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.
The detailed annual time series, which have been updated online today, cover total services and services sub-categories for individual economies and various country groupings. These statistics are the result of the common work of UNCTAD, World Trade Organization (WTO), and International Trade Center (ITC), and are published simultaneously by the three organizations.
on international trade in services are released twice a year (by mid-April and mid-July).