World trade rebounds; rises 25 pct over last year

Geneva: The World Trade Organisation released figures Wednesday which show global trade rebounding strongly in the first half of this year, rising by over 25 per cent from the same period last year. According to the world trade body, emerging economies, in particular, showed powerful growth.

WTO data showed global exports of merchandise goods rising by 25.8 per cent in the second quarter as compared to year-ago levels, coming hard on the heels of a 25.7 per cent rise in the first quarter.

Though 25 per cent higher in value compared to last year trade in the first half of the year still remained below its mid-2008 peaks.

The figures are derived from monthly statistics from about 70 economies that totally constitute about 90 per cent of world trade.

Russia and other former Soviet republics led the second quarter rise with 43.9 per cent growth, and Asia followed with 37.5 per cent. North America, including Mexico, reported a rise of 28.5 percent, but Europe remained comparatively sluggish with 13.2 per cent, which was half the global rate.

The WTO expects that global exports will grow by over 10 per cent in volume terms this year after shrinking by 12 per cent in 2009. For 2009, global exports contracted in value terms by 23 per cent to $12.15 trillion.