World trade rises by 20% - WTO

THE value of world merchandise trade rose by 25% in the first six months of 2010, the World Trade Organisation (WTO) latest statistics indicate. Exports from Africa and the Middle East were 35% higher than in the corresponding period of 2009, fuelled by demand in Asia and the US, and higher commodity prices. “This surge in trade growth marks a continuation of the trend begun in the first quarter of the year,” read a statement posted by WTO this month. The value of world merchandise trade was around 25% higher in the first three months of 2010 than in the same period of 2009, according to WTO’s figures released in June. The highest price changes in the last quarter were in metals and crude petroleum, while the lowest were in food and beverages. Changes in foods and beverages were also lowest in the previous quarter. According to figures, world merchandise exports increased by 7% in the second quarter of 2010 in comparison with the first quarter. Available monthly statistics for 70 economies representing 90% of world trade show that merchandise trade declined in April and May 2010, but rose again in June. Asian exports and imports both rose by more than 35% in the second quarter of 2010, compared to the corresponding period of 2009. The Commonwealth of Independent States (former members of the Soviet Union), posted a buoyant 44% export growth. Similarly, extra-EU trade (external trade between the EU and the rest of the world) was more dynamic than trade within the EU.