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PRESS/520/Rev.1 
17 April 2008 
 
(08-1793) 
WORLD TRADE 2007, PROSPECTS FOR 2008 
WTO: developing, transition ec onomies cushion trade slowdown 
World trade growth slid to 5.5% last year from 8.5% in 2006 and may grow even more slowly in 
2008 — at about 4.5% — as sharp economic deceleration in key developed countries is only partly 
offset by continuing strong growth in emerging economies, according to World Trade Organization 
economists.  
WTO economists cautioned that their preliminary assessment of 2007 trade figures and forecasts 
for this year have been unusually difficult to gauge due to the uncertainty caused by sharp market fluctuations.  
 
The financial market turbulence, which has considerably reduced economic growth projections for some major developed markets, has clouded the prospects for world trade in 2008. 
 
The present economic growth forecast for these markets is 1.1%. For developing countries, growth is forecast at above 5%. Together these could resu lt in world output growth of 2.6% and a global 
trade expansion of about 4.5% in real terms, that is, discounting inflation. 
 “These are uncertain and troubling times for the global economy,” said Director-General Pascal 
Lamy. “To date, the financial market turmoil, significant price surges and the slow-down of 
developed economies have not led to a disruption of  trade. But protectionist pressures are building 
as policymakers seek answers to the problems that confront us. More than ever we must reinforce 
our global trading system with rules that are more transparent, predictable and equitable. 
 “A reinforced trading system is an essential anchor for economic stability and development. 
Clearly, the best way to achieve this is to conclude the Doha Development round. The time for 
posturing and delay has ended. What we need now is action,” he said.  
The preliminary figure of 5.5% trade growth for 2007 is slightly lower than the 6% forecast for 
2007 this time last year. The global economy and world trade started to slow down in 2007 due to the deceleration of demand in the developed re gions. North America showed the weakest growth 
in output, measured as gross domestic product (GDP). 
 PRESS/520/Rev.1 
Page 2 of 20 
 
 Developing economies and the Commonwealth of Independent States (CIS) region
1, however, 
maintained or strengthened their expansion of outp ut, contributing more than 40% of world output 
growth in 2007. Developing countries’ share of world merchandise trade (exports plus imports) reached a new record level of 34% in 2007. 
 
These two groups of countries are expected to record faster growth in imports than exports; together they are expected to contribute more than one half of global import growth in 2008. 
 
The sharp rise of commodity prices — particul arly fuels and metals — greatly improved the 
financial situation of most developing regions an d boosted imports. But, higher energy and food 
prices translated into inflationary pressures worldwide. 
 Significant variations occurred among major currencies, but not all exchange rate movements 
were helpful to redress global imbalances. While European currencies appreciated vis-à-vis the US 
dollar, changes in the currencies of Asian economies with large current account surpluses had a mixed impact. 
 
The decline of the US dollar in relation to the euro and other European currencies inflated the dollar values of international trade transactions. The dollar value of world merchandise exports 
rose by 15% to $13.6 trillion, and that of comme rcial services by 18% to $3.3 trillion in 2007. 
 In real terms — with adjustment for price and exchange rate changes — real merchandise exports 
were up by 5.5% in 2007 compared to 8.5% in 2006. 
The situation in 2007 
Global economic growth . Growth in world output and trade decelerated in 2007. Weaker 
demand in the developed economies reduced global economic growth to 3.4% from 3.7%, roughly 
the average rate recorded over the last decade. At some 7%, growth in the developing regions was nearly three times the rate recorded in the developed regions. 
 
Economic expansion in the least-developed countri es fully matched the growth rate recorded by 
developing countries as a group in 2007, sustaining a pattern that has been maintained since 
2000. 
 The contribution of the developing countries to global output growth in 2007 exceeded 40%.
2 
 
Domestic demand weakened sharply in the United  States, which reduced the external deficit and 
led to the weakest annual GDP growth rate (2.2%) since 2002. A further widening of the external 
surplus contributed to more than one half of Japan’s 2.1% GDP growth rate in 2007. 
 Europe recorded GDP growth of 2.8% — a somewhat better performance than both Japan and the 
United States last year. Stimulated by sharply higher export earnings and rising investment, 
Russia’s economic growth of 8% was the strongest annual rate since 2000.  
In Central and South America, Africa, the Middle East and developing Asia, economic expansion 
rates showed no signs of deceleration in 2007. The most populous developing countries — China and India — continued to report outstandingly high economic growth. 
                                              
 
1  Armenia, Azerbaijan, Be larus, Georgia, Kazakhstan, Kyrgyz Re public, Moldova, Russia, Tajikistan, 
Turkmenistan, Ukraine, Uzbekistan 
2  Measured with GDP at constant pr ices and market exchange  rates. Measured with GDP at purchasing power 
parities (PPP) the contribution of the developing  regions to global output exceeded one half. PRESS/520/Rev.1 
Page 3 of 20 
 
 
 
Investment . The favourable investment climate maintained in developing regions and the 
Commonwealth of Independent States more than o ffset the adverse effects of financial market 
turbulence, especially that arising from the US su b-prime market crisis in the second half of 2007. 
 
Despite the adverse effects of scarce credit on the volume of mergers and acquisitions, global foreign direct investment (FDI) flows continue d to rise. The UN Conference in Trade and 
Development (UNCTAD)
3 provisionally estimated that global FDI inflows rose by 18% to 
$1.54 trillion in 2007.  
Foreign direct investment flows to Latin America (eg, Brazil, Chile and Mexico) and Russia have 
been particularly strong (50% and 70% respective ly). FDI flows to developing Asia and the new 
EU member states are estimated to have seen less dynamic growth in FDI inflows in 2007 than in 
the past.
4 
 
Exchange rates and inflation . Variations in the exchange rates of major traders in 2007 did 
not always result in effective exchange rate developments conducive to a reduction in global 
imbalances.  
While the US real effective exchange rate depreciated and contributed to a smaller current account 
deficit relative to its GDP, the real effective ex change rate of a number of current account surplus 
economies in East Asia (such as Japan, Chines e Taipei, Hong Kong, China) also decreased, 
contributing to new peak levels in  the ratios of their respective current account surpluses to GDP in 
2007.
5 The real effective exchange rates of the Chinese and Singaporean currencies appreciated 
by 2% and 7% respectively in 2007, without arrest ing the rise in their respective current account 
surpluses.6 
 The real appreciation of the euro had differing consequences for the export performances of euro-
zone economies. Thanks to a 20% increase in its exports, Germany remained the world’s leading 
exporter of merchandise.  
The length of the global upswing and the strength  of economic activity outside the industrial 
regions contributed to a further rise in the price of  fuels and pushed up domestic inflation rates. At 
the end of 2007 consumer prices in developed an d developing economies were increasing faster 
than at the beginning of the year, by about 1 and 2 percentage points respectively.  
 
