The demand of a broad range of services is boosting, globally. Trade in business-to-business (B2B) and information and communications technology (ICT) services in particular has flourished, averaging growth of 9% and 12% per year respectively between 2000 and 2015. Poland is in line with the global trend of exports of service, reports HSBC in the “Global Trade Forecast” report.
The survey shows that developed countries currently dominate international service exports, especially in knowledge-intensive industries. If the shift towards increased spending on services endures, this would tend to benefit developed economies. However, Poland which is a highly successful exporter of business services can also benefit from this trend.
Poland is considered as a service hub, while Services exports from Poland is set to grow at ca. 7% p.a. in the next 15 years, that is faster than merchandise exports (ca. 5% p.a.), suggest trade forecast prepared by Oxford Economics, commissioned by HSBC.
Services account for about a fifth of total Polish exports. Transport and tourism constitute half of services trade. As HSBC experts explain, the significant share of transport service in foreign trade it is due to the fact that Poland benefits from its proximity to the EU, playing an important role in German supply chains, which are associated with transportation services; and being a transit route for goods and energy between Eastern and Western Europe.
The share of the top two categories - travel and tourism, has also been declining, as information, computer and technology (ICT) services exports are gaining importance. Currently there are about 1,000 of BSS centres all over Poland. At the moment key services provided by these centres are customer service, IT and advanced finance-accounting processes. What is more, according to Pracuj.pl, within just next four years even as many as 300,000 people could find a job in BPO/SSC sector. The report shows how Poland have benefited from the so-called “nearshoring”. It is when companies choose to outsource services to geographically proximate locations with less difference in time zones, which makes project management more efficient. EU membership and good doing business environment (including data and intellectual property rights protection, quality telecommunication infrastructure and wide range of available financial services) are other important “push” factors for boosting Poland BSS sector. To be successful on demanding foreign markets, Polish service providers develop their offer towards more technologically-advanced, which results in Poland’s evolution from an exporter of simple services to a supplier of more complex services, the reports suggests.
To learn more visit: http://globalconnections.hsbc.com/downloads/trade_forecasts/pl.pdf