PRESS RELEASE 
 
PRESS/554 
24 March 2009 
 
(09-1423) 
WORLD TRADE 2008, PROSPECTS FOR 2009 
WTO sees 9% global trade declin e in 2009 as recession strikes 
The collapse in global demand brought on by the biggest economic downturn in decades will drive 
exports down by roughly 9% in volume terms1 in 2009, the biggest such contraction since the 
Second World War, WTO economists forecast today. The contraction in developed countries will be particularly severe with exports falling by 10% this year. In developing countries, which are far 
more dependent on trade for growth, exports will shrink by some 2%-3% in 2009, WTO 
economists say.  
Economic contraction in most of the industrial world and steep export declines already posted in 
the early months of this year by most major economies — particularly those in Asia — makes for an unusually bleak 2009 trade assessment, said the WTO in its annual assessment of global trade.  
 
Signs of the sharp deterioration in trade were evident in the latter part of 2008 as demand sagged and production slowed. Although world trade grew by 2% in volume terms for the whole of 2008 it 
tapered off in the last six months and was well down on the 6% volume increase posted in 2007.  
 
“
For the last 30 years trade has been an ever increa sing part of economic activity, with trade 
growth often outpacing gains in output. Production  for many products is sourced around the world 
so there is a multiplier effect — as demand falls sharply overall, trade will fall even further. The depleted pool of funds available for trade finance has contributed to the significant decline in trade 
flows, in particular in developing countries,” said Director-General Pascal Lamy.  
 
“As a consequence, many thousands of trade rela ted jobs are being lost. Governments must avoid 
making this bad situation worse by reverting to protectionist measures which in reality protect no 
nation and threaten the loss of more jobs. We are carefully monitoring trade policy developments. The use of protectionist measures is on the rise. The risk is increasing of such measures choking 
off trade as an engine of recovery. We must be vigilant because we know that restricting imports 
only leads your trade partner to follow suit and hit your exports. Trade can be a potent tool in lifting the world from these economic doldrums . In London G20 leaders will have a unique 
opportunity to unite in moving from pledges to action and refrain from any further protectionist 
measure which will render global recovery  efforts less effective,” Mr. Lamy said.  
 
                                              
 
1  Production and trade may be measured in volume (“real”) or value (“nomina l”) terms. Measures of 
volume or real production and tr ade flows are adjusted for price ch anges and do not take account of 
exchange rate changes, thus permitting an asse ssment of the actual change in flows. Value or 
nominal measures of changes in flows include actual  changes as well as changes in underlying prices 
and exchange rates. Both these meas ures are used in this document. PRESS/554 
Page 2 of 21 
 
 
 
Financial Crisis Sparks Downturn 
 Following the dramatic worsening of the financial crisis since September of last year, real global 
output growth slowed to 1.7%, compared to 3.5% in 2007, and is likely to fall by between 1% and 
2% in 2009. This is the first decline in total world production since the 1930s, and its impact is magnified in trade. But WTO economists warn that  the extraordinary turbulence of world markets 
in recent months and the continued uncertainty about the near-term trajectory of the global 
economy makes gauging the preliminary 2008 trade estimates and 2009 projections unusually difficult.  
 
A notable aspect of the current slowdown in world trade is its synchronized nature. Monthly exports and imports of major developed and develo ping economies have been falling in unison 
since September 2008 (see Appendix Chart 1). With the growing share of developing countries’ 
trade in the global total, and increased geographical diversification of these flows, it was assumed by some commentators that a “decoupling” effect would have made developing countries less 
vulnerable to economic turmoil in developed countries. This has not turned out to be the case.  
 The WTO’s preliminary estimate of 2% growth in world trade volume for 2008 is substantially 
lower than the forecast of 4.5% growth issued a ye ar ago. However, last year’s outlook did identify 
significant downside risks related to developments in financial markets. A large part of the explanation for the over-estimation was the unexpected and very sharp drop in global production 
in the fourth quarter of 2008.  
 
Trade prospects for 2009 
In projecting trade growth for 2009, we assume a normal pattern for a recession, where trade falls, remains weak for a time and then resumes it s upward trajectory and begins to return to its 
previous trend. If this basic scenario holds, world merchandise trade is likely to fall some 9% in 
volume terms in 2009 (ie, where price changes ha ve been removed from the calculation), with 
developed economy exports falling by some 10%  on average and developing country exports 
shrinking by 2–3%. 
 
Trade prospects for 2009 are heavily conditioned by the financial crisis that began almost two years ago in the United States. The crisis intensified dramatically following the collapse of the Wall 
Street investment bank Lehman Brothers in September of last year, and the government-led 
rescue of a number of financial institutions in the United States and elsewhere. Turmoil in the financial sector and acute credit shortages spread  inexorably to the real sector. Declining asset 
prices, faltering demand and falling production translated into dramatically reduced and in some 
cases negative production and trade growth in many countries. Trade has also been affected adversely by a sharp shrinkage in credit to finance imports and exports.  
 
Although the crisis began in the United States, financial institutions and economies throughout the developed and developing world have been severely affected. The deteriorating economic situation 
has taken a toll on both consumer and business confidence, and produced a negative feedback 
between the financial sector and the rest of th e economy that dominates the outlook for 2009.  
 
The months since last September have seen precipitous drops in global production and trade, first 
in the developed economies, then in developing ones as well. Indexes calculated by the Organization for Economic Cooperation and Development (OECD) of composite leading indicators 
for the major industrial economies have plunged to January 2009, indicating a high probability of a 
continuing decline in economic activity. Governments have tried a variety of policy measures to PRESS/554 
Page 3 of 21 
 
 
address the economic crisis, including bailouts for banks that are important for the economic and 
financial system, and, more recently, mortgage assistance for struggling home owners in the 
United States. All of this is in addition to mone tary and fiscal policies that have been deployed 
since the start of the crisis. Conventional monetary policy may be reaching the limits of its 
effectiveness, with interest rates in the United States and elsewhere approaching zero. The timing 
of the recovery may now depend on how effect ive are proposed fiscal stimulus plans, which 
currently amount to more than 3% of world production. 
 
