According to preliminary estimates by the WTO and UNCTAD, in the fourth quarter of 2012, world exports of commercial services grew by 3 %, as compared with the same quarter of the year before. The estimates point to a modest, but certain recovery of global services trade at the end of the year, after 2% decline recorded in the third quarter. Preliminary figures (balance-of-payments basis, current prices) indicate that the observed growth was led by Asia and Oceania (8%) and Northern America (5%). At the same time, Europe's services exports remained stagnant, at the level of exports recorded for the last 3 months of 2011.