World trade growth dipped to 6 pc in 2007

Written by:
Subscribe to Oneindia News

New Delhi, Nov 6 (UNI) Weakening demand in developed countries, fluctuations in commodities prices and realignments in exchange rates has caused the world trade growth to slip to six per cent in real terms in 2007, data released by the World Trade Organisation confirmed today.

Global trade growth in 2006 was 8.5 per cent.

The WTO said the six per cent growth is slightly higher than the preliminary assessment of 5.5 per cent announced by it in April.

The report by global trade body attributed the slowdown to "a deceleration of import demand, mainly in the United States, but also in Europe and Japan".

Trade, however, remained strong in most developing countries, indicating sustained growth in their economies in 2007, the report said.

It said while higher commodity prices helped improve financial situation of certain countries, higher energy and food prices added inflationary pressures worldwide.

Value of agricultural exports worldwide went up by 19 per cent in 2007 due to higher commodity prices, while trade in commercial services rose faster at 18 per cent than trade in goods at 15 per cent for the first time in five years, the WTO report added.


Please Wait while comments are loading...