Since the recession began to take hold in the four th quarter of 2008 there has been little cause for 
optimism in the outlook for trade in 2009. The fina ncial crisis has disrupted the normal functioning 
of the banking system and deprived firms and in dividuals of much-needed credit. Falling stock 
markets and housing prices have also administered negative shocks to wealth in the United States and elsewhere, making households unwilling to purchase durable goods such as automobiles while 
they attempt to rebuild their savings. Falling commodity prices, while a boon to consumers in 
importing countries, have also deprived oil-producing countries of export revenues.   
Not even China, with its dynamic economy, can insu late itself from global downturn when most of 
its main trading partners are in recession. China’s exports to its top six trading partners (treating the EU as a single partner) represented 70% of the country’s total exports in 2007. All of these 
trading partners are currently experiencing economic contraction or slowdown and are likely to 
exhibit weak import demand for some time.  
Available monthly data for most major traders show large drops in merchandise exports and 
imports through the first two months of 2009. An exception to this pattern of decline in trade flows is discernible for certain economies in Asia, where positive monthly import growth numbers were 
recorded for China (17 per cent) and also for Singapore, Chinese Taipei and Vietnam. While this is 
only a single month of data, and should therefore be interpreted cautiously, it could be evidence of slowing decline and perhaps a “bottoming out” of  negative trade growth trends. Future trade 
growth will, of course, depend on what happens to  demand elsewhere in the world economy.     
 Moreover, the question must be asked as to how far trade could conceivably fall in the months 
ahead. As an example, consider China’s exports. In February these were down 26% compared 
with the same month in the previous year and 28% compared with January. If one were to extrapolate this downturn, China’s exports would be  approaching zero within ten months to a year. 
This is obviously a highly implausible scenario and emphasizes the reality that such steep declines 
as those we have witnessed recently will not persist.  
The above estimates of trade growth are supported  by the results of the WTO Secretariat’s time 
series forecasting model which predicts for developed countries (more precisely, members of the Organization for Economic Cooperation and Deve lopment or OECD), a slow-down in imports of 
goods and services of some 8.5% (technically , “on a balance-of-payments basis”) (Chart 1). 
 PRESS/554 
Page 4 of 21 
 
 
Chart 1: Real GDP and trade growth of OECD countries, 2007-2008  
% change on a year to year basis  
 
-8-6-4-2024681012
Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1-2008 Q2-2008 Q3-2008 Q4-2008GDP
Exports of goods and services
Imports of goods and services
 
 
Source: OECD National Accounts. 
 
The estimates are sensitive to the size of the initial drop and to the rate of recovery. If the drop in 
world trade is deeper than expected or if recovery  happens more quickly, then the growth forecast 
will need updating.  
Despite the large size of this expected drop in wo rld trade there are still substantial downside risks 
to the projection. Further adverse developments in financial markets could prolong the current crisis, as could a surge in protection. Recovery could be slower than expected if household 
consumption does not return to a more normal growth trend soon.  
 On the other hand, growth could resume more quic kly than expected if reforms to the financial 
sector are implemented quickly and credit market s begin to function more normally. Recessions 
usually contain the seeds of their own recovery, as reduced consumption implies increased savings, which is then lent out to willing borrowers for investment in future production. 
Unfortunately, this channel of recovery may be bloc ked until the world’s banking sector is repaired. 
Reasons for trade contraction 
Trade growth data show declines that are larger than in past slow-downs. A number of factors may 
explain this. 
 One is that the fall-off in demand is more widesp read than in the past, as all regions of the world 
economy are slowing at once. 
 A second reason for the magnitude of recent declines relates to the increasing presence of global 
supply chains in total trade. Trade contraction or expansion is no longer simply a question of 
changes in trade flows between a producing country and a consuming country — goods cross many frontiers during the production process and components in the final product are counted PRESS/554 
Page 5 of 21 
 
 
every time they cross a frontier. The only wa y of avoiding this effect — whose aggregate 
magnitude can only be guessed at on account of the absence of systematic information — would 
be to measure trade transactions on the basis of the value added at each stage of the production process. Since value-added, or the return to factor s of production, is the real measure of income in 
the economy, and trade is a gross flow rather than a measure of income, it follows from the 
reasoning above that strong increases or decreases in trade flow numbers should not be interpreted as an accurate guide to what is actually happening to incomes and employment.  
 
A third element in current conditions that is likely to contribute to the contraction of trade is a shortage of trade finance. This has clearly been a problem and it is receiving particular attention 
from international institutions and governments.  The WTO has been playing a role as honest 
broker by bringing together the key players to work  on ensuring the availability and affordability of 
trade finance.  
 
A fourth factor that could contribute to trade contraction is protection. Any rises in protection will threaten the prospects for recovery and prol ong the downturn. The risk of aggravated 
protectionism is rightly a source of concern going forward.
 2 
 
Overview of trade and production developments in 2008 
Economic growth 
World economic growth — measured by total production, or gross domestic product (GDP) — 
slowed abruptly in 2008 against the backdrop of the worst financial crisis since the 1930s. Weaker 
demand in developed economies brought about by falling asset prices and increased economic 
uncertainty helped pull world output growth down to 1.7%, from 3.5% a year earlier. Growth in 
2008 was the slowest since 2001 and well below the 10 year average rate of 2.9%.  
 
Developed economies only managed a meagre 0.8% gr owth during last year, compared to 2.5% in 
2007, and an average rate of 2.2% between 2000 and 2008. Developing economies, on the other 
hand, expanded their output in 2008 by 5.6%, down from 7.5% in 2007, but still equal to their 
average rate for the 2000–08 period.   
Oil exporting countries experienced rapid growth of 5.5% on average in 2008, with exports from 
the Middle East growing at an even faster rate of 6.3%.   
Least-developed countries (LDCs) grew faster than any other group of countries, at 6.6%, and 
above their 2000–08 average rate of 6.3%.  
Europe and North America each grew only about 1% in 2008, while the oil exporting regions of 
South and Central America, the Commonwealth of Independent States, Africa and the Middle East all experienced GDP growth in excess of 5%. 
 
