Trade in services: a promising segment of international trade

Abstract

The article analyzes the dynamics, sectoral and geographical structure of international trade in services over the past 15 years. It is shown that trade in services is the fastest growing segment of international trade, and less dependent on fluctuations in the world market. Its particular role gives any country an additional opportunity to diversify their exports, increase revenues and employment. It is noted that developed countries remain the leaders of international trade in services; however, the positions of developing countries and countries with transition economies have been gradually strengthening. The features of sectoral structures of trade in services in developed and developing countries are outlined. Given the lower volatility of trade in services compared to commodity trade, the author concludes that greater involvement in trade in services allows to significantly weaken the crisis phenomena in the economy associated with falling commodity prices.