WTO releases global trade and production data
The World Trade Organization (WTO) released its annual global trade data on Thursday (April 14).
The WTO anticipates 6.5% growth in the global goods trade for 2005. That estimate falls short of 2004's 9% growth.
According to the organization's data, 2004's 9% real trade growth was a function of 21% growth in nominal trade and 11% growth in dollar prices.
Asia witnessed high growth in its exports and imports last year.
China became the largest goods trader in Asia and the third largest in the world (with 14.5% real trade growth).
Being major oil exporters, the
CIS,
Middle East and
Africa also showed strong growth in 2004.
Among the six major regions,
North America recorded the weakest growth in nominal exports and imports of goods. The US trade deficit in goods and services ballooned to $618 billion. That figure is equivalent to 6% of the country's GDP and 7% of the global merchandise trade.
Europe's import/export of goods and commercial services showed higher growth in 2004 than 2003 in terms of euros; however, the figure is less than 2003 in dollar terms.
Exports of goods from developing economies accounted for 31% of global goods exports.
The world's major exporters remained the European Union (EU) with $1.2 trillion, the US with $819 billion,
China with $593.4 billion and
Japan with $565.5 billion. These countries accounted for 48% of overall exports.
The US remained the largest importer at $1.53 trillion. The EU was next with $1.28 trillion, trailed by
China and
Japan with $561.4 billion and $454.5 billion respectively.
On the other hand, global GDP grew 4% in 2004. Developing Asia and the
CIS showed the strongest GDP growth worldwide at 7% and 8% respectively.
South America also saw a strong increase with 6%.
Africa and the
Middle East grew 4%.
North America,
Europe and
Japan grew 3%, 2.3% and 2.6% respectively. At only 2%, growth in the Euro zone lagged behind the others.