Asia’s economic growth (GDP) in 2008 was only 2%, owing in large measure to the negative growth (–0.7%) recorded by Japan. By contrast, developing Asia (excluding Japan, Australia and 
                                              
 
2  Two factors that might accentuate the extent of year-on-year declines in monthly data in value terms 
are the higher commodity prices that prevailed a ye ar ago and increases in the value of the US dollar 
compared to most other currenci es. The WTO estimate of export growth in 2009 is not, however, 
influenced by these considerations because it is ca lculated in real rather than nominal terms (see 
footnote 1 above). 
 PRESS/554 
Page 6 of 21 
 
 
New Zealand) grew 5.7%, led by China, which registered the fastest growth of any major 
economy, at 9.0%. 
 The overall picture was one of continuing growth in  the first half of the year, with oil exporting 
countries in particular benefiting from record high  commodity prices. This was followed by faltering 
growth and the beginnings of a severe downturn in the second half, starting in the United States 
and other developed countries, and then spreading to developing countries.  
Exchange rates and commodity prices  
The value of the US dollar against a broad grou p of currencies — that is, its real effective 
exchange rate — rose during 2008 as the United States currency strengthened against those of its 
trading partners. The rise of the dollar followed a weakening against other currencies since 2002. 
The 2008 appreciation was most pronounced in the second half of the year as the financial crisis intensified. A strengthened dollar appears in large measure to be the result of a flight to cash in a 
perceived “safe haven” currency. This may also explain the strengthened yen (see below). 
 In the first half of 2008 the euro rose 7% against the dollar and then fell 14% from July to 
December. The euro had previously gained 30% against the dollar between January 2006 and its 
peak in July 2008. The British pound, the Canadian dollar and the Korean won all displayed similar trends, falling sharply against the dollar in th e second half of 2008, af ter a long period of 
appreciation. 
 The Japanese yen and Chinese yuan behaved different ly in response to the financial crisis. Both 
had appreciated against the dollar in recent years. As the financial crisis took hold, the yen rose 
sharply against the dollar while the yuan has remained more or less constant.   
Prices for primary commodities were highly volat ile in 2008, which is one of the main reasons why 
trade performance in the second half of the year wa s so different from the first half. After steadily 
rising throughout 2007, energy prices spiked to record highs at over $140 a barrel by mid-year, 
only to crash afterwards to the lowest leve l since early 2005 amid weakening demand in oil 
importing countries. Between January 2007 and July 2008 fuel prices rose 144%, more than doubling. But from July until the end of 2008 they fell 63% (Chart 2). 
 
Chart 2: Prices of selected primary prod ucts, January 1998 — January 2009 
Index, January 2002=100 
0100200300400500600700
Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09Energy
Metals
Food
 
Source: IMF International Financial Statistics. 
 PRESS/554 
Page 7 of 21 
 
 
 
Prices for other primary products, including metals  and food, have also fallen from their peaks 
earlier in 2008. Inflationary pressures remain in check in most countries due to weaker demand for goods worldwide, and deflation may be a greater risk in some countries in the short term. 
Trade 
Merchandise trade growth in real terms (i.e. ad justed to discount changes in prices) slowed 
significantly in 2008 to 2%, compared to 6% in 2007. But trade still managed to grow faster than 
global output, as is usually the case when production growth is positive. Conversely, when output 
growth is declining trade growth tends to fall even faster, as we are now witnessing.   
In dollar terms (which includes price changes and exchange rate fluctuations), world merchandise 
exports increased by 15% in 2008, to $15.8 trilli on, while exports of commercial services rose 
11% to $3.7 trillion.  
 
The share of developing economies in world merchandise trade set new records in 2008, with exports rising to 38% of the world total and imports increasing to 34%.  
 
Germany’s merchandise exports in 2008, at $1.47 trillion, were slightly larger than China’s $1.43 trillion. This meant that Germany retained its position as the world’s leading merchandise exporter.  
 
Despite its strong overall trade performance, Chin a’s exports in some product categories faltered 
towards the end of the year. Exports of office an d telecom equipment to the rest of the world, 
worth some $381.5 billion in 2008, fell 7% in the fourth quarter compared to the same period of 
the previous year, after growing at an average rate  of 17% during the first three quarters. Exports 
of office and telecom equipment to the United St ates fell even more sharply, registering a 13% 
decline in the fourth quarter after growth of 10% in the third quarter. Overall, exports of Chinese 
manufactured goods to the United States increased just 1% over the previous year, after growth 
of 14% in the third quarter. 
 
One of the sectors hardest hit by the global recession has been the automobile industry. Japan’s exports of automotive products to the rest of the world fell by 18%, while exports to the United 
States dropped by 30% in the fourth quarter of 2008. According to the European Automobile 
Manufacturers Association (ACEA), passenger car registrations were down 18% in Europe in February 2009, compared to the previous year. The new EU member states of Eastern Europe 
were hardest hit, with a drop of 30%, while Germany was a conspicuous exception with an 
increase of nearly 22%. Sales in Germany were boosted by a 2,500 euro “scrapping bonus” provided by the German government to customers who replaced an older vehicle with a new one. 
The scheme is intended to at least partly counteract slumping foreign sales of German cars. 
According to the German industry association Ve rband der Automobilindustrie (VDA), the number 
of vehicles exported in February 2009 fell 51% over the previous year, while the volume of 
imports was down 47%. Autodata Corp. also reports a 41% decline in American automobile sales 
in February 2009.  
As with merchandise exports, commercial services exports for which data were available fell in the 
fourth quarter of 2008 compared with the previous year — albeit less so (7–8%) than merchandise (12%). For the year as a whole, commercial servic es exports grew more slowly than goods exports 
(on a balance of payments basis), rising by 11% compared with 15% for goods. Exports of 
transport services rose 15% in 2008 while travel services and other commercial services both increased 10%. The United States remained the largest exporter and importer of commercial 
services, with exports of $522 billion and imports of $364 billion. 
 PRESS/554 
Page 8 of 21 
 
