employee large and very largeaffiliates exported about $8000 of services per em-ployee

In contrast to the dominance of large and very largeaffiliates in some industries small and medium affili-ates were significant exporters in ldquoall other industrysectorsrdquo where they accounted for more than half ofexports Within ldquoall other industry sectorsrdquo the largestservices exports were by small and medium affiliates intransportation and warehousing in real estate andrental and leasing and in management of companiesSmall and medium affiliates also accounted for a siz-able portion of exports in finance and insurancemdashin-dustries in which it is possible for high valuetransactions to be carried out by a relatively small staffFinancial services accounted for the largest portion of

Table J US Affiliatesrsquo Trade in Services and Goods and Other Selected Measures by Employment Size 2008

Total number of firms

Services Goods

Sales Value added Purchased inputs 1

All US affiliates 4949 705 975 51926 70235 2324 2417 244106 602805 5636 3516484 646648 2590493Small and medium 4175 464 669 13898 20392 1893 1988 66090 194532 827 988393 115142 780023

0ndash500 employees 3701 365 519 9326 16003 1603 1700 43874 127668 488 695878 69705 557920501ndash1000 employees 474 99 150 4571 4389 290 288 22216 66864 339 292516 45438 222103

Large and very large 774 241 306 38028 49843 431 429 178016 408273 4810 2528091 531506 18104701001ndash10000 employees 669 184 246 22340 24627 378 373 109909 225110 1988 1255080 242807 914684More than 10000 employees 105 57 60 15688 25216 53 56 68106 183163 2821 1273012 288699 895786

Shares (percent)

1 Purchased inputs have been computed as gross output (sales plus inventory change) minus value added

Financial services accounted for the largest portion of small and medium affiliatesrsquo exports but they also had substantial exports of insurance (especially reinsurshyance)

In general larger affiliates tend to trade with more countries than smaller affiliates Among small affilishyates 62 percent exported to just one country of those affiliates 85 percent exported to the country of their UBO or their foreign parent (chart 12) In contrast only 13 percent of very large affiliates traded with just one country Although the majority of exports by those affiliates were to affiliated parties none were to the country where the foreign parent or UBO was located In addition to trading with fewer countries smaller afshyfiliates tend to export fewer types of services than larger affiliates More than three-quarters of small affil-

Chart 12 Number of Partner Countries of US Affiliates by Employment Size 2008

iates exported just one type of service while just over half of large and very large affiliates exported just one type of service (chart 13)

Imports Together small and medium affiliates acshycounted for more than two-thirds of importers but they accounted for a little more than a quarter of imshyports In contrast large and very large affiliates acshycounted for 31 percent of importers but they accounted for 71 percent of imports Consistent with their large share of total imports of services large and very large affiliates accounted for the dominant share of imports in most industries with more than three-quarters of imports in manufacturing and wholesale and retail trade Small and medium affiliates were more important importers in finance and insurance where they accounted for almost a third of imports

Chart 13 Number of Service Types Traded by US Affiliates by Employment Size 2008

100

90

80

70

60

50

40

30

20

10

100

90

80

70

60

50

40

30

20

10

0

Imports

Exports Percent

Percent

Employment size

100

90

80

70

60

50

40

30

20

10

10000

100

90

80

70

60

50

40

30

20

10

0

Imports

Exports Percent

Percent

Employment size

most of their imports were attributable to insurance especially reinsurance

Services imports accounted for 28 percent of purshychased inputs for both large and very large affiliates and for 26 percent of purchased inputs for small and medium affiliates Although their imports of services were small in value small and medium affiliates were much more intensive service importers than large and very large affiliates relative to their number of employshyees Small and medium affiliates imported nearly $25000 of services per employee compared with imshyports of roughly $10000 per employee for large and very large affiliates Similarly production relative to

imported services was greater for large and very large affiliates than for small and medium affiliates Small and medium affiliates had about $6 of value added for every dollar of imported services compared with about $11 for large and very large affiliates

Larger firms tend to import from more countries Over 90 percent of small and medium firms imported from fewer than five countries In contrast just one-quarter of very large firms imported from one country and more than half imported from more than five countries Among small affiliates that imported from just one country 89 percent imported from the counshytry of either their foreign parent or UBO Among very

