Home / Knowledge / News / Textiles / WTO Report – world trade slips to 6% growth in 2007

WTO Report – world trade slips to 6% growth in 2007

06
Nov '08
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 per cent in real terms, down from 8.5 per cent 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 per cent trade growth is slightly higher than the preliminary assessment of 5.5 per cent 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 per cent 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 per cent 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.

World Trade Organization


Must ReadView All

Pic: Shutterstock

Textiles | On 26th Sep 2020

Global economic forecast not as dark as earlier guess: IMF

Though the global economic outlook is not quite as dark as expected...

Pic: Edinburgh Woollen Mill

Fashion | On 26th Sep 2020

FRP appointed to value Peacocks, Edinburgh Woollen Mill

Edinburgh Woollen Mill Group CEO Philip Day has started the...

Pic: Shutterstock

Retail | On 26th Sep 2020

India plans retail trade policy, settling logistics policy

India plans to formulate a retail trade policy for which stakeholder...

Interviews View All

Hannah Lane, Redress

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Textile Industry, Head honchos

Textile Industry
Head honchos

Value of 'Made in India' should get more importance

Yash Maniyar, Rekha Maniyar

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Ronald Van Den Broek,

Ronald Van Den Broek

Headquartered in Japan, Mimaki Engineering Co. Ltd. manufactures and...

Marcus Hardelauf,

Marcus Hardelauf

Germany-based Textechno is one of the leading manufacturers of testing...

Himanshu Fogla,

Himanshu Fogla

Jumac, pioneers in spinning can manufacturing in India, was founded in...

Ashok Desai, Bombay Textile Research Association

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Prof Seokheun (Sean) Choi, Binghamton University, State University of New York (SUNY)

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Iago Castro Asensio, RCfil Distribuciones S.L.

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Anjali Bhaskar has an experience of 12 years in the fashion industry. She...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search