Trade . Weaker demand in the developed countries provided a less favourable framework for the 
expansion of international trade in 2007 than in  preceding years (Chart 1). Consequently, world 
merchandise exports grew in real terms (that is, at constant prices) by only 5.5%, compared to 8.5% in 2006. 
 
Lower import growth than in the preceding year was observed in North America, Europe, Japan and the net oil importing developing countries in Asia. This downward trend outweighed the higher 
                                              
 
3  UNCTAD, UNCTAD Investment Brief, No.1, 2008.  
4  The Institute for International Finance observed a stro ng increase in net private capital flows to emerging 
markets, driven largely by portfolio flows. Official net flows to emerging markets were negligible in 2007 
following a net outflow in 2006. (Institute for Intern ational Finance, Capital Fl ows to Emerging Market 
Economies, 6 March 2008). 
5  The ratio of the US current account deficit to US GD P is estimated to have decr eased from its peak of 6.2% 
in 2006 to 5.5% in 2007. 
6  JP Morgan, Real broad effective exchange rate in dices. Direct communication to the WTO Secretariat. 
Estimates for current account balances are taken from IMF, World Economic Outlook April 2008. PRESS/520/Rev.1 
Page 4 of 20 
 
 import growth observed in Central and South Americ a, the CIS, Africa and the Middle East. It is 
estimated that the developing countries as a group accounted for more than one half of the 
increase in world merchandise imports in 2007.  
Among the leading traders, China’s (real) merc handise trade expansion remained outstandingly 
strong in 2007 as lower export growth to the US and Japanese markets was largely offset by higher export growth to Europe and a boom in sh ipments to the net-oil-exporting regions. Despite 
a booming domestic economy, weaker demand in  some of China’s major export markets and a 
moderate real effective appreciation of the yuan , import growth continued to lag behind export 
growth. 
 
Trade prospects for 2008 
Recent developments cloud the near-term prospects for the world economy. Among these 
developments are widely held expectations of recessionary tendencies in the United States, 
weaker demand growth in both Europe and Japan, a rise in inflation and depressed global stock 
markets. 
 More positive news come from developing countries and the Commonwealth of Independent States 
(CIS), where strong output and trade growth are pr edicted. Uncertainty arises as to how long the 
developing countries can maintain a strong pace of economic growth in the face of sluggish 
demand in the major developed markets and rising inflationary pressures. 
 
The central projections retained by major institutional forecasters indicate a further deceleration in world economic growth in 2008.
7 If turbulence in international financial markets could be 
contained soon, and its impact on the real economy limited, world output could still grow at 2.6% 
(GDP measured at market exchange rates).   
Domestic demand in the United States stagnated in the fourth quarter of 2007 and may shrink in 
the first half of 2008. Imports of goods and serv ices contracted between the third and fourth 
quarter in 2007 (seasonally adjusted) and are likely to decrease further quarter-to-quarter in the 
first half of 2008. Exports, however, are expected  to grow, sustained by a strong real effective 
depreciation and excess capacity in the US economy caused by sluggish domestic demand.  
The slowdown in GDP growth in Europe is expected to be less pronounced than in the United 
States, maintaining developed country economic growth at slightly above 1% in 2008.  
Despite signs of weaker demand in the United States and Europe in recent months, commodity 
prices started to rise faster again, helping to sustain short term growth prospects in most developing regions and the CIS. 
 
In addition, these regions’ reliance on develope d markets for their exports has markedly decreased 
over recent years, which should limit the adverse effects of lower import demand from the 
developed countries. Foreign exchange reserves in creased sharply and external debt levels have 
been reduced.  
                                              
 
7  All output projections for 2008 are based on IMF,  World Economic Outlook, April 2008.The OECD (OECD 
Economic Outlook, December 2007) and the United Nati ons (World Economic Situation and Prospects 2008, 
January 2008) retained for their basic reference scenario global GDP growth forecasts in the order of 3% to 3.5% for 2008. However, the interim assessments of the global economic situation by the OECD and the IMF in March and April 2008 contain a more pessimistic outlook for economic growth in developed countries, implying a downward adjust ment of global economic prospects. PRESS/520/Rev.1 
Page 5 of 20 
 
 
These trends should help developing countries and the CIS to maintain high investment and 
consumption levels, even if there is some softening of commodity prices in the second half of 
2008. Overall, it is expected that GDP growth in developing countries and the CIS may be maintained at a level above 5% and import growth  above 10% in 2008. Broadly, this is a positive 
picture for developing countries as a whole. But it has to be qualified because the picture is 
different in many low-income food-deficit countries due to the recent sharp increase in food prices. As the prices of major cereals doubled on international markets between mid-2007 and March 
2008 many developing countries are concerned about food security and a sharp rise in their import 
bill in 2008. Given the large share of food in the consumption of the poor in these countries, there 
is a risk that higher food prices could lead to an  increase in poverty. The political consequences of 
higher food prices are already being felt through civil disturbances in some countries. This 
situation poses grave challenges for governments. On the other hand, the UN Food and Agriculture 
Organization expects world cereal output to increase by 2.6% this year, which, if realized, could 
ease the situation somewhat in the second half of the year.
8 
 Assuming a basic scenario of global GDP growth between 2.5% and 3%, global merchandise trade 
could slow down to about 4.5% in 2008, or about 1 percentage point less than in 2007. This 
estimate is supported by the results of the WTO Secretariat’s time series forecasting model which 
predicts a slowdown in the OECD area’s impo rts of goods and services to 3%, a further 
1.5 percentage point decrease from the already subdued rate observed in 2007.
9 
 This pessimistic outlook must be seen in the context of further significant downside risks, as 
foreshadowed by the severe declines in business sentiment captured by the Information and 
Forschung (IFO) economic climate indices for the euro area and the world as a whole.  
Chart 1: Real GDP and trade growth of OECD countries, 2006-07 
% changes, year to year 
-4-2024681012
Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007GDP
Exports of goods and services
Imports of goods and services
 
 
Source: OECD National Accounts. 
 
The risks attached to this scenario turn primarily on financial market developments. The repercussions of the dramatic downturn in the US  property market has spread to other financial 
sectors (eg, investment banking), spilled over to the private international banking system, and 
                                              
 
8  FAO, Crop Prospects and Food Situation, No.2 April, 2008 
9  The WTO Secretariat’s forecast in April 2007 for world trade (6%) and OECD import growth of goods and 
services (4.5%) in 2007 were very close to the curre nt provisional estimates for the actual outcome. PRESS/520/Rev.1 
Page 6 of 20 
 
 curtailed bank liquidity as inter-bank lending dwindled to a fraction of the level before the outbreak 
of the crisis. Some major stock markets have lost about one quarter of market capitalisation from 
their peak in 2007.  
A sharp cut in US interest rates brought only short term breathing space for the financial markets 
but caused havoc on the exchange and commodity markets in the first quarter of 2008 as holders 
of dollar assets tried to limit their exposure to a likely further decline in the currency. The dollar 
reached record low levels against major currencies and oil and gold prices attained historic peak 
levels.  
The adverse consequences of turmoil on financial markets will not only affect US demand growth 
but also lead to further downward revisions in economic growth for Japan and Western Europe. As world trade responds strongly to variations in global economic activity a stronger than projected 
deceleration in world economic growth could cut tr ade growth much more sharply, to significantly 
less than the 4.5% predicted above. (Income elasti city — how much trade responds to changes in 
income — has been between 1.5 and 2 over the last decade, indicating that trade reacts 
significantly.) 
 
