Post - Crisis Resilience and Trends in the International Service Exchanges by Romania

Abstract

International transactions that occur with non-tangible goods (also-called �invisible� trade) represent more than a third of the world trade, recording a higher dynamics than that of the trade with tangible goods, whose rhythm goes over the dynamics of the global industrial production. The production globalization and the tendency of liberalization of the trade with merchandises, in the spirit of the European Union, have extended to the trade with non-tangible goods as well, and the demand for services has increased, massively contributing to the extension of the array of tradable services and the internationalization, at a fast pace, of the invisible trade. The international transactions with services represent, today, a major component of the international flow of values. In our work, we would like to briefly analyze the evolution of Romania�s services flows in terms of volume (as value) and dynamics in the crisis and post-crisis years, to highlight a series of particularities suggesting �a decoupling of Romania�s trade with services from the evolutions that took place on the global and European level� and the fact that the year 2013 is equivalent to the vigorous relaunch of the Romanian trade with services, being a sure sign that these flows have regained their vigor after the crisis and we will also delineate some essential aspects such as the dynamic expansion of the business trade services, proving Romania�s increased attractiveness as a destination country for relocated services.