Exporters-Importers and US International Trade in ServicesmdashContinues

There is a significant degree of overlap between exporter and importer firms In many cases exporters and importers are one and the same In 2008 nearly half of service exporters also imported the same was true for importers Not surprisingly multinational companies (MNCs) commonly engaged in both exporting and importing services More than 60 percent of MNCs that exported also imported Even among firms that are not part of a multinational company more than 40 percent of exporters also imported

US parents that both exported and imported Across all employment size classes 57 percent of US parents that exported services also imported services and accounted for 87 percent of the total value of US parentsrsquo services exports For imports 80 percent of US parents that imported services also exported services and accounted for 97 percent of the total value of US parentsrsquo services imports

By employment size class very large parents (those with more than 10000 employees) that both exported and imported services accounted for about 75 percent of the number of very large exporters and almost 90 percent of very large importers Very large parents that both exported and imported services also accounted for over 95 percent of the value of exported and imported services by very large parents Similarly more than half of the number of large exporters (those with 1001ndash10000 employees) and almost 80 percent of the number of large importers were both exporters and importers Large parents that both exported and imported accounted for about 65 pershycent of exported services and about 95 percent of imported sershyvices by large parents Small (up to 500 employees) and medium parents (those with 501ndash1000 employees) that both exported and imported services accounted for less than half of the number of their respective exporters and about 70 percent of the number of their respective importers These exporter-importer parents accounted for about 70 percent of services exports and about almost 95 percent of services imports by

small and medium firms Intraindustry trade in services A substantial amount of

intraindustry trade or trade in the same type of products or between the same industries has been identified in global trade flows in the empirical and theoretical literature Intraindustry trade is typically associated with differentiated products (for example brands and types of automobiles) and with operashytions of multinational companies In the data on US service traders more than three-quarters of firms identified as both an exporter and an importer of services engaged in both exporting and importing the same type of service As shown in the table intraindustry trade composes a substantial portion of trade in services 1 Multinational companies accounted for most of the value of intraindustry transactions with more than 90 percent of both intraindustry exports and imports

In 2008 57 percent of total exports and 65 percent of total imports were attributable to intraindustry trade The extent to which firms engaged in intraindustry trade varied by service type

For exports the share of intraindustry trade ranged from a low of 45 percent for business professional and technical (BPT) services to a high of 70 percent for insurance services Intraindustry transactions accounted for more than two-thirds of telecommunications exports

1 Intraindustry exports and imports were identified as exports of a particular type of service by a firm that also imports the same type of service Within the broad categories of financial services insurance and royalties and license fees lsquoservice typesrsquo were identified at a more detailed level than that shown in the table Among financial services the types identified were securities transacshytions management and advisory credit and other financial services and among insurance services covered types included reinsurance primary insurshyance and auxiliary insurance services Among royalties and license fees intrainshydustry transactions were identified for each reported type of intellectual propertymdashindustrial processes books trademarks software franchising fees broadcasting film and TV tape distribution and other intangibles Intraindusshytry transactions in business professional and technical services were detershymined for each specific service type

none imported from the country of their foreign par-ent or UBO

Larger affiliates also tended to import more servicetypes 45 percent of large and very large affiliates im-ported just one type of service compared with 61 per-cent of small affiliates

US affiliates are much more engaged in goods tradethan in services trade in terms of both the value oftrade and the number of firms that engage in tradeUS affiliates had a negative balance on trade in bothgoods and services in 2008 but the $183 billion deficit

on services trade was dwarfed by the $3587 billiondeficit on goods trade For services much of the deficitwas attributable to unaffiliated trade which reflectedlarge imports of insurance For goods trade almost theentire deficit was attributable to affiliated trade In par-ticular the large and persistent deficit on affiliatesrsquotrade in goods reflects the role of many US affiliatesprimarily as distributors of parentsrsquo goods With thisrole and their focus on selling to the US market it isunsurprising that US affiliates would import far morethan they export

By country of UBO there are striking differences inthe balance on trade in goods and services (table K)

