Most of the difference represents the cost of all the software that is loaded on the phone. Here is another example. Many companies today purchase back-office computing services on the cloud. Previously, a company may have invested in equipment and software and hired specialized staff to perform these functions. By purchasing cloud services, the company saves those expenses and boosts its productivity.
This is clearly positive for the economy, yet our conventional statistics show a drop in investment and in trade. Resolving the mixed picture I mentioned before that many countries have seen a slowdown in trade and investment, mainly in response to trade uncertainty. At the same time, many countries are seeing strength in their labour markets.