Global Positioning System (GPS) has been widely used in various applications such as geodetic control networks and site velocity estimation. Traditionally, site velocities have been determined using relative GPS positioning. However, the obtained velocity results are thus relative in nature. In recent years, the precise point positioning (PPP) technique, which uses International GNSS Services (IGS) products -- precise satellite ephemerides and clocks -- to directly estimate site positions in the International Terrestrial Reference Frame (ITRF), has become a promising tool for absolute site velocity estimation. Nevertheless, the PPP-derived site positions have been reported to be partially biased as a result of the fact that the above IGS products are based on the loosely constrained IGS analysis centre (AC) solutions. So it is an interesting issue to examine the accuracy of PPP-derived site velocities. In this research, we computed a set of PPP-derived velocity solutions for 33 evenly distributed IGS global tracking stations from 2002 to 2010, and compared them with their respective quantities defined in the ITRF. During the ITRF2000 period, the velocity differences in the east, north, and up directions are 0.22±1.34, -0.93±0.89, 4.82±2.20 mm/yr, respectively. After performing the 7-parameter Helmert transformation to absorb the systematic biases between the PPP results and the ITRF, the differences are significantly reduced to -0.07±1.29, -0.25±0.57, -0.00±2.22 mm/yr, respectively. During the ITRF2005 period, the velocity differences in the east, north, and up directions are -0.07±0.73, -0.28±0.53, 2.50±2.04 mm/yr, and 0.05±0.64, -0.33±0.42, 0.00±2.01 mm/yr after Helmert transformation. Only the vertical component is notably improved by the transformation. This indicates that the quality of IGS products improves with time so the biases existed in the PPP solutions are gradually diminishing. It is concluded that under the current ITRF2005, one can reliably use the PPP technique to obtain highly accurate, on the level of sub-mm/yr, absolute horizontal site velocities.