For imports the share of intraindustry trade ranged from 52percent for BPT services to 95 percent for telecommunicationsIntraindustry transactions also accounted for a substantialshare of insurance imports Within insurance most intraindus-try trade was attributable to reinsurance US firms that pro-vide reinsurance to foreign persons are also importantpurchasers of reinsurance from abroad Given the large size ofimports by these firms relative to exports it appears that pre-miums paid to foreign reinsurers are to a large extent relatedto policies underwritten for US customers There are alsosome differences in the destination of insurance exports versusthe source of imports While insurance imports primarily comefrom Latin America and Other Western Hemisphere andEurope exports are destined to a range of regions includingEurope Latin America and Other Western Hemisphere Asiaand Pacific and Canada

In telecommunications intraindustry trade is commonbecause basic international communications services are typi-cally provided jointly For example a US firm would record areceipt for its share of the service of transmitting phone mes-sages originating abroad to a US destination likewise the USfirm would record a payment to foreign firms that complete thetransmission of messages originating in the United States to aforeign destination

The low share of exports and imports attributable to intrain-dustry trade for BPT services reflects low levels of intraindustrytrade for a number of its component service types Intraindus-try trade makes up a small share of trade in computer andinformation services legal services and advertising In con-trast management and consulting has a relatively high share ofexports and imports attributable to intraindustry transactionsmainly due to transactions of MNCs which often charge or pay

these fees for headquarters or support services providedbetween units or to allocate expenses among operating unitsOther services that tend to be traded extensively within multi-nationalsmdashsuch as research and development (RampD) and test-ing as well as accounting servicesmdashalso had relatively highshares of intraindustry trade Firms that both import andexport RampD services from the same region are not uncommonBecause the data are not further distinguished within types ofservices it is possible that imports of RampD services mightinclude different types of services compared with exports Forexample imports might reflect payments for clinical trials orroutine functions while exports may reflect development ofadvanced technologies

Exporters-Importers and US International Trade in Services

Intraindustry Trade in Services by Type of Service 2008[Millions of dollars]

Exports Imports

Total

of which

Total

of which

Intrain-dustry 1

Intrain-dustry 2

All services 302303 171431 195555 127396Financial services 63027 38010 17218 13263Insurance 13403 9322 58913 46677Royalties and license fees 102125 66317 29623 17793Telecommunications 9999 6806 7761 7346Business professional and technical services 113750 50976 82039 42316

of whichComputer and information 13120 6126 16895 4780Management and consulting 29708 19690 22766 18031RampD and testing 17345 10958 16322 9676

1 Intraindustry exports have been identified as exports of a particular type of service by a firm that also importsthe same type of service Within the broad categories of financial services insurance and royalties and license feesservice types were identified at a more detailed level than that shown in the table above Among financial servicesthe types identified were securities transactions management and advisory credit and ldquootherrdquo and among insuranceservices covered types included reinsurance primary insurance and auxiliary insurance services Among royaltiesand license fees intraindustry transactions were identified for each reported type of intellectual property industrialprocesses books trademarks software franchising fees broadcasting film and TV tape distribution and otherintangibles Intraindustry transactions in business professional and technical (BPT) services were determined foreach detailed service type

2 Intraindustry imports have been identified as imports of a particular type of service by a firm that also exportsthe same type of service See footnote 1 for more information

Affiliates with UBOs in Asia and Pacific were the larg-est contributors to the deficit on goods trade account-ing for almost half of the deficit while their balance ontrade in services was a very small deficit accountingfor just 1 percent of the total deficit on services tradeAffiliates with UBOs in ldquootherrdquomdashwhich includes theUnited States the Middle East and Africamdashhad a sur-plus on trade in services as they exported more thanthey imported for all major types of services excepttelecommunications15 European-owned affiliates ac-counted for a much larger share of the deficit on ser-vices trade than goods trade and much of the deficitwas attributable to affiliates in finance and insurance

Exports In 2008 US affiliatesrsquo goods exports were$2441 billion compared with their services exports of$519 billion Exports of goods accounted for a slightlylarger share of goods sales (9 percent) than the share ofservices sales (8 percent) accounted for by services ex-ports While just 14 percent of US affiliates exportedservices nearly half exported goods In addition USaffiliates were much more intensive exporters of goodsthan of services they had goods exports of more than$43000 per employee compared with services exportsof about $9000 per employee Despite the large differ-ence in the size of services exports and goods exportsthe two had similar patterns of trade by firm size byUBO location and by industry