 
One indicator of the severity of the global downtu rn in trade has been the fall-off in international 
shipping. According to the International Air Transport Association (IATA), air cargo traffic was 
down 23% in December 2008 compared to a year earlier, led by a strong decline of 26% in the Asia-Pacific region. To give some perspective on the magnitude of this drop, the decline recorded 
in September 2001, when most of the world’s airc raft were temporarily grounded, was only 14%. 
 Another measure that has received a lot of attention recently is the Baltic Dry Index, a measure of 
the cost of shipping bulk cargo by sea, publishe d by the Baltic Exchange in London, the leading 
world marketplace for brokering shipping contracts. Movements in the index can be tracked to global demand for manufactured goods. Between June and November of 2008 the Baltic Dry Index 
fell by 94%. 
 Annual trade figures in dollar terms were strongly influenced by changes in commodity prices and 
exchange rates in 2008. Despite the fact that fuel prices ended 2008 at a lower level than at any 
point in 2007, average prices for 2008 were about 40% higher than 2007, which tended to raise total merchandise imports for most countries. For example, United States merchandise imports 
grew 7% in 2008, but non-fuel imports only increased by 1%. Prices for food and beverages have 
also receded from their peaks of last year. 
Merchandise trade, volume (real) terms, 2008 
Merchandise trade in volume terms (excluding the price and exchange rate fluctuations) expanded 
by 2% in 2008, down from 6% in 2007. Growth for the year was below the average 5.7% registered during the 1998-08 period. Trade grow th was very close to GDP growth in 2008, 
compared to earlier years when trade growth exceeded GDP. It is likely to be below GDP growth 
next year (Chart 3).   
Chart 3: Growth in the volume of world merchandise trade and GDP, 1998-2008  
Annual % change 
-2024681012
1998 99 00 01 02 03 04 05 06 07 2008GDP
Merchandise exports
Average export growth
 1998-2008
Average GDP growth
 1998-2008
 
Source: WTO Secretariat. 
 
 PRESS/554 
Page 9 of 21 
 
 
South and Central America saw exports expand by 1.5% and imports grow by 15.5%. Import 
growth was faster than that of any other region . (Table 1) Imports grew faster than GDP while 
export volume lagged behind output.  
The region with the fastest export volume growth in 2008 was the Commonwealth of Independent 
States (CIS — a group of former Soviet Union states), which recorded a 6% increase compared to 2007. The region also had the second highest impo rt growth compared to any other, with a 15% 
expansion over the previous year. 
 Both export and import volumes for the Middle East were down sharply in 2008, falling to 3% from 
4% in 2007 for exports, and to 10% from 14% for imports. 
 The growth of Africa’s exports and imports also sl owed in 2008, falling from 4.5% in 2007 to 3% in 
2008 on the export side, and from 14% in 2007 to 13% on the import side. 
 Table 1: GDP and merchandise trade by region, 2006-2008 
Annual % change at constant prices 
 
  GDP   Exports   Imports 
  2006 2007  2008   2006  2007 2008   2006 2007 2008  
            
World 3.7 3.5 1.7  8.5 6.0 2.0  8.0 6.0 2.0 
North America 2.9 2.1 1.1  8.5 5.0 1.5  6.0 2.0 -2.5 
United States 2.8 2.0 1.1  10.5 7.0 5.5  5.5 1.0 -4.0 
South and Central America a 6.1 6.6 5.3  4.0 3.0 1.5  15.5 17.5 15.5 
Europe 3.1 2.8 1.0  7.5 4.0 0.5  7.5 4.0 -1.0 
European Union (27) 3.0 2.8 1.0  7.5 3.5 0.0  7.0 3.5 -1.0 
Commonwealth of 
 Independent States (CIS) 7.5 8.4 5.5  6.0 7.5 6.0  20.5 20.0 15.0 
Africa 5.7 5.8 5.0  1.5 4.5 3.0  10.0 14.0 13.0 
Middle East 5.2 5.5 5.7  3.0 4.0 3.0  5.5 14.0 10.0 
Asia 4.6 4.9 2.0  13.5 11.5 4.5  8.5 8.0 4.0 
China 11.6 11.9 9.0  22.0 19.5 8.5  16.5 13.5 4.0 Japan 2.0 2.4 -0.7  10.0 9.5 2.5  2.0 1.5 -1.0 
India 9.8 9.3 7.9  11.0 13.0 7.0  8.0 16.0 12.5 
Newly industrialized 
 economies (4)
 b 5.6 5.6 1.7  13.0 9.0 3.5  8.0 6.0 3.5 
                        
a Includes the Caribbean. 
b Hong Kong, China; Republic of Korea; Singapore and Chinese Taipei. 
Source: WTO Secretariat. 
 
Asia’s exports and imports dropped sharply in volume terms. Export growth was 4.5% in 2008, 
down from 11.5% in 2007, and 13.5% in 2006. Import growth in 2008 was even slower, at 4%, 
down from 8% in the previous year. 
 
Europe registered the slowest export growth of any region last year, with an expansion 
of just 0.5%, down from 4% in 2007. Import  growth turned negat ive in 2008, falling by 
1%.  PRESS/554 
Page 10 of 21 
 
 
North America’s exports grew by 1.5% in  2008, while imports dropped 2.5%. Both 
exports and imports were down sharply from 2007 (Chart 4).  
 
Chart 4: Real merchandise trade growth by region, 2008  
Annual % change 
 
South and Central 
America  a
Commonw ealth of 
Independent States
Africa 
Middle Eas t
Asia
Europe
North America
-4 -2 0 2 4 6 8 10 12 14 16Imports
ExportsWorld 
exports
 
a Includes the Caribbean. 
Source: WTO Secretariat. 
 
Merchandise and services trade,  value (nominal) terms, 2008 
Prices and exchange rates  
Net oil-exporting regions benefited from record high fuel prices in 2008, as the cost of a barrel of 
oil rose to over $140 by mid-year. Prices turned  down after July, however, and ended the year 
below $50 per barrel, as world oil demand moderated and the global economy slowed. 
 
