The World Trade Organisation (WTO) has revised its projection for world trade growth upwards to 13.5 per cent in 2010, following faster than expected recovery in trade flows so far this year.
"This surge in trade flows provides the means to climb out of this painful economic recession and can help put people back to work. It underscores, as well, the wisdom governments have shown in rejecting protectionism," director-general Pascal Lamy said.
The WTO had, in March, forecast global trade volume to expand 10 per cent in 2010.
Merchandise exports of developed economies are predicted to expand 11.5 per cent in volume terms while the rest of the world, including the emerging economies and the Commonwealth of Independent States, is expected to see an increase of 16.5 per cent for the year, WTO said in a report on Monday.
The 13.5 per cent growth in global trade volume would be the fastest year-on-year expansion recorded since 1950. However, the current expansion is on a low base of the previous year (2009) when world trade volume was severely depressed. World exports had plunged 12.2 per cent in 2009.
The fastest year-on-year growth so far since 1950 was the 11.8 per cent growth recorded in 1976, one year after the then unprecedented decline of 7.3 per cent in 1975.