By firm size the tendency to export both goods andservices increased as firm size increased For example11 percent of small and medium affiliates exported ser-vices and 45 percent exported goods while 31 percentof large and very large affiliates exported services and56 percent exported goods Like services trade largeand very large affiliates accounted for just 19 percent ofgoods exporters but for 73 percent of exports

Despite accounting for a small share of total goodsexports like their trade in services small and mediumaffiliatesrsquo goods exports per employee were higher than

15 Unlike the foreign parent the UBO of an affiliate may be located inthe United States See footnote 14

those of large and very large affiliates Small and me-dium affiliates exported about $80000 in goods peremployee compared with large and very large affili-atesrsquo goods exports of about $37000 per employee

By location of UBO the distribution of goods ex-ports and services exports is similar European-ownedaffiliates accounted for the largest share of both ser-vices and goods exports though their share of servicestrade was somewhat higher Affiliated transactions ac-counted for a majority of European-owned affiliatesrsquoexports of both services and goods Among European-owned affiliates those with UBOs in Germany werethe largest exporters of goods ($358 billion) followedby those with UBOs in the United Kingdom ($287 bil-lion) and the Netherlands ($98 billion) (Full detail bycountry of UBO is not shown in the table to protectthe confidentiality of the data) German-owned affili-ates were also among the largest exporters of services($64 billion) second only to Switzerland ($78 bil-lion) By industry European-owned affiliates in fi-nance and insurance were the largest exporters ofservices followed by those in manufacturing amongEuropean-owned affiliates manufacturing affiliateswere the largest exporters of goods The next largestexporters by location of UBO were affiliates withUBOs in Asia and Pacific which accounted for a largershare of goods exports than of services exports WithinAsia and Pacific affiliates with UBOs in Japan were thelargest exporters of both goods and services By indus-try affiliates in wholesale and retail trade were the larg-est exporters of both goods and services for the region

By industry services exporters were distributedacross all the major industries including industriestypically associated with the production and sales ofgoods Although it is common for goods producers tohave secondary activities and transactions in servicesit is less common for firms in most services industriesto also produce goods Therefore goods exporterswere mainly limited to industries that produce and sellgoods particularly manufacturing and ldquowholesale andretail traderdquo which together accounted for 95 percent

Table K US Affiliatesrsquo Trade in Services and Goods and Other Selected Measures by Location of UBO 2008[Millions of dollars]

Number of firms

Services GoodsTotal sales Value added Purchased

inputs1Employment(thousands)Exports Imports Exports Imports

All US affiliates 4949 51926 70235 244106 602805 3516484 646648 2590493 5636By major region of UBO

Canada 486 2706 5951 9664 40686 254774 63806 165306 510Europe 2259 30297 44595 130096 238109 2106537 403605 1472191 3645Latin America and Other Western Hemisphere 275 3452 6026 11696 38349 195380 48702 136871 372Asia and Pacific 1625 12238 12240 75506 238405 767945 107911 649907 939Other2 304 3233 1423 17143 47255 191849 22624 166219 171

UBO Ultimate beneficial owner1 Purchased inputs has been computed as gross output minus value added2 ldquoOtherrdquo includes Africa Middle East and United States

retail traderdquo which together accounted for 95 percent of goods exports Within these goods-producing inshydustries there is less overlap among the top firms that export goods and the top exporters of services than among US parents Among the top 25 manufacturing affiliates that exported goods 11 had no exports of sershyvices and only 7 were among the top 25 services exshyporters in that sector

Imports In 2008 US affiliatesrsquo goods imports were $6028 billion compared with their services imports of $702 billion As a share of purchased inputs good imshyports were much more significant than services imshyports Goods imports accounted for 233 percent of purchased inputs while services imports accounted for just 27 percent Comparing production with imports of goods and services US affiliatesrsquo value added per dollar of imported goods was $1 compared with $9 of value added for every dollar of imported services Enshygagement in goods importing was much more comshymon than services importing nearly half of US affiliates imported goods but only 20 percent imshyported services In addition US affiliates imported more goods per employee than services they imported about $107000 of goods per employee compared with about $12500 of services As mentioned earlier the prevalence of goods importing by US affiliates is unshysurprising given the important role they play as disshytributors for their foreign parentsrsquo products