Significantly higher energy prices in 2008 had a strong effect on nominal (i.e. where prices and exchange rate changes are included) merchandise trade values and growth rates compared to 
2007. Energy prices rose 40% on average last year, while prices for food and beverages both 
increased 23%. Agricultural raw material prices fell by less than 1%, while metals dropped 8.0% (Chart 5). 
 PRESS/554 
Page 11 of 21 
 
 
Chart 5: Export prices of selected primary products, 2006-2008  
Annual % change 
 
MetalsAgricultural raw  
materialsFoodEner gy
Beverages a
- 1 0- 5 0 5 1 01 52 02 53 03 54 04 55 05 56 06 52008 
2007 
2006 
 
 
a Comprising coffee, cocoa beans and tea. 
Source: IMF, International Financial Statistics.  
 
The appreciation of the dollar against other currencies in late 2008, especially against the euro, also influenced trade developments estimated in nominal terms. The growth of trade in euro-zone 
countries is probably understated as a result of being expressed in dollars. 
 The Canadian dollar, British pound and Korean won have followed similar trajectories as that of the 
euro, first appreciating against the dollar in recent years then reversing this trend sharply as the 
financial crisis worsened. The Chinese yuan has risen gradually against the dollar since 2005, but remained fairly stable during the latter half of 2008 amid increasing turmoil in financial markets. 
The Japanese yen also appreciated sharply (Chart 6). 
 PRESS/554 
Page 12 of 21 
 
 
Chart 6: Dollar exchange rates of selected ma jor currencies, January 2001-January 2009  
Indices, January 2000=100 
 
708090100110120130140150160
Jan-00
Jan-01
Jan-02Jan-03Jan-04
Jan-05
Jan-06
Jan-07
Jan-08Jan-09Euro €
CAN $
UK £
708090100110120130
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04Jan-05
Jan-06
Jan-07
Jan-08Jan-09Japanese Yen
Chinese Yuan
Korean Won
 
Source: IMF, International Financial Statistics. 
 
World merchandise exports in nominal dollar terms rose 15% in 2008, to $15.8 trillion, while 
exports of commercial services increased 11% to $3.7 trillion. The faster growth of merchandise trade may be explained by rising commodity prices during the year, especially the 40% increase in 
energy costs (Table 2).  
 Table 2: World exports of merchandise and commercial services, 2000-08  
$bn and % 
 
  Value   Annual % change 
  2008   2000-08 2006 2007 2008 
              
Merchandise 15775  12 16 16 15 
Commercial services 3730  12 13 19 11 
Source: WTO Secretariat. 
Merchandise trade  
North America exhibited the weakest growth of me rchandise trade on both the export and import 
sides. Exports increased 10% to $2.0 trillion in 2008, while imports rose 7%, to $2.9 trillion. 
According to the National Bureau of Economic Research, which traditionally is the body that dates 
recessions in the United States, the US economy has been in recession since December 2007. This explains its relatively weak trade performance (Appendix Table 1). 
 
South and Central America saw more robust growth , of 21% in exports ($602 billion) and 30% in 
imports ($595 billion).  
 
Like North America, Europe grew slowly in 2008 compared to 2007, but this was partly influenced by the depreciation of the Euro over the cour se of the year. Exports increased by 12%, to 
$6.5 trillion, while imports rose 12%, to $6.8 trillion. 
 PRESS/554 
Page 13 of 21 
 
 
The Commonwealth of Independent States (CIS) saw robust growth of both exports and imports, 
resting on the strength of the region’s extractive industries. Exports rose 35%, to $703 billion, 
while imports increased by 31% to $493 billion.  
Africa, like other natural-resource-rich regions, also saw a strong expansion in exports and imports 
in 2008. Exports increased 29% to $561 billion, and imports rose to $466 billion, 27% higher than in 2007. The Middle East enjoyed the fastest export growth of all regions in 2008, at 36% 
($1.0 trillion), while imports grew by 23% ($575 b illion). Finally, Asia’s exports increased 15% in 
nominal terms to $4.4 trillion, and impo rts rose by 20%, to $4.2 trillion.  
 
Germany remained the leading merchandise export er in 2008, with shipments worth $1.47 trillion, 
despite the fact that its share in world exports fell to 9.1% from 9.5% in 2007 (Appendix Table 3). China was the second largest, with exports of $1. 43 trillion and an 8.9% share in world. Rounding 
out the top 5 exporters were the United States ($1.3 trillion or 8.1% of world), Japan ($782 
billion, 4.9%), and the Netherlands ($634 billion, 3.9%).  
The United States continued to lead all merchandise importers with shipments from the rest of the 
world worth $2.17 trillion (13.2%). Germany was the second largest importer of merchandise, with 
a 7.3% share valued at $1.21 trillion. The remaining top five importers were China in third place, 
($1.13 trillion or 6.9%), Japan in fourth ($762 billion, 4.6%), and France in fifth ($708 billion, 
4.3%.)  
Taking the European Union (i.e. the 27 current member states) as a single entity and excluding 
internal EU trade, the five leading exporters were  as follows: the European Union (15.9%), China 
(11.8%), the United States (10.7%), Japan (6.4%) and Russian Federation (3.9%). Exports from 
the EU were worth 1.93 trillion in 2008 (Appendix Table 4). 
Commercial services trade 
World commercial services exports rose 11% in 2008, to $3.7 trillion. Among the three major categories of services exports, the fastest growing one in the past year was transport (15% 
growth), followed by travel (10%), and other commercial services (10%). Other commercial services, which includes financial services, was just  over half of the total (51%), while travel and 
transport each represented about a quarter (25% and 23%, respectively) (Table 3). 
 
Table 3: World exports of commercial servic es trade by major category, 2008 
$bn and % change  
 
  Value    Annual % change 
  2008   2000-08 2006 2007 2008 
       
Commercial services 3730   12 13 19 11 
Transport 875  12 10 20 15 
Travel  945  9 10 15 10 Other commercial services 1910  14 16 22 10 
Source: WTO Secretariat. 
 
