World services exports grow in modest by 2% in 2012 – Report

BusinessesGlobal services exports grew by a modest 2% in 2012, preliminary estimates released jointly April 10, 2013 by the UN Conference on Trade and Development (UNCTAD) and the World Trade Organisation (WTO) showed.

According to the two institutions, all regions, except Africa experienced a much lower growth than in 2011 as developing economies services trade continued to grow while the developed ones recorded a slight decrease.

UNCTAD said the observed 2012 services exports’ expansion (balance-of-payments basis, current prices) was led by the developing economies of Asia (8%) and America (6%), and the transition economies (7%).

The UN agency noted that exports of services from developed countries were somewhat lower than in 2011, with most significant decline perceived in Europe (-3%). It adds that Northern American developed countries managed to achieve better exports results (4% increase) than other developed regions.

Developing economies’ share in the world trade continues to improve. “They now hold 30% of the global services market, while in year 2000 that share stood at 23%,” UNCTAD said.

The data was sourced from from the International Monetary (IMF), Eurostat, UNSD, OECD, and other international organizations.

By Ekow Quandzie

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