Real merchandise trade and output developments in 2007 
The slowdown in economic activity in developed countries was the major factor in the reduced 
expansion of global trade in 2007. Real merchandise export growth is provisionally estimated at 
5.5% in 2007, nearly 3 percentage points less than in 2006 but still close to the average rate of 
trade expansion over the last decade (1997-2007) . The expansion of real trade exceeded global 
output growth by 2 percentage points (Chart 2). 
 
Chart 2 : Growth in the volume of world merchandise trade and GDP, 1997-2007  
Annual % change 
 
Source: WTO Secretariat 
 -2 0 2 4 6 8 10 12 
1997 98 99 00 01 02 03 04 05 06 2007 GDP 
Merchandise exports  
Average export growth  
1997–2007  
Average GDP growth  
1997–2007 PRESS/520/Rev.1 
Page 7 of 20 
 
 
In 2007, the variation in real trade growth amon g regions remained large, reflecting marked 
differences in economic activity and relative price developments. Major terms-of-trade gains could 
be observed again in countries and regions exportin g primarily fuels or minerals. (“Terms of trade” 
is a phrase comparing export and import prices.) 
 
More recently net-food exporters have also enjoyed gains from favourable terms-of-trade 
movements. Unsurprisingly, thanks to their faster income growth and increased international 
purchasing power, net exporters of mining produc ts (fuels and minerals) recorded a double-digit 
rise in their imports, while exports tended to increase less than the global average. 
 
South and Central America  and the Commonwealth of Independent States (CIS)  increased 
their real merchandise imports by about 20%, more than three times the global average in 2007. South and Central American exports were up by 5% and those of the CIS by 6% (Table 1 and 
Chart 3). As mining products a ccount for more than half of African and Middle East  merchandise 
exports, these regions have been major beneficiarie s of relative price changes over the last three 
years. Consequently, these regions increased their import volume by about 12% while their 
exports almost stagnated in real terms. 
 Exports from Asia rose by 11.5% in real terms, again exceeding significantly the region’s import 
growth (8.5%). Within the Asian region very large variations could be observed on the import side. 
While China and India recorded double digit import growth, the comparable figure for Japan was practically stagnant (1%). The trade performance of the four so-called newly industrialized 
economies — Hong Kong China, Republic of Kore a, Singapore and Chinese Taipei — continued to 
be less dynamic than that of the region as a whole,  but still recorded an excess of export growth 
over import growth (8.5% and 7% respectively). 
 
North America’s  real merchandise exports rose somewhat less than global trade but more than 
twice as fast as imports. The excess of regional export growth over import growth can be 
attributed largely to the United States, where import volumes increased only marginally (1%), 
while exports expanded by 7% in 2007. Canada an d Mexico, two net exporters of mining products, 
with currencies strongly appreciating against the US dollar, increased their merchandise imports 
much faster than exports. 
 
Table 1: GDP and merchandise trade by region, 2005-07  
Annual % change at constant prices 
 
  GDP   Exports   Imports 
  2005 2006 2007   2005 2006 2007   2005 2006 2007 
World 3.3 3.7  3.4  6.5 8.5 5.5  6.5 8.0 5.5  
North America 3.1 3.0 2.3  6.0 8.5 5.5  6.5 6.0 2.5 
United States 3.1 2.9 2.2  7.0 10.5 7.0  5.5 5.5 1.0 
South and Central America a 5.6 6.0 6.3  8.0 4.0 5.0  14.0 15.0 20.0 
Europe 1.9 2.9 2.8  4.0 7.5 3.5  4.5 7.5 3.5 
European Union (27) 1.8 3.0 2.7  4.5 7.5 3.0  4.0 7.0 3.0 
Commonwealth of 
Independent States (CIS) 6.7 7.5 8.4  3.5 6.0 6.0  18.0 21.5 18.0 
Africa and Middle East 5.6 5.5 5.5  4.5 1.5 0.5  14.5 6.5 12.5 
Asia 4.2 4.7 4.7  11.0 13.0 11.5  8.0 8.5 8.5 
China 10.4 11.1 11.4  25.0 22.0 19.5  11.5 16.5 13.5 Japan 
b 1.9 2.4 2.1  5.0 10.0 9.0  2.5 2.5 1.0 
India 9.0 9.7 9.1  21.5 11.0 10.5  28.5 9.5 13.0 Newly industrialized 
economies (4) 
c 4.9 5.5 5.6  8.0 12.5 8.5  5.0 8.5 7.0 
                        
a Includes the Caribbean. 
b Trade volume data are derived from customs values defl ated by standard unit values and an adjusted price 
index for electronic goods. 
c Hong Kong, China; Republic of Korea; Singapore and Chinese Taipei. PRESS/520/Rev.1 
Page 8 of 20 
 
 
 
Source: WTO Secretariat. 
 
European trade  performance was somewhat atypical in 2007. A slight deceleration in economic 
growth (by 0.1 percentage points) is reported, together with a sharp reduction in the expansion 
rate of both exports and imports (3.5 percentage points). The slowdown in Europe’s trade is 
particularly pronounced for intra-EU trade.10 
 
Europe’s real merchandise export and import growth of 3.5% in 2007 continued to lag behind the 
global rate of trade expansion, as has been the case since 2002. Within Europe, individual countries’ trade performances differed widely in 2007. Three groups can be distinguished. First, 
most of the new EU members and Turkey expand ed exports and imports by more than 10%. 
Second, Germany, the Netherlands, Austria, Belgium and Switzerland registered trade growth of about 5%. The third group’s trade was almost stagnant (eg, France, Spain, Ireland and Malta). 
 