In 2008, North America’s exports of commercial services increased by 9%, to $603 billion, while 
imports grew 6%, to $473 billion (Appendix Table 2).   
The financial crisis shows up clearly in quarterly data on trade in commercial services for North 
America. The region’s trade, which was growing rapidly in the first nine months of 2008 (13% for PRESS/554 
Page 14 of 21 
 
 
exports and 10% for imports), slowed suddenly in the last quarter (-2% for exports and -3% for 
imports). The most affected sector was travel, which includes tourism (-2% for exports and -6% 
for imports).   
In 2008, Europe’s exports of commercial services increased by 11%, to $1.9 trillion, while imports 
grew 10%, to $1.6 trillion.  
The impact of the financial crisis is also evident in the case of Europe. According to available data, 
the region’s exports of commercial services, which were growing by 19% in the first nine months of 2008, dropped to an 11% decline in the last quarter. It should be noted that exchange rate 
effects in the last quarter of 2008 are likely to have  magnified the impact of the crisis, but they do 
not explain such a large drop on their own.   
Exports of commercial services of South and Ce ntral America increased 16% ($109 billion), while 
imports rose 20% ($117 billion).  
The Commonwealth of Independent States advanced 26% on the export side, to $83 billion, while 
imports rose 25%, to $114 billion.  
Africa’s commercial services exports grew 13% in 2008, to $88 billion. Imports also grew 15%, 
rising to $121 billion.  
Commercial services exports of the Middle East re ached $94 billion in 2008, 17% higher than the 
previous year. Imports were also up 13%, to $158 billion.  
Asia’s exports, valued at $837 billion, were 12% above their 2007 level. Imports also increased by 
12%, to $858 billion.  
The United States saw its exports of commercial services rise 10% in 2008, to $522 billion, making 
it the top exporter. The country’s share in wo rld services exports was 14% in 2008 (Appendix 
Table 5). The United Kingdom remained the second largest exporter with a 7.6% world share 
worth $283 billion. 
 Germany (6.3% or $235 billion), France (4.1%, $153 billion) and Japan (3.9%, $144 billion) 
rounded out the top 5, with Japan rising one place in the rankings and replacing Spain. 
 The Secretariat estimates that China remained in seventh place with exports of $137 billion (3.7% 
of the world total). India ranks ninth with a 2.8%  share in the world total, worth $106 billion, and 
the Netherlands replaced Ireland as the tenth largest exporter.  
On the import side, the United States stayed in first place, with imports rising 7% to $364 billion 
(10.5% of world imports of commercial services).  Germany was the second largest importer at 
$285 billion (8.2% of world). The next three largest services importers were as follows: The United 
Kingdom in third place ($199 billion, or 5.7% of  world trade), Japan fourth ($166 billion, 4.8%) 
and China fifth ($ 152 billion, or 4.4 percent). The only change in the ranking of the top 10 
importers was the addition of the Republic of Ko rea in tenth place, displacing the Netherlands 
which dropped to eleventh place. 
 
 
 PRESS/554 
Page 15 of 21 
 
 
Appendix Chart 1 
Monthly merchandise exports and imports of selected economies, January 2006 — 
February 2009  
$bn 
 
 United States  Japan 
European Union (27) extra-trade  France  
Germany  United Kingdom  0 50 100 150 200 250 
Jan-06  Jul-06 Jan-07  Jul-07 Jan-08  Jul-08 Jan-09  0 10 20 30 40 50 60 70 80 
Jan-06  Jul-06 Jan-07  Jul-07 Jan-08  Jul-08 Jan-09  
0 20 40 60 80 100 120 140 160 
Jan-06  Jul-06 Jan-07  Jul-07 Jan-08  Jul-08 Jan-09  
Exports  Imports  0 10 20 30 40 50 60 70 
Jan-06  Jul-06 Jan-07  Jul-07 Jan-08  Jul-08 Jan-09  
Exports  Imports  0 50 100 150 200 250 
Jan-06  Jul-06 Jan-07  Jul-07 Jan-08  Jul-08 Jan-09  0 20 40 60 80 100 
Jan-06  Jul-06 Jan-07  Jul-07 Jan-08  Jul-08 Jan-09  PRESS/554 
Page 16 of 21 
 
 
Appendix Chart 1 (continued) 
Monthly merchandise exports and imports of selected economies, January 2006 — 
February 2009 $bn 
 
 
Sources: IMF International Financial Statistics, Global Trade Information Services GTA database, national 
statistics. 
 Brazil India 
Russian Federation  South Africa  China Republic of Korea  
0 5 10 15 20 25 
Jan-06  Jul-06 Jan-07  Jul-07 Jan-08  Jul-08 Jan-09  0 5 10 15 20 25 30 
Jan-06  Jul-06 Jan-07  Jul-07 Jan-08  Jul-08 Jan-09  
0 10 20 30 40 50 
Jan-06  Jul-06 Jan-07  Jul-07 Jan-08  Jul-08 Jan-09  
Exports  Imports  0 2 4 6 8 10 12 
Jan-06  Jul-06 Jan-07  Jul-07 Jan-08  Jul-08 Jan-09  
Exports  Imports  0 20 40 60 80 100 120 140 160 
Jan-06  Jul-06 Jan-07  Jul-07 Jan-08  Jul-08 Jan-09  0 10 20 30 40 50 
Jan-06  Jul-06 Jan-07  Jul-07 Jan-08  Jul-08 Jan-09  PRESS/554 
Page 17 of 21 
 
 
Appendix Table 1 
World merchandise trade by region and selected country, 2008  
$bn and % 
 
  Exports   Imports 
 Value  Annual % change  Value  Annual % change 
  2008    2000-
2008 2006 2007 2008   2008    2000-
2008 2006 2007 2008 
              