By firm size the pattern of importing is similar to that of exporting small and medium firms make up a substantial portion of importers but their share of transactions is much smaller Small and medium affilishyates were more than two-thirds of services importers and more than three-quarters of goods importers but their share of services imports was just 29 percent and their share of goods imports was 32 percent In addishytion smaller affiliates tend to import more goods per employee than larger affiliates In 2008 small and meshydium affiliates imported more than $235000 of goods per employee while large and very large affiliates imshyported about $85000 of goods per employee

By location of UBO European-owned affiliates were relatively larger importers of services than of goods while affiliates with UBOs in Asia and Pacific were relshy

atively smaller importers of services than of goods Eushyropean-owned affiliates were by far the largest importers of services accounting for 63 percent of toshytal imports By country Swiss-owned affiliates and German-owned affiliates were the largest importers of services while German-owned affiliates were the largshyest importers of goods ($634 billion) followed by British-owned affiliates ($602 billion) (Full detail by country of UBO is not shown in the table to protect the confidentiality of the data) Among European-owned affiliates those in finance and insurance were the largest importers of services followed by those in manufacturing manufacturers accounted for the largshyest share of Europersquos goods imports Among affiliates with UBOs in Asia and Pacific affiliates with UBOs in Japan were the largest importers of both goods and services Korean-owned affiliates were the next largest importers of goods while Indian-owned affiliates were the second largest importers of services

By industry affiliates in finance and insurance had the largest imports of services followed by those in manufacturing The largest goods imports by industry were attributable to wholesale and retail trade folshylowed by manufacturing which reflects affiliatesrsquo imshyportant role as distributors In manufacturing which accounted for large imports of both goods and sershyvices 16 of the top 25 importers of goods also imshyported services but only 8 were among the top 25 importers of services all but 3 of the top 25 services importers also imported goods To some extent there may be some degree of substitutability between goods imports and services imports among manufacturers because foreign MNCs could meet US demand either by exporting goods to their US affiliate who would act mainly as a distributor with minimal processing and assembly functions or by licensing their industrial processes and product designs to the US affiliate who would manufacture the products in the United States The first scenario would give rise to goods imports while the second would give rise to services imports particularly of royalties and license fees However the fact that many affiliates are major importers of both goods and services suggests instead that goods and sershyvices imports may be complementary or unrelated

A Profile of US Exporters and Importers ofServices Evidence From New Linked Data on International Trade inServices and Operations of Multinational Companies
- All US Services Traders
- - Trade in services by industry
  - The role of non-MNCs in services trade
  - - MNCs that Export and Import Services
    - - US parents
      - By industry
        
        By affiliation
        
        By partner country
        
        By firm size
        
        
        US affiliates
        
        By industry
        
        By affiliation
        
        By partner country
        
        By firm size
        
        
        Boxes
        
        Box Using the Linked Data for Research onInternational Trade in Services and MNCs
        
        Box Linking BEA Surveys on International Trade in Services with Surveys on Operations of MNCs
        