 
Chart 3: Real merchandise trade growth by region, 2007  
Annual % change 
 
South and Central  
America  a
Commonwealth of 
Independent States
Asia
Europe
North AmericaAfrica & Middle East
0 2 4 6 8 1 01 21 41 61 82 0Imports
ExportsWorld 
exports
 
a Includes the Caribbean. 
Source: WTO Secretariat 
 
                                               
10  It seems that the accuracy of trade between countrie s within Europe, as reported  by some countries, has 
been severely affected by irregular trade transactions related to value-added tax (VAT) fraud. In 2007, UK merchandise exports and imports contracted sharply al though the overall growth in the economy remained 
unchanged between 2006 and 2007. The recent trade decline is most likely due more to a cut in trade flows related to VAT fraud than to changes in demand or regular business transactions. PRESS/520/Rev.1 
Page 9 of 20 
 
 
Nominal trade developments in 200711 
Merchandise trade 
The structure of world merchandise exports in dollar value terms was strongly affected by 
developments in relative prices and exchange rates in 2007. Price developments differed widely by 
sector and region in the course of the year. 
 According to the International Monetary Fund (IMF ), commodity price indices, world export prices 
of fuels, food and beverages increased sharply in the course of the year while prices for 
agricultural raw materials ended the year at a lower level than at the start. Prices for metals, which had risen by more than one half in 2006, continued to rise to new record levels in the first 
half before falling back by December to the level reached in January 2007. Comparing the annual 
averages, prices increased by 18% for metals, 15% for food and beverages, 10% for fuels and only 5% for agricultural raw materials (Chart 4). 
 
Export prices of manufactured goods are estimated to have increased by about 9% in 2007.
12 
Different types of manufactured goods saw quite diff erent price movements. Export prices for iron 
and steel products rose at double digit rates, while those of office and telecom equipment were 
estimated to have decreased again. Available information on export prices for chemicals point to a faster increase in these product groups than for the average of manufactured goods, while prices 
for automotive products increased somewhat below average. 
 
Chart 4: Export prices of selected primary products, 2005-2007  
Annual % change 
Minerals and non-
ferrous metals
Fuels
Beverages a
Food
Agricultural raw  
materials
-5 0 5 10 15 20 25 30 35 40 45 50 55 602007 
2006 
2005 
 
a Comprising coffee, cocoa beans and tea. 
Source: IMF, International Financial Statistics. 
                                               
11  Merchandise trade values for 2007 were estimated on the basis of monthly customs data while commercial 
services data are derived from balance of payments stat istics. The latter are typically available later than 
merchandise trade data, contributing to greater un certainty in the estimates for services than for 
merchandise trade in 2007. 
12  Among leading traders, dollar expo rt prices of manufactured goods incr eased at highly different rates in 
2007. German prices rose by 10.2%. US prices rose by 3.2%, while Japan’s edged up marginally and the Republic of Korea’s decreased slightly. China’s export  unit value index for manufactured goods rose by 
nearly 5% in 2007. PRESS/520/Rev.1 
Page 10 of 20 
 
  
Prices of manufactured goods remained less strong  than those of primary products for the fourth 
consecutive year. These shifts in relative prices had a significant impact on regional export unit values (prices) which ranged from increases of about 10% to 13% for the Commonwealth of 
Independent States (CIS), Africa and the Middle East, to between 4% and 5% in Asia and North 
America. Information on price developments in world commercial services trade is not available. However, the price deflators for US services exports and imports increased by 3% in 2007, 
somewhat less strongly than in the preceding year.  
 Exchange rate developments in 2007 had a major impa ct on the dollar price level of internationally 
traded goods. Contrary to developments in 2006, the US dollar depreciated strongly (in terms of 
annual averages) against the major European currencies and the currencies of major exporters of mining products (such as Canada, Australia and Russia). 
 
In Asia the picture was mixed. The currencies of Japan, Hong Kong China, and Chinese Taipei remained practically unchanged against the US dollar (annual averages) while those of India, 
Thailand and the Philippines increased by about 10%. An intermediate development can be 
observed for the currencies of China, Singapore and Malaysia, which appreciated by about 5% against the US dollar. 
 
The combination of an export structure concentrated largely on electronic goods and other manufactures and a moderate average appreciation of the Asian currencies against the US dollar 
kept Asian export prices at about half the worl d average in 2007. In marked contrast, European 
dollar export prices rose at double-digit rates, largely due to exchange rate changes.  
Chart 5: Dollar exchange rates of selected major currencies, 2001-07  
Indices, January 2001=100 
60708090100110120
2001 2002 2003 2004 2005 2006 2007Euro €
CAN $
UK £
60708090100110120
2001 2002 2003 2004 2005 2006 2007Japanese Yen 
Korean Won
Chinese Yuan
 
Source: IMF, International Financial Statistics. 
 
World merchandise exports in dollar terms rose by 15% to $13.6 trillion in 2007. Almost two thirds 
of this change in the dollar value can be attributed to inflation. Commercial services exports rose 
by 18% to $3.3 trillion. The increase in commercial services exports in 2007 was markedly faster 
than in the preceding year and somewhat faster than that of merchandise trade, which expanded slightly less than in 2006 (Table 2). 
 PRESS/520/Rev.1 
Page 11 of 20 
 
 
Table 2: World exports of merchandis e and commercial services, 2000–07   
$bn and % 
 
  Value   Annual percentage change 
  2007   2000-07 2005 2006 2007 
Merchandise 13 570  12 14 16 15 
Commercial services 3 260  12 12 12 18 
Source: WTO Secretariat. 
 
Merchandise exports by region in dollar terms are the result of a combination of factors including 
demand, prices, exchange rates and capital flows. The region with the highest expansion of both 
exports and imports in 2007 was the Commonwealth of Independent States (CIS), which 
benefited from strong domestic demand, favourable relative pric e developments over the last 
three years and increases in FDI inflows. Imports into the region rose by one third in 2007, twice 
as fast as world trade, while exports rose by close to 20%. Consequently in 2007 the share of the CIS in world merchandise exports and imports rose to its highest level since 1990 (Appendix 
Table 1).  
 The very high levels of primary commodity prices, in particular those of oil and metals, 
underpinned the strong expansion of South and Central America’s  merchandise trade values. 
The region continued to record a merchandise trade surplus, although imports rose by nearly one quarter while exports registered an increase of  around 15%. Brazil, which alone accounts for one 
third of the region’s exports, reported import grow th of nearly one third as compared to about half 
that level in respect of export growth. Argentina,  Colombia and Peru also recorded a strong trade 
performance in dollar terms, with imports and expo rts growing faster than the regional average. 
 