World 15775  12 16 16 15  16120  12 15 15 15 
North America 2049  7 13 11 10  2909  7 11 6 7 
United States 1301  7 15 12 12  2166  7 11 5 7 
Canada 456  6 8 8 8  418  7 11 9 7 
Mexico 292  7 17 9 7  323  7 15 10 9 
South and Central America a  602  15 21 14 21  595  14 22 25 30 
Brazil 198  17 16 17 23  183  15 23 32 44 
Other South and Central America a  404  14 23 13 20  413  14 21 23 24 
Europe 6456  12 13 16 12  6833  12 15 16 12 
European Union (27) 5913  12 13 16 11  6268  12 14 16 12 
Germany 1465  13 14 19 11  1206  12 17 16 14 
France 609  8 7 11 10  708  10 7 14 14 Netherlands 634  13 14 19 15  574  13 15 18 16 
Italy 540  11 12 18 10  556  11 15 14 10 
United Kingdom 
b 458  6 16 -2 4  632  8 17 4 1 
Commonwealth of Independent 
States (CIS)  703  22 25 20 35  493  25 30 35 31 
Russian Federation c 472  21 25 17 33  292  26 31 36 31 
Africa 561  18 19 18 29  466  17 16 24 27 
South Africa 81  13 13 20 16  99  16 26 12 12 
Africa less South Africa 481  19 20 17 32  367  18 13 28 31 
Oil exporters d 347  21 21 18 36  137  21 9 31 37 
Non oil exporters 133  15 18 15 22  229  16 15 27 28 
Middle East 1047  19 22 16 36  575  17 12 25 23 Asia 4355  13 17 16 15  4247  14 16 15 20 
China 1428  24 27 26 17  1133  22 20 21 19 
Japan 782  6 9 10 10  762  9 12 7 22 India 179  20 21 22 22  292  24 21 25 35 
Newly industrialized economies (4) 
e 1033  10 15 11 10  1093  10 16 11 17 
Memorandum items:              
Developing economies 6025  15 20 17 20  5494  15 17 18 21 
MERCOSUR f 279  16 16 18 25  259  14 24 31 41 
ASEAN g 990  11 17 12 15  936  12 14 13 21 
EU (27) extra-trade 1928  12 11 17 13  2283  12 16 16 16 
Least Developed Countries (LDCs) 176  22 25 24 36  157  17 15 24 27 
a. Includes the Caribbean. For composition of groups see the Technical Notes of WTO, Intern ational Trade Statistics, 2008. 
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. Imports are valued f.o.b. 
d.  Algeria, Angola, Cameroon, Chad, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, Sudan.  
e.  Hong Kong, China; Republic of Korea; Singapore and Chinese Taipei.  
f.  Common Market of the Southern Co ne: Argentina, Brazil, Paraguay, Uruguay 
g.  Association of Southeast Asian Nations: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, 
Thailand, Viet Nam. 
Source : WTO Secretariat.  
 PRESS/554 
Page 18 of 21 
 
 
Appendix Table 2 
World exports of commercial services by region and selected country, 2008  
$bn and %  
  Exports   Imports 
 Value  Annual % change  Value  Annual % change 
 2008  2000-
2008 2006  2007  2008   2008   2000-
2008 2006 2007  2008  
              
World  3730  12 13  19 11   3470   12 12 18 11 
North America  603  8 12  14 9   473  7 12 9 6 
  United States  522  8 13  16 10   364  7 12 9 7 
South and Central America b 109  11 14  18 16   117  10 14 21 20 
  Brazil  29  16 21  26 27   44  14 21 28 28 
Europe  1919  13 12  21 11   1628   12 10 19 10 
  European Union (27)  1738  13 12  21 10   1516  12 10 19 10 
    Germany  235  15 16  16 11   285  10 8 15 11 
    United Kingdom  283  12 13  20 2   199  9 8 16 1 
    France  153  9 3  15 6   137  11 8 15 6 
    Italy  123  10 11  13 12   132  12 11 21 12 
    Spain  143  13 13  21 11   108  16 17 26 10 
Commonwealth of 
Independent States (CIS)  83  22 23  27 26   114  22 17 30 25 
  Russian Federation  50  23 25  27 29   75  21 16 32 29 
Africa  88  14 13  22 13   121  16 16 31 15 
  Egypt  25  12 10  24 26   16  11 8 27 25 
  South Africa a 13  13 7  13 ...   17  15 18 16 ... 
Middle East  94  14 18  13 17   158  16 21 29 13 
  Israel  24  6 10  10 13   20  7 8 20 11 
Asia  837  13 16  20 12   858  11 14 18 12 
  Japan  144  10 13  10 13   166  6 9 11 11 
  China a 137  ... 24  33 ...   152  ... 21 29 ... 
  India a 106  ... 35  22 ...   91  ... 33 23 ... 
  Four East Asian traders c 271  11 14  17 10   247  10 12 15 7 
                            
a. Secretariat estimates.  
b. Includes the Caribbean. For composition of groups see Ch apter IV Metadata of WTO International Trade Statistics, 2008.  
c. Chinese Taipei; Hong Kong, China; Republic of Korea and Singapore.  
Note: While provisional full year data were available in early March for 50 countries accounting for more than two thirds of 
world commercial services trade, estimates for most other countries are based on data for the first three quarters (the first s ix 
months in the case of China).  
Source: WTO Secretariat.  PRESS/554 
Page 19 of 21 
 
 
 
Appendix Table 3 Merchandise trade: leading exporters and importers, 2008  
$bn and % 
Rank  Exporters  Value  Share  Annual 
% 
change Rank  Importers  Value  Share  Annual 
% 
change 
1 Germany 1465 9.1 11 1 United States 2166 13.2 7 
2 China 1428 8.9 17 2 Germany 1206 7.3 14 
3 United States 1301 8.1 12 3 China 1133 6.9 19 
4 Japan 782 4.9 10 4 Japan 762 4.6 22 5 Netherlands 634 3.9 15 5 France 708 4.3 14 
6 France 609 3.8 10 6 United Kingdom 632 3.8 1 
7 Italy 540 3.3 10 7 Netherlands 574 3.5 16 8 Belgium 477 3.0 10 8 Italy 556 3.4 10 
9 Russian Federation 472 2.9 33 9 Belgium 470 2.9 14 
10 United Kingdom 458 2.8 4 10 Korea, Republic of 435 2.7 22 
          
