The World Trade Organisation (WTO) has revised downward its estimates of global trade, projecting a 10 per cent fall in trade volume against the earlier forecast of a 9.0 per cent decline.
Releasing the WTO's World Trade Report 2009 at the ministerial meeting of the Asia Pacific Economic Cooperation (APEC) in Singapore, WTO secretary-general Pascal Lamy said a recovery led by Asia, however, seems round the corner.
Economic activity in Asian countries, especially the emerging economies like China and India, is helping to slow the pace of trade contraction, Lamy told delegates at the APEC ministerial conference.
"Our figures showed that Asian countries may be leading a recovery in global trade," Lamy said.
Global trade in merchandise goods grew 15 per cent in nominal terms to $15.78 trillion in 2008, the WTO said in its latest World Trade Report, adding that in real or volume terms trade grew 2 per cent in 2008 after rising 6 per cent in 2007.
The share of developing countries in global trade rose to a record 38 per cent in 2008, the WTO said. A major share of this can be attributed to China.