23 July 2013
According to preliminary estimates by the WTO and UNCTAD, in the first quarter of 2013, world exports of services grew by 4%, as compared with the same quarter of the year before. The estimates keep pointing to a recovery of global services exchanges.
The drop of international trade in services in the middle of 2012 was primarily caused by weaker exports of European economies, which are now regaining strength (3% growth). Preliminary figures (balance-of-payments basis, current prices), indicate that the global increase in services trade observed thus far this year was also sustained by Asia and Oceania (5%) and Northern America (4%).
Source: UNCTAD and WTO
On the annual level, in 2012, world total services trade expanded by 2%, despite the dwindling of the European services exports, which cover some 45% of the global market. Developing countries, which now account for 30% of the world exports, showed a steady progress (8% rise). LDCs recorded a 4% increase in services exports last year. The figure may appear modest compared to their' performance in 2011 with 19% rise, or the growth rates observed for the LDCs before the global financial crisis, which stood at some 25%, revealing the potential of services sector for improving economic situation of these countries.
Annual statistics on international trade in services are released twice a year (by mid-April and mid-July).
Quarterly figures are released every three months (WTO and UNCTAD).
