This paper adds to the existing firm-level evidence on international trade in non-tourism services, using a new Portuguese database merged with balance-sheet data. In accordance with the literature, we find that a small number of firms that both export and import services (two-way traders) with diversified service and geographical portfolios account for a substantial share of trade flows. Compared with one-way traders, two-way traders are larger, older, more productive, more profitable and have a higher share of foreign equity. Considering all margins of firm-level trade and controlling for firms’ characteristics, the intensive margins of exports and imports of services are positively related to both productivity and profitability. Regarding the extensive margins, the number of services imported is also positively associated with firms’ performance.

中文翻译：

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国际服务贸易：葡萄牙的公司级证据

本文使用合并了资产负债表数据的新葡萄牙数据库，为非旅游服务国际贸易增加了公司层面的现有证据。根据文献，我们发现少数具有进出口服务和进出口服务的公司（双向贸易商）具有多元化的服务和地域性投资组合，占贸易流量的很大一部分。与单向交易者相比，双向交易者更大，更老，生产力更高，更有利可图，并且拥有更高的外国股权份额。考虑到公司级贸易的所有利润并控制公司的特征，服务进出口的密集利润与生产率和利润率均成正比。关于广泛的利润，