World trade volume registers 6% growth say WTO economists
11 Apr '06
5 min read
Overview of major trade developments in 2005
In 2005, world trade, as measured by merchandise exports, grew by 6% in real terms (at constant prices, i.e. volumes adjusted to take account of price changes), after an exceptional 9% expansion recorded in 2004. The slowdown reflected a weaker world economy, and was observable from mid-2004.
However, this downward trend in trade growth was arrested and reversed by the second quarter. (Data on trade in commercial services are not available in real terms.)
Trade growth in dollar value terms, which is affected by price changes, decelerated more strongly than real trade growth in 2005, as average dollar prices increased less rapidly (6.5% in 2005 compared to 11% in 2004).
The value of world merchandise exports rose by 13% in 2005, compared to 21% in 2004 and exceeded the $10 trillion mark for the first time. Commercial services exports are estimated to have increased by 11% at current prices (i.e. in nominal or dollar terms) to $2.4 trillion in 2005 (19% in 2004).
Fuelled by the rise in oil prices, Africa, the Middle East, Central and South America and the Commonwealth of Independent States (CIS, the former Soviet Union countries excluding the Baltic states) recorded strong merchandise export growth in 2005.
All these regions are large net exporters of fuels. Africa and the Middle East recorded their highest shares in world merchandise exports in two decades, due to developments in the oil market over the last two years.
marketing@alchempro.com
