The world merchandise trade in 2006 expanded by 8 while world GDP grew by 3.5, according to the World Trade Organization. A robust recovery of European exports has helped this growth. European exports increased by 3age points to 7. However, China led the export growth with 22 followed by the United States (11). Falling below world average export growth were South, Central America and the Caribbean (2.5), the Commonwealth of Independent States (6), and Africa (3). Exports of the Middle East stagnated. Exports from North America and Asia grew faster than imports to the region. Asia's exports grew by 13 while imports were up 9. Europe recorded balanced export and import growth of 7. For South and Central America, the Commonwealth of Independent States, Africa and the Middle East, import growth largely exceeded that of exports. This pattern is linked to more favourable terms of trade due to increases in commodity prices in the past few years.
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