Developments in International Trade and the Trading System
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Abstract
Last year marked the third consecutive year of decelerating growth in the volume of world output and trade. The recession in North America and the slowdown of the economic expansion in Western Europe, together with the sharp contraction of output in Central/ Eastern Europe and the former USSR, were the main factors behind the slower growth of world trade. Exports from the Middle East were also affected by the repercussions of the Gulf War (imports into the region, on the other hand, remained relatively buoyant). In contrast, the expansion of trade and output remained very strong in Asia, although signs of slower growth began to appear in the second half. Import growth appears to have been accelerating in Latin America as production growth recovered strongly.