Evidence shows that markups in the services sector are higher, on average, than in the manufacturing sector, partly reflecting reduced exposure to foreign competition.23 Although the share of services in total global trade has increased somewhat since 1970, they still only account for around a fifth of total global exports today.24 Lower competition may allow services firms to adjust their prices less frequently.
China UnionPay, together with BSP, will be able to offer Chinese tourists, as well as UnionPay card cardholders from other countries, a better way to facilitate their financial transactions while they are in Fiji. We have noted a large increase in tourist arrivals from China recently. In 2009, the number of tourist arrivals from China at 4,087 was just 0.8 percent of total arrivals.