Europe was the only region reporting a stronger increase in the dollar value of its exports in 2007 
than in 2006 (16% and 13% respectively). Import growth was only slightly less than export 
growth, and also somewhat faster than in the preceding year. This acceleration in nominal trade 
growth is entirely due to the strong appreciation of the European currencies vis-à-vis the US dollar 
in 2007.
13 There were major differences among Euro pean traders. Some countries reported 
stagnation in their trade ( e.g. the United King dom) while most of the new EU members recorded 
dollar value growth rates in excess of 20%. Thes e dynamic traders benefited not only from FDI 
inflows but also from their proximity to the booming CIS region.14 
 
Due to the sharp deceleration in US import growth North American  imports rose by only 6%, the 
smallest increase of all regions in 2007. China re placed Canada for the first time as the United 
States’ leading supplier, although US imports from its partners in the North American Free Trade 
Agreement (NAFTA, ie, Canada and Mexico) and Asia increased both roughly in line with total imports. United States imports from China rose by  12%, more than twice as fast as total imports, 
despite very weak US import demand in electron ic goods (–4%) and clothing (3%), two prominent 
sectors of US imports from China.  
In contrast to the strong import growth from China, US imports from Japan and other Asian 
economies declined or stagnated. United States merchandise exports to the world rose twice as much as its imports, despite sluggish exports to NAFTA partners and Japan. The expansion of US 
exports to Europe (16%) and China (18%) exceeded the growth in bilateral imports (6% and 12% 
                                              
 
13  In euro terms Europe’s merchandise exports slowed from 13% growth in 2006 to 6% in 2007. The figures 
for imports were 15% in 2006, down to 5.5% in 2007. 
14  The overall increase in Europe’s trade in 2007 mi ght be understated due to difficulties in accurately 
recording trade flows within the EU. PRESS/520/Rev.1 
Page 12 of 20 
 
 respectively). United States exports were even more dynamic to the mineral exporting regions, 
rising by one fifth to Central and South America an d the Middle East, and by one quarter to Africa.  
 For the first time since 2002 Africa’s  merchandise exports rose less than its imports. The figures 
for 2007 were 15% for exports and 22% for import s. Exports to China alone increased by one 
quarter, and imports by 40%. South Africa, the re gion’s largest merchandise trader, reported a 
deceleration of its import growth and an accelerati on of its export growth, in marked contrast to 
the other African countries. Somewhat unexpected is the preliminary finding that imports of the 
non-oil exporting African countries increased as rapidly as those of the oil-exporting countries.   
The Middle East ’s merchandise exports are estimated to have grown by 10% in 2007, roughly in 
line with the increase in crude oil prices. Yet oil prices do not explain all export developments in this region, and the leading exporters in the region, Saudi Arabia and the United Arab Emirates, 
recorded below average growth while Israel and Jordan (both non-oil exporters) expanded their 
shipments more than the average growth rate for the region. Merchandise imports are estimated to have increased by 23%. Imports of Saudi Arab ia and Qatar increased by about one third, while 
those of Iran and Yemen rose at rates well below the average. 
 Asia’s  merchandise exports continued to expand slightly more than world exports and also slightly 
more than the region’s imports, further widening  the region’s merchandise trade surplus despite a 
stronger increase in import prices than in export prices. In 2007, the trade performance of Asian economies again showed major differences. While China, India and Viet Nam recorded export and 
import growth rates above 20%, Japan and the four  Asian newly industrialized economies (NIEs — 
Hong Kong China, Rep. of Korea, Singapore an d Chinese Taipei) expanded their trade by about 
10% (Appendix Table 1). China further advanced its pre-eminence among Asian traders in 2007. 
For the first time its trade (exports plus imports) exceeded the combined trade of Japan and the 
Republic of Korea, the second and third largest merchandise traders in Asia.
15 
 
From the regional review above it is apparent that the developing countries fared well in the 
expansion of trade in 2007. Their combined mercha ndise exports rose by 16%, to $5.0 trillion, and 
imports rose by 18%, resulting in an aggregate surplus in excess of $450 billion. The share of 
developing countries in world merchandise trad e reached 34%, an all-time record level. 
 For the least-developed countries, thanks largely to higher commodity prices, the expansion of 
merchandise exports was even stronger than for the developing countries over the last seven 
years. Least-developed country exports are estimated to have increased by about 16%, to $120 billion in 2007. At 0.9%, their share in world merchandise exports remained at its highest 
level since 1980 (the first year for which records were kept). 
 Developing countries’ merchandise imports rose by 17%, somewhat faster than world trade. But 
these countries show differences in commodity composition, individual country performance, and 
relative country size. Therefore, grouping them as developing countries or least-developed countries is becoming less meaningful for trade analysis (Appendix Table 1). 
 
World merchandise trade by leading exporters and importers in 2007 is reviewed in Appendix Tables 3 and 4. Despite a marked variation in trade performance, the changes in the ranking of 
the top 30 exporters has largely been limited to a rise or fall of one position. Only India, and the 
Czech Republic gained two positions in the ra nkings. Among the top ten exporters two North 
American traders lost one position, with China mo ving ahead of the United States to number two 
                                              
 
15  China’s customs trade data include shipments which temporarily leave Ch ina and are re-imported 
afterwards. Recorded as China’s “imports from China” they amounted to $86 billion or 9% of total imports (corresponding to 7% of exports). PRESS/520/Rev.1 
Page 13 of 20 
 
 
and Belgium replacing Canada as number nine. The de crease in recorded UK exports of 3% helped 
Italy to move up and become the seventh largest exporter.  
 
On the import side Japan again imported more th an the United Kingdom, although both recorded 
rather weak import growth. Major downward shifts in the import ranking are observed for Switzerland (down four positions), which was overtaken by Turkey and Poland (up 3 and 4 
positions respectively). Among the 10 Asian traders in the top 30 importers five recorded a lower 
ranking than in 2006, three maintained their posi tion and two (Australia and Japan) recorded a 
higher ranking. 
 
Since 2001, when China joined the WTO, its expo rts and imports have expanded on average by 
25% annually, more than twice as much as world trade. Since 2004 China’s merchandise trade 
(exports and imports) overtook that of Japa n and in 2007 its merchandise exports outstripped 
those of the United States. Despite this strong tr ade expansion, China remained the second largest 
merchandise exporter in 2007 after the EU (or Germany). 
Commercial services trade 
World commercial services exports rose by 18% to $3.3 trillion in 2007.16 The acceleration in 
services exports could be observed in all major regions and in all three services categories.17  
 Much of this acceleration is due to exchange rate movements and in some cases also to higher 
costs of transportation fuels. It can be assumed th at exchange rate changes played a stronger role 
in the dollar value change of services trade than in merchandise trade, as Europe (with its appreciating currencies) accounts for a larger share of services than merchandise exports. 
 
Among the three broad commercial services categories, transportation, travel and “other commercial services”, the last of these has been the fastest growing category over the last seven 
years and accounts for slightly more than one half of total services exports. In 2007, other 
commercial services expanded by 19%, again more than transportation and travel. Higher fuels cost contributed to the relatively sharp rise in the dollar value of transportation services (Table 3). 
 
Table 3: World exports of commercial servic es trade by major category, 2000-07  
$bn and percentage change 
 
  Value   Annual % change 
  2007   2000-07 2005 2006 2007 
Commercial services 3 260   12  12 12 18 
Transport 742  11 13 9 18 
Travel  862  9 7 9 14 
Other commercial services 1 653  14 14 15 19 
Source: WTO Secretariat. 
 