        Box BEA Surveys of International Trade in Services and Direct Investment
        
        Box Exporters-Importers and US International Trade in Services
        
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 DEU 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 ESP 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 ETI 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 FRA 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 GRE ltFEFF03a703c103b703c303b903bc03bf03c003bf03b903ae03c303c403b5002003b103c503c403ad03c2002003c403b903c2002003c103c503b803bc03af03c303b503b903c2002003b303b903b1002003bd03b1002003b403b703bc03b903bf03c503c103b303ae03c303b503c403b5002003ad03b303b303c103b103c603b1002000410064006f006200650020005000440046002003c003bf03c5002003b503af03bd03b103b9002003ba03b103c42019002003b503be03bf03c703ae03bd002003ba03b103c403ac03bb03bb03b703bb03b1002003b303b903b1002003c003c103bf002d03b503ba03c403c503c003c903c403b903ba03ad03c2002003b503c103b303b103c303af03b503c2002003c503c803b703bb03ae03c2002003c003bf03b903cc03c403b703c403b103c2002e0020002003a403b10020005000440046002003ad03b303b303c103b103c603b1002003c003bf03c5002003ad03c703b503c403b5002003b403b703bc03b903bf03c503c103b303ae03c303b503b9002003bc03c003bf03c103bf03cd03bd002003bd03b1002003b103bd03bf03b903c703c403bf03cd03bd002003bc03b5002003c403bf0020004100630072006f006200610074002c002003c403bf002000410064006f00620065002000520065006100640065007200200035002e0030002003ba03b103b9002003bc03b503c403b103b303b503bd03ad03c303c403b503c103b503c2002003b503ba03b403cc03c303b503b903c2002egt HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI ltFEFF0049007a006d0061006e0074006f006a00690065007400200161006f00730020006900650073007400610074012b006a0075006d00750073002c0020006c0061006900200076006500690064006f00740075002000410064006f00620065002000500044004600200064006f006b0075006d0065006e007400750073002c0020006b006100730020006900720020012b00700061016100690020007000690065006d01130072006f00740069002000610075006700730074006100730020006b00760061006c0069007401010074006500730020007000690072006d007300690065007300700069006501610061006e006100730020006400720075006b00610069002e00200049007a0076006500690064006f006a006900650074002000500044004600200064006f006b0075006d0065006e007400750073002c0020006b006f002000760061007200200061007400760113007200740020006100720020004100630072006f00620061007400200075006e002000410064006f00620065002000520065006100640065007200200035002e0030002c0020006b0101002000610072012b00200074006f0020006a00610075006e0101006b0101006d002000760065007200730069006a0101006d002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS ltFEFF04180441043f043e043b044c04370443043904420435002004340430043d043d044b04350020043d0430044104420440043e0439043a043800200434043b044f00200441043e043704340430043d0438044f00200434043e043a0443043c0435043d0442043e0432002000410064006f006200650020005000440046002c0020043c0430043a04410438043c0430043b044c043d043e0020043f043e04340445043e0434044f04490438044500200434043b044f00200432044b0441043e043a043e043a0430044704350441044204320435043d043d043e0433043e00200434043e043f0435044704300442043d043e0433043e00200432044b0432043e04340430002e002000200421043e043704340430043d043d044b04350020005000440046002d0434043e043a0443043c0435043d0442044b0020043c043e0436043d043e0020043e0442043a0440044b043204300442044c002004410020043f043e043c043e0449044c044e0020004100630072006f00620061007400200438002000410064006f00620065002000520065006100640065007200200035002e00300020043800200431043e043b043504350020043f043e04370434043d043804450020043204350440044104380439002egt SKY 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 SLV 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 SUO 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 SVE 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 TUR ltFEFF005900fc006b00730065006b0020006b0061006c006900740065006c0069002000f6006e002000790061007a006401310072006d00610020006200610073006b013100730131006e006100200065006e0020006900790069002000750079006100620069006c006500630065006b002000410064006f006200650020005000440046002000620065006c00670065006c0065007200690020006f006c0075015f007400750072006d0061006b0020006900e70069006e00200062007500200061007900610072006c0061007201310020006b0075006c006c0061006e0131006e002e00200020004f006c0075015f0074007500720075006c0061006e0020005000440046002000620065006c00670065006c0065007200690020004100630072006f006200610074002000760065002000410064006f00620065002000520065006100640065007200200035002e003000200076006500200073006f006e0072006100730131006e00640061006b00690020007300fc007200fc006d006c00650072006c00650020006100e70131006c006100620069006c00690072002egt UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
        
        ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJDFFile false CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP 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 FRA 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SUO ltFEFF004b00e40079007400e40020006e00e40069007400e4002000610073006500740075006b007300690061002c0020006b0075006e0020006c0075006f00740020006c00e400680069006e006e00e4002000760061006100740069007600610061006e0020007000610069006e006100740075006b00730065006e002000760061006c006d0069007300740065006c00750074007900f6006800f6006e00200073006f00700069007600690061002000410064006f0062006500200050004400460020002d0064006f006b0075006d0065006e007400740065006a0061002e0020004c0075006f0064007500740020005000440046002d0064006f006b0075006d0065006e00740069007400200076006f0069006400610061006e0020006100760061007400610020004100630072006f0062006100740069006c006c00610020006a0061002000410064006f00620065002000520065006100640065007200200035002e0030003a006c006c00610020006a006100200075007500640065006d006d0069006c006c0061002egt SVE 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice