A73/208 B. Trade in services: an area of opportunity for developing countries F Exports of services and 2005-2017(2005=100) 260 2005200620072008200920102011201220132014201520162017 Goods in developed economies -g- Services in developed economies -Goods in developing economies -. Services in developing economies Source UNCTAD secretariat. based on data from UNCTADstat 9. Although trade in services is still dominated by developed countries, developing countries have been catching up. As shown in figure V, over the past decade exports of services have grown more than exports of goods, and have grown more in developing countries than in developed countries. Exports of services have also been more resilient than exports of goods, as shown by the much lower declines in the services exports, both in the 2009 global economic and financial crisis and in the 2015 trade downturn. 3 10. The developing economies share in global exports of services increased from 23 per cent in 2005 to 30 per cent in 2017. Among developing regions, Asia registered he fastest growth in exports of services between 2005 and 2017, and Africa the slowest. Despite the focus on transport and travel in the export profiles of developing conomies,between 2005 and 2017, telecommunications, computer and information services, financial services and other business services ranked among the fastest growing categories of services exported from developing economies. These services experienced annual growth rates of 12 per cent, ll per cent and 9 per cent respectively. Although for least developed countries, exports of services remain very low relative to global exports of services, about 0. 7 per cent in 2017, they are rapidly increasing, accounting for 19 per cent of the total exports from least developed countries. This underscores the potential role of exports of services in achieving Sustainable Development Goal target 17.11 11. The contribution of services to development can be enhanced by allowing access to international markets, which provide for more competition and relevant inputs and factors that support national services. This idea is supported by the higher 3 These trends are based on national accounts statistics. which often exclude certain categorizations(such as mode 3 and mode 4 of the WTo modes of supply) and the added value of services incorporated into the exports of goods and of services activities within manufacturing firms. Therefore such trends underestimate the contribution of services to trade 6/22A/73/208 6/22 18-12039 B. Trade in services: an area of opportunity for developing countries Figure V Exports of services and goods, 2005–2017 (2005 = 100) Source: UNCTAD secretariat, based on data from UNCTADstat. 9. Although trade in services is still dominated by developed countries, developing countries have been catching up. As shown in figure V, over the past decade exports of services have grown more than exports of goods, and have grown more in developing countries than in developed countries. Exports of services have also been more resilient than exports of goods, as shown by the much lower declines in the services exports, both in the 2009 global economic and financial crisis and in the 2015 trade downturn.3 10. The developing economies’ share in global exports of services increased from 23 per cent in 2005 to 30 per cent in 2017. Among developing regions, Asia registered the fastest growth in exports of services between 2005 and 2017, and Africa the slowest. Despite the focus on transport and travel in the export profiles of developing economies, between 2005 and 2017, telecommunications, computer and information services, financial services and other business services ranked among the fastest￾growing categories of services exported from developing economies. These services experienced annual growth rates of 12 per cent, 11 per cent and 9 per cent, respectively. Although for least developed countries, exports of services remain ver y low relative to global exports of services, about 0.7 per cent in 2017, they are rapidly increasing, accounting for 19 per cent of the total exports from least developed countries. This underscores the potential role of exports of services in achieving Sustainable Development Goal target 17.11. 11. The contribution of services to development can be enhanced by allowing access to international markets, which provide for more competition and relevant inputs and factors that support national services. This idea is supported by the higher __________________ 3 These trends are based on national accounts statistics, which often exclude certain categorizations (such as mode 3 and mode 4 of the WTO modes of supply) and the added value of services incorporated into the exports of goods and of services activities within manufacturing firms. Therefore, such trends underestimate the contribution of services to trade. 100 140 180 220 260 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Developed economies Goods Developed economies Services Developing economies Goods Developing economies Services