Commercial services trade by region is presented in Appendix Table 2. Europe’s  commercial 
services exports and imports were up by 19% and 17% respectively, consolidating Europe’s 
leading position in world services trade by region.18 Europe’s other commercial services and 
                                               
16  Commercial services data are derived from balance of  payments statistics which do not include sales of 
majority-owned foreign affiliates abroad (commercial presence). Balance of payments data are reported 
with a greater delay than customs merchandise trade data which implies that the preliminary information 
on commercial services given in this report is less certai n than for merchandise trade. 
17  According to preliminary estimates the Middle East is the only region in which services trade expanded less 
rapidly in 2007 than a year earlier. 
18  Measured in euro terms Europe’s commercial services  exports and imports rose by 8% and 7% respectively 
in 2007. PRESS/520/Rev.1 
Page 14 of 20 
 
 transportation services expanded markedly more  than travel services for both exports and 
imports. For the latter category the preliminary data indicate that Europe’s travel receipts lagged 
somewhat behind the expansion rate of global travel receipts.  
The United Kingdom and Germany, the two larges t services traders in Europe, experienced an 
increase in their services exports in line with European exports. The increase in France, Italy and the Netherlands was weaker than the European av erage, but much stronger than the average in 
Spain, Ireland, Sweden, Switzerland and Poland. On the import side Spain, Denmark and Sweden 
recorded services import growth in excess of 20% (Appendix Table 5).   
The Commonwealth of Independent States (CIS)  registered the highest export and import 
growth in commercial services trade of all regions in 2007, but still has the smallest share in world services trade. 
 
Asia’s commercial services trade rose only slightly faster than the world total in 2007. Exports of 
all three services categories expanded at roughly the same rate, while on the import side travel 
expenditure is estimated to have been much weaker than the other two services categories. 
 The development of commercial services trade differed widely among the Asian economies. 
Somewhat weak export and import growth in dollar terms was reported for Japan and Chinese 
Taipei, while growth remained moderate for Hong  Kong China, and Singapore. Services exports 
and imports rose by more than 20% in China, Malaysia and Australia.
19 India is estimated to have 
one of the strongest import expansion rates for commercial services in Asia, while its services 
exports rose less than the global average for the first time since 1996.  
 
North America’s  commercial services trade recorded the weakest export and import expansion of 
all regions in dollar value terms I n2007. Although exports rose more than in the preceding year, 
for the seventh year in a row, annual growth la gged behind that of global trade expansion. 
 
US services imports grew by 9%, one of the smallest increases among the 30 leading traders 
reported in Appendix Table 5. US services export s rose by 14%, contributing to a rise in the US 
trade surplus in commercial services of $120 billion. Canada’s services exports was among those 
most affected by the slowdown in the US economy,  rising by a mere 6% in 2007. The appreciation 
of the Canadian dollar stimulated Canadian travel expenditure in the United States and contributed 
to a rise in services imports of 11%. 
 In South and Central America  commercial services imports expanded more than exports in 
2007. According to preliminary data this development was largely due to the travel account, as it 
is estimated that travel expenditure in the region rose by about one quarter, or twice as fast as receipts. Brazil, the leading services trader of th e region, was also one of the most dynamic, as 
exports and imports rose by about one quarter in 2007. 
 The trade performance of the leading commercial services exporters and importers  differed 
widely in 2007. The shifts in ranking among the leading traders reported in Appendix Table 5 
should be interpreted with great caution. For ma ny countries changes in methodology are reported 
and only in a few cases can the new method be applied to previous years without a break in the 
time series. In addition, for a large number of major traders the data are still preliminary and 
subject to future revisions.  
                                              
 
19  In the first half of 2007 China’s commercial services exports reportedly increased by 39% while imports 
rose by one quarter. PRESS/520/Rev.1 
Page 15 of 20 
 
 
On the basis of the preliminary data, the four leading traders, namely the United States, the 
United Kingdom, Germany and Japan, maintained  their rank for both exports and imports. 
Although China’s full-year data are not yet available it seems to have moved ahead of Italy and become the seventh largest exporter of commercial services. Among the major shifts in the export 
ranking, Canada and Austria lost four and eight po sitions respectively, while the Republic of Korea 
gained five positions. Austria’s lower ranking is largely due to a revision in methodology which also caused a similar drop on the import side. As discussed above, Canada recorded one of the weakest 
export growth rates among the leading traders due to sluggish exports to the United States, its 
major market. The gains in Korea’s services exports are based on the strong performance reported for transportation services. 
 
On the import side, a gain of at least two po sitions could be observed for Spain, Russia and 
Australia, which all reported import growth of  over 20% in 2007. Based on preliminary data, 
France has probably lost its number five position in the importer ranking to China. PRESS/520/Rev.1 
Page 16 of 20 
 
  
Appendix Table 1 
Merchandise trade, world, by region and selected country, 2007 
$bn and % 
 
  Exports   Imports 
 Value   Annual % change  Value   Annual % change 
  2007    2000-07  2005  2006  2007    2007    2000-07  2005  2006  2007  
World 13 570   12 14 16 15  13 940   11 14 15 14 
North America 1 854   6 12 13 11  2 704   7 14 11 6 
United States 1 163   6 10 15 12  2 017   7 14 11 5 
Canada 418   6 14 8 8  390  7 15 11 9 
Mexico 272   7 13 17 9  297  7 12 16 11 
South and Central 
America a  496  14 25 21 15  455  12 23 22 26 
Brazil 161   17 23 16 17  127  12 17 23 32 
Other South and Central 
America a  335   13 26 24 14  328  12 25 21 23 
Europe 5 769   12 9 13 16  6 055   12 10 15 16 
European Union (27) 5 314   12 8 13 16  5 569   12 10 14 15 
Germany 1 327   13 7 14 20  1 059   11 9 17 17 
France 552   8 3 7 11  613  9 7 7 13 
United Kingdom b 436   6 11 17 -3  617  9 9 17 3 
Netherlands 551   13 14 14 19  491  12 14 15 18 
Commonwealth of 
Independent States (CIS)  508
  20 28 25 19  377  24 25 31 34 
Russia 355   19 33 25 17  223  26 29 31 35 
Africa 422   16 30 19 15  355  15 21 14 22 
South Africa 70   13 12 13 20  91  17 17 24 18 
Africa less South Africa 352   17 34 20 14  264  15 23 11 24 
Oil exporters c 247   19 44 21 14  97  18 28 9 25 
Non oil exporters 105   13 15 17 16  167  13 21 11 24 
Middle East 721   15 35 21 10  462  16 21 13 23 
Asia 3 798   13 16 18 16  3 528   13 17 16 14 
China 1 218   25 28 27 26  956  23 18 20 21 
Japan 713   6 5 9 10  621  7 13 13 7 
India 145   19 30 21 20  217  23 43 23 24 
Newly industrialized 
economies (4) d 936   10 12 15 11  935  9 13 16 12 
Memorandum items:              
Developing economies 4 967   15 22 20 16  4 517   14 18 17 18 
MERCOSUR e 224   15 21 16 18  184  11 20 23 31 
ASEAN f 863   10 15 18 12  773  11 17 14 12 
EU (27) extra-trade 1 695   12 11 11 16  1 949   11 15 16 15 
Least Developed Countries 
(LDCs) 120  19 36 24 16  118  15 21 15 17 
                            
