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World commercial services exports in 2012 were only 2% higher than in 2011 at $4.3 trillion. The 2012 growth rate for transport services was in line with total world commercial services exports at 2%, while travel services grew faster (4%) and other commercial services grew more slowly (1%) (Table 3). Table 3: World exports of merchandise and commercial services, 2005-12 ($bn and annual % change) Source: WTO Secretariat estimates for merchandise and WTO and UNCTAD Secretariat estimates for commercial services. Commercial services accounted for roughly 19% of total world trade in world goods and commercial services in 2012. However, it should be noted that traditional trade statistics, which measure gross trade flows rather than value added at various stages of production, strongly underestimate(低估)the contribution(贡献) of services to international trade. A joint initiative(联合倡议)between the WTO and the Organisation for Economic Cooperation and Development (OECD) has developed new indicators of trade in value added that provide additional perspective(另外视角) on the role of services in world trade. More information can be found on the WTO’s website, here: /miwi Some sub-categories of other commercial services grew faster than others. Communications (including postal, courier(快递服务) and telecommunications services) declined by 3%, while construction rose 3% and insurance services increased by 2% in 2012. The biggest decline was observed in financial services (i.e. services provided by banks and other financial intermediaries金融中介机构), which fell 4%. The fastest growing sub-sector of other commercial services was computer and information services, which jumped 6% in 2012. Royalties and licence(版税和授权) fees fell 2%, and other business services (including engineering services, legal/accounting services, management consulting, advertising and trade related services, among others) increased by 2%. In dollar terms, US exports of financial services declined by 4% in 2012, the
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