World Trade Up
by 22% in the 1st Quarter of this Year
The
value of world merchandise trade was 22% higher in the first quarter of 2011
compared to the same period of 2010, according to WTO figures released on 1
June 2011.
These
short-term “value” figures should not be confused with the annual trade growth
figures headlined in the 7 April 2011
press release, which are “volume” data using “constant dollars” with
inflation taken into account.
Moreover,
WTO short-term merchandise trade values are not seasonally adjusted. Seasonal
patterns therefore considerably affect the quarter on quarter (Q-o-Q) and month
on month (M-o-M) developments in world trade, and this in turn affects
comparisons between the trade developments in individual regions and economies.
Chart
1: World merchandise exports, first quarter 2008 to first quarter 2011
Trillion
dollars
Available
monthly statistics for about 70 economies representing more than 90% of world
trade show that merchandise trade rose sharply in March 2011, reflecting in
good part seasonal variations. The value of trade reached for the first time a
level superior to the pre-crisis maximum of July 2008.
Chart
2: Monthly merchandise trade 2008-2011, aggregate of 70 economies a
Trillion
dollars
a
Imports are valued cif (cost, insurance and freight included) while exports are
fob (free on board).
Overview
of regional trade flows
Table
1: World merchandise trade by region and selected economies, January-March 2011
Percentage
change in current US dollars, year-on-year and quarter-on-quarter
|
Exports |
|
Imports |
||
|
Y-o-Y |
Q-o-Q |
|
Y-o-Y |
Q-o-Q |
|
22 |
2 |
World
(a) |
22 |
2 |
|
19 |
1 |
North
America |
19 |
1 |
|
18 |
1 |
United States |
19 |
1 |
|
17 |
3 |
Canada |
18 |
3 |
|
30 |
3 |
South
and Central America |
27 |
-2 |
|
31 |
-10 |
Brazil |
25 |
-3 |
|
18 |
3 |
Europe |
20 |
4 |
|
19 |
3 |
European Union (27) (b) |
19 |
4 |
|
16 |
4 |
intra EU |
16 |
4 |
|
23 |
1 |
extra EU |
23 |
4 |
|
28 |
3 |
Commonwealth
of Independent States (CIS) |
39 |
-14 |
|
24 |
1 |
Russian Federation |
41 |
-16 |
|
30 |
14 |
Africa
and the Middle East |
11 |
-3 |
|
25 |
-2 |
Asia
(a) |
26 |
4 |
|
26 |
-10 |
China |
33 |
5 |
|
42 |
16 |
India |
17 |
16 |
|
13 |
-5 |
Japan |
23 |
3 |
|
25 |
4 |
Six East Asian traders (c) |
23 |
5 |
a
Includes significant re-exports or imports for re-exports.
b
“Intra EU” is trade within the EU; “extra EU” is trade between the EU and
non-EU economies
c
Hong Kong, China (excluding re-export trade), Republic of Korea, Malaysia,
Singapore, Chinese Taipei, and Thailand
Chart
3: Commodity price developments, first quarter 2011
Percentage
change
Source:
IMF