 
a. Includes the Caribbean. For composition of groups see the Technical Notes of WTO, Intern ational Trade Statistics, 2007. 
b. The 2007 annual change is affected by a reduction in trad e associated with fraudulent VAT declaration. For further 
information, refer to the special notes of the monthly UK Trade First Release (www.statistics.gov.uk/StatBase/Product.asp?vlnk=1119 ) 
c. Algeria, Angola, Cameroon, Chad, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, Sudan. 
d.  Hong Kong, China; Republic of Korea; Singapore and Chinese Taipei. e. Common Market of the Southern Cone : Argentina, Brazil, Paraguay, Uruguay 
f. Association of Southeast Asian Nations: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, 
Thailand, Viet Nam 
 Source: WTO Secretariat.  PRESS/520/Rev.1 
Page 17 of 20 
 
 
Appendix Table 2  
Commercial services, world exports by  region and selected country, 2007 
$bn and % 
 
  Exports   Imports 
 Value   Annual % change  Value   Annual % change 
  2007    2000–07  2005  2006  2007    2007    2000–07  2005  2006  2007  
World  3 260   12  12 12 18  3 060   11 11 11 16 
North America  533   7  11 9 13  440  7 9 9 9 
United States 454   7  11 10 14  336  7 9 9 9 
Canada 61   7  11 7 6  80  9 11 11 11 
Mexico 17   4  15 2 6  24  5 9 7 9 
South and Central 
America a 91   10  20 13 16  97  8 22 15 18 
Brazil 23   14  28 21 25  34  12 39 21 24 
Europe  1 662   13  10 10 19  1 434   12 9 9 17 
European Union (27) 1 512   13  9 10 19  1 337   12 9 9 17 
United Kingdom 263   12  6 10 17  193  10 10 7 13 
Germany 197   14  10 12 18  245  9 6 6 15 
France 130   7  5 0 11  120  11 8 2 12 
Italy 109   10  6 10 12  117  11 8 11 19 
Spain 127   14  10 12 21  97  17 13 17 24 
Commonwealth of 
Independent States (CIS)  64  20  20 23 25  90  21 18 17 29 
Russia 38   22  21 24 25  57  20 18 15 30 
Africa  84   15  13 19 21  97  15 21 14 19 
Egypt 18   10  3 10 16  12  7 27 8 15 
South Africa 13   15  15 7 8  16  16 18 18 14 
Middle East  79   13  17 16 15  125  14 20 19 17 
Israel 21   5  9 10 10  18  6 7 9 24 
Asia  745   13  15 17 19  778  11 12 14 17 
Japan 136   9  14 14 11  157  5 2 9 9 
China 127   ...  19 24 ...  129  ... 16 21 ... 
India 86   ...  ... 35 15  78  ... ... 33 24 
Newly industrialized 
economies (4) b 243   11  11 13 15  230  11 11 13 15 
                            
 
a. Includes the Caribbean. For composition of groups see Chap ter IV Metadata of WTO International Trade Statistics, 2007. 
b. Hong Kong, China; Republic of Korea; Singapore and Chinese Taipei.  
Note: While provisional full year data were available in early March for 33 countries accounting for more than 60% of world 
commercial services trade, estimates for most other countries are based on data for the first three quarters (the first six months in the case of China).  Source: WTO Secretariat. PRESS/520/Rev.1 
Page 18 of 20 
 
 
Appendix Table 3 
Merchandise trade: leading exporters and importers, 2007 $bn and %  
 
Rank Exporters Value Share  Annual 
% 
change  Rank  Importers Value Share Annual 
% 
change  
1 Germany 1 327 9.5  20 1 United States 2 017 14.2 5  
2 China 1 218 8.8  26 2 Germany 1 059 7.5 17  
3 United States 1 163 8.4  12 3 China 956 6.7 21  
4 Japan 713 5.1  10 4 Japan 621 4.4 7  
5 France 552 4.0  11 5 United Kingdom a 617 4.3 3  
6 Netherlands 551 4.0  19 6 France 613 4.3 13  
7 Italy 492 3.5  18 7 Italy 505 3.6 14  
8 United Kingdom a 436 3.1  -3 8 Netherlands 491 3.5 18  
9 Belgium 432 3.1  18 9 Belgium 416 2.9 18  
10 Canada 418 3.0  8 10 Canada 390 2.7 9  
          
11 Korea, Rep 372 2.7  14 11 Spain 374 2.6 14  
12 Russia 355 2.6  17 12 Hong Kong, China 371 2.6 10  
       —retained imports b 96 0.7 ...  
13 Hong Kong, China 350 2.5  8 13 Korea, Republic of 357 2.5 15  
  —domestic exports b 19 0.1  ...      
  —re-exports b 331 2.4  ...      
14 Singapore 299 2.2  10 14 Mexico 297 2.1 11  
  —domestic exports 156 1.1  9      
  —re-exports 143 1.0  11      
15 Mexico 272 2.0  9 15 Singapore 263 1.9 10  
       —retained imports c 120 1.1 9  
16 Taipei, Chinese 246 1.8  10 16 Russia d 223 1.6 35  
17 Spain 242 1.7  13 17 Taipei, Chinese 220 1.5 8  
18 Saudi Arabia b 229 1.6  8 18 India 217 1.5 24  
19 Malaysia 176 1.3  10 19 Turkey 170 1.2 22  
20 Switzerland 172 1.2  16 20 Australia 165 1.2 19  
          
21 Sweden 168 1.2  14 21 Austria 162 1.1 18  
22 Austria 162 1.2  19 22 Poland 161 1.1 27  
23 Brazil 161 1.2  17 23 Switzerland 161 1.1 14  
24 United Arab Emirates b 154 1.1  8 24 Sweden 150 1.1 18  
25 Thailand 152 1.1  17 25 Malaysia 147 1.0 12  
26 India 145 1.0  20 26 Thailand 141 1.0 8  
27 Australia 141 1.0  14 27 Brazil 127 0.9 32  
28 Norway 139 1.0  14 28 United Arab Emirates b 121 0.9 24  
29 Poland 138 1.0  24 29 Czech Republic 118 0.8 27  
30 Czech Republic 122 0.9  29 30 Denmark 99 0.7 16  
 Total of above e 11 497 82.7  -  Total of above e 11 726 82.5 -  
 World e 13 900 100.0  15  World e 14 200 100.0 14  
a. The 2007 annual change is affected by a reduction in trad e associated with fraudulent VAT declaration. For further 
information, refer to the special notes of the monthly UK Trade First Release 
(www.statistics.gov.uk/StatBase/Product.asp?vlnk=1119 ). 
b. Secretariat estimates. c. Singapore’s retained imports are defined as imports less re-exports. d. Imports are valued f.o.b. e. Includes significant re-exports or imports for re-export. 
 
