WTO projects 4.7% growth in global trade in 2014
Apr 14 2014 , Geneva/New Delhi
THe growth is projected to be slightly faster at 5.3 per cent in 2015, which is also the 20-year average growth rate.
"The world trade is expected to grow by a modest 4.7 per cent in 2014 and at slightly faster rate of 5.3 per cent in 2015," The World Trade Orgnaisation (WTO) said.
For the past two years, global trade growth averaged 2.2 per cent only.
"For the last two years trade growth has been sluggish. Looking ahead, if GDP forecast hold true, we expect a broad- based but modest upturn in 2014 and further consolidation of this growth in 2015. It is clear that trade is going to increase in trade will not be enough for WTO members," WTO Director General Roberto Azevedo said in a release.
Trade is an important indicator of recovery of the global economy.
It said Asia will continue to fuel growth. Europe and North America's recovery is also set to be a key driver on import and export front.
The release said the rise in financial market volatility was most keenly felt in emerging markets with large current account deficits.
"This is especially true of India, where output growth see-sawed from 2.6 per cent in the second quarter to 7.2 per cent in the third, then back to 3.9 per cent in the fourth," it said.
Asia’s exports grew faster than any other region’s last year, with a 4.6 per cent rise, it said adding it was followed by North America and Europe.
"Turning to imports, the fastest growing region was Asia (4.4 per cent), followed by the Middle East, Africa, North America) and Europe.
India suffered a sharp drop of 2.9 per cent in its imports as a result of its economic slowdown, but China’s purchases from abroad jumped nearly 10 per cent," it added.
India's exports in 2013-14 fall short of the exports target of $ 325 billion and touched $ 312 billion.