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Vol.
8 #2, November 2008
WTO Reports World Trade Slipped Last Year
Weakening demand in developed countries, realignments in exchange
rates, and fluctuations in the prices for commodities, such as oil and
gas, introduced uncertainties into the global markets in 2007. As
a result, growth in world merchandise trade slipped to 6 percent in
real terms, down from 8.5 percent in 2006, according to statistics
published by the WTO on 5 November.
These latest figures come in the official comprehensive compilation for
2007, International Trade Statistics 2008. The 6-percent trade growth
is slightly higher than the preliminary assessment of 5.5 percent
announced in April but still a considerable decline from the 2006
figure. The slowdown “is due to a deceleration of import
demand, mainly in the United States, but also in Europe and
Japan,” the report says.
Trade remained strong in most developing countries. Regions such
as Africa, the Middle East, the Commonwealth of Independent States
(CIS), developing Asia, and South and Central America showed sustained
growth in their economies in 2007. While higher commodity prices
helped to improve the financial situation of certain countries, higher
energy and food prices also increased inflationary pressures
worldwide. Higher commodity prices induced a 19-percent rise in
the total value of agricultural exports, a higher increase than for
trade in manufactured goods, fuels and mining products.
In value terms, for the first time in five years, commercial services
trade rose faster than trade in goods at 18 percent compared with 15
per cent. This was mainly due to the expanding international supply of
many financial, computer, and miscellaneous business, professional and
technical services and the increase in the price of transportation.
--From the World Trade Organization, www.wto.org
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