Source: WTO Secretariat. PRESS/520/Rev.1 
Page 19 of 20 
 
 
Appendix Table 4 
Merchandise trade: leading exporters and importers, 2007 Excluding intra-EU (27) trade — $bn and % 
 
Rank  Exporters  Value  Share  Annual 
% 
change  Rank  Importers  Value  Share  Annual 
% 
change  
1 Extra-EU (27) exports 1 695 16.5 16 1 United States 2 017 19.0 5 
2 China 1 218 11.8 26 2 Extra-EU (27) imports 1 949 18.4 15 
3 United States 1 163 11.3 12 3 China 956 9.0 21 
4 Japan 713 6.9 10 4 Japan 621 5.9 7 
5 Canada 418 4.1 8 5 Canada 390 3.7 9 
6 Korea, Republic of 372 3.6 14 6 Hong Kong, China 371 3.5 10 
       — retained imports a 96 0.9 ... 
7 Russia 355 3.5 17 7 Korea, Republic of 357 3.4 15 
8 Hong Kong, China 350 3.4 8 8 Mexico 297 2.8 11 
  — domestic exports a 19 0.2 ...      
  — re-exports a 331 3.2 ...      
9 Singapore 299 2.9 10 9 Singapore 263 2.5 10 
  domestic exports 156 1.5 9   — retained imports b 120 1.1 9 
  re-exports 143 1.4 11      
10 Mexico 272 2.6 9 10 Russian Federation c 223 2.1 35 
          
11 Taipei, Chinese 246 2.4 10 11 Taipei, Chinese 220 2.1 8 
12 Saudi Arabia a 229 2.2 8 12 India 217 2.0 24 
13 Malaysia 176 1.7 10 13 Turkey 170 1.6 22 
14 Switzerland 172 1.7 16 14 Australia 165 1.6 19 
15 Brazil 161 1.6 17 15 Switzerland 161 1.5 14 
16 United Arab Emirates a 154 1.5 8 16 Malaysia 147 1.4 12 
17 Thailand 152 1.5 17 17 Thailand 141 1.3 8 
18 India 145 1.4 20 18 Brazil 127 1.2 32 
19 Australia 141 1.4 14 19 United Arab Emirates a 121 1.1 24 
20 Norway 139 1.4 14 20 Saudi Arabia a 94 0.9 35 
          
21 Indonesia 118 1.1 14 21 Indonesia 92 0.9 14 
22 Turkey 107 1.0 25 22 South Africa a 91 0.9 18 
23 Iran, Islamic Rep. of a 83 0.8 8 23 Norway 80 0.8 25 
24 South Africa 70 0.7 20 24 Viet Nam 61 0.6 36 
25 Bolivarian Rep. of 
Venezuela 69 0.7 6 25 Ukraine a 60 0.6 34 
26 Chile 68 0.7 18 26 Israel a 59 0.6 17 
27 Nigeria a 67 0.6 13 27 Philippines a 57 0.5 6 
28 Kuwait a 63 0.6 14 28 Bolivarian Rep. of 
Venezuela 49 0.5 45 
29 Algeria 60 0.6 9 29 Chile 46 0.4 20 
30 Argentina 56 0.5 20 30 Iran, Islamic Rep. of a 45 0.4 10 
 Total of above d 9 331 90.8 -  Total of above d 9 646 91.1 - 
 World d 
(excl. intra-EU (27))   10 278 100.0 15  World d 
(excl. intra-EU (27))   10 591 100.0 14 
a. Secretariat estimates. 
b. Singapore’s retained imports are defined as imports less re-exports. 
c. Imports are valued f.o.b. d. Includes significant re-exports or imports for re-export.  
Source : WTO Secretariat. PRESS/520/Rev.1 
Page 20 of 20 
 
 Appendix Table 5 
Commercial services: leading ex porters and importers, 2007. 
$bn and %  
 Rank  Exporters  Value  Share  Annual 
% 
change   Rank   Importers Value  Share  Annual 
% 
change  
1 United States  454 13.9  14 1 United States  336 11.0 9  
2 United Kingdom  263 8.1  17 2 Germany  245 8.0 15  
3 Germany  197 6.1  18 3 United Kingdom  193 6.3 13  
4 Japan  136 4.2  11 4 Japan  157 5.1 9  
5 France  130 4.0  11 5 China  129 4.2 ...  
6 Spain  127 3.9  21 6 France  120 3.9 12  
7 China  127 3.9  ... 7 Italy  117 3.8 19  
8 Italy  109 3.3  12 8 Spain  97 3.2 24  
9 Netherlands  91 2.8  13 9 Ireland  93 3.0 18  
10 Ireland  87 2.7  27 10 Netherlands  89 2.9 13  
          
11 India  86 2.7  15 11 Korea, Republic of  85 2.8 21  
12 Hong Kong, China  82 2.5  13 12 Canada  80 2.6 11  
13 Belgium  73 2.2  — 13 India  78 2.6 24  
14 Singapore  66 2.0  13 14 Singapore  70 2.3 14  
15 Korea, Republic of  64 2.0  28 15 Belgium  66 2.2 —  
16 Sweden  63 1.9  26 16 Russia 57 1.9 30  
17 Denmark  62 1.9  17 17 Denmark  56 1.8 21  
18 Canada  61 1.9  6 18 Sweden  48 1.6 21  
19 Switzerland  61 1.9  20 19 Hong Kong, China  40 1.3 9  
20 Luxembourg  60 1.8  18 20 Australia  38 1.2 21  
          
21 Austria  54 1.7  18 21 Thailand  38 1.2 18  
22 Greece  43 1.3  21 22 Austria  37 1.2 12  
23 Australia  40 1.2  22 23 Norway  37 1.2 19  
24 Norway  39 1.2  18 24 Luxembourg  36 1.2 18  
25 Russia 38 1.2  25 25 Taipei, Chinese  35 1.2 8  
26 Taipei, Chinese  30 0.9  5 26 Brazil  34 1.1 24  
27 Thailand  28 0.9  17 27 Switzerland  33 1.1 14  
28 Poland  28 0.9  36 28 Indonesia a 32 1.0 ...  
29 Malaysia  28 0.9  29 29 United Arab Emirates a 28 0.9 ...  
30 Turkey  27 0.8  12 30 Malaysia  27 0.9 15  
 Total of above  2 755 84.6  –  Total of above  2 530 82.7 –  
 World  3 260 100.0  18  World  3 060 100.0 16  
 
a Secretariat estimates.  
Note: While provisional full year data were available in early March for 33 countries accounting for more than 60% of world 
commercial services trade, estimates for most other countries are based on data for the first three quarters (the first six months in the case of China).  Source: WTO Secretariat. 
 
  
END