11 Canada 456 2.8 8 11 Canada 418 2.5 7 
12 Korea, Republic of 422 2.6 14 12 Spain 402 2.5 3 
13 Hong Kong, China 370 2.3 6 13 Hong Kong, China 393 2.4 6 
 - domestic exports 17 0.1 ...  - retained imports 98 0.6 ... 
 - re-exports 353 2.2 ...      
14 Singapore 338 2.1 13 14 Mexico 323 2.0 9 
 - domestic exports 176 1.1 13      
 - re-exports 162 1.0 13      
15 Saudi Arabia a 329 2.0 40 15 Singapore 320 1.9 22 
      - retained imports b 157 1.0 31 
16 Mexico 292 1.8 7 16 Russian Federation c 292 1.8 31 
17 Spain 268 1.7 6 17 India 292 1.8 35 18 Taipei, Chinese 256 1.6 4 18 Taipei, Chinese 240 1.5 10 
19 United Arab Emirates 
a 232 1.4 28 19 Poland 204 1.2 23 
20 Switzerland 200 1.2 16 20 Turkey 202 1.2 19 
          
21 Malaysia 200 1.2 13 21 Australia 200 1.2 21 
22 Brazil 198 1.2 23 22 Austria 184 1.1 13 
23 Australia 187 1.2 33 23 Switzerland 183 1.1 14 24 Sweden 184 1.1 9 24 Brazil 183 1.1 44 
25 Austria 182 1.1 11 25 Thailand 179 1.1 28 
26 India 179 1.1 22 26 Sweden 167 1.0 10 27 Thailand 178 1.1 17 27 United Arab Emirates 
a 159 1.0 20 
28 Poland 168 1.0 20 28 Malaysia 157 1.0 7 
29 Norway 168 1.0 23 29 Czech Republic 142 0.9 20 30 Czech Republic 147 0.9 20 30 Indonesia 126 0.8 36 
 Total of above 
d 13120 81.4 -  Total of above d 13409 81.7 - 
 World d 16127 100.0 15  World d 16415 100.0 15 
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/554 
Page 20 of 21 
 
 
Appendix Table 4 
Merchandise trade: leading exporters and importers, 2008 
Excluding intra-EU (27) trade  $bn and % 
Rank  Exporters  Value  Share  Annual 
% 
change Rank  Importers  Value  Share  Annual 
% 
change 
1 Extra-EU (27) exports 1928 15.9 13 1 Extra-EU (27) imports 2283 18.4 16 
2 China 1428 11.8 17 2 United States 2166 17.4 7 
3 United States 1301 10.7 12 3 China 1133 9.1 19 
4 Japan 782 6.4 10 4 Japan 762 6.1 22 5 Russian Federation 472 3.9 33 5 Korea, Republic of 435 3.5 22 
6 Canada 456 3.8 8 6 Canada 418 3.4 7 
7 Korea, Republic of 422 3.5 14 7 Hong Kong, China 393 3.2 6 
      - retained imports 98 0.8 ... 
8 Hong Kong, China 370 3.0 6 8 Mexico 323 2.6 9 
 - domestic exports 17 0.1 ...       - re-exports 353 2.9 ...      
9 Singapore 338 2.8 13 9 Singapore 320 2.6 22 
 - domestic exports 176 1.4 13  - retained imports 
a 157 1.3 31 
 - re-exports 162 1.3 13      
10 Saudi Arabia b 329 2.7 40 10 Russian Federation c 292 2.3 31 
          
11 Mexico 292 2.4 7 11 India 292 2.3 35 
12 Taipei, Chinese 256 2.1 4 12 Taipei, Chinese 240 1.9 10 
13 United Arab Emirates b 232 1.9 28 13 Turkey 202 1.6 19 
14 Switzerland 200 1.7 16 14 Australia 200 1.6 21 15 Malaysia 200 1.6 13 15 Switzerland 183 1.5 14 
16 Brazil 198 1.6 23 16 Brazil 183 1.5 44 
17 Australia 187 1.5 33 17 Thailand 179 1.4 28 18 India 179 1.5 22 18 United Arab Emirates 
b 159 1.3 20 
19 Thailand 178 1.5 17 19 Malaysia 157 1.3 7 
20 Norway 168 1.4 23 20 Indonesia 126 1.0 36 
          
21 Indonesia 139 1.1 18 21 Saudi Arabia b 112 0.9 24 
22 Turkey 132 1.1 23 22 South Africa b 99 0.8 12 
23 Iran, Islamic Rep. of b 116 1.0 31 23 Norway 89 0.7 11 
24 Bolivarian Rep. of Venezuela 94 0.8 35 24 Ukraine 84 0.7 39 
25 Kuwait b 93 0.8 49 25 Viet Nam 80 0.6 28 
26 Nigeria b 82 0.7 24 26 Israel b 67 0.5 14 
27 South Africa 81 0.7 16 27 Chile 62 0.5 31 
28 Algeria 78 0.6 30 28 Philippines b 59 0.5 2 
29 Kazakhstan 71 0.6 49 29 Argentina 57 0.5 28 30 Argentina 71 0.6 27 30 Iran, Islamic Rep. of 
b 57 0.5 27 
 Total of above d  10873 89.5 -  Total of above d  11215 90.2 - 
 World d  
(excl. intra-EU (27))  12142 100.0 17  World d  
(excl. intra-EU (27))  12430 100.0 17 
a. Singapore’s retained imports are defined as imports less re-exports. 
b. Secretariat estimates.    c. Imports are valued f.o.b. 
d. Includes significant re-exports or imports for re-export. 
Source: WTO Secretariat. PRESS/554 
Page 21 of 21 
 
 
Appendix Table 5 
Leading exporters and importers in world trade in commercial services, 2008  
$bn and % 
 
Rank Exporters Value Share Annual 
% 
change  Rank  Importers Value Share  Annual 
% 
change  
                      
1 United States 522 14.0 10  1 United States 364 10.5 7 
2 United Kingdom 283 7.6 2  2 Germany 285 8.2 11 
3 Germany 235 6.3 11  3 United Kingdom 199 5.7 1 4 France 153 4.1 6  4 Japan 166 4.8 11 
5 Japan 144 3.9 13  5 China 
a 152 4.4 ... 
6 Spain 143 3.8 11  6 France 137 3.9 6 7 China 
a 137 3.7 ...  7 Italy 132 3.8 12 
8 Italy 123 3.3 12  8 Spain 108 3.1 10 
9 India a 106 2.8 ...  9 Ireland a 103 3.0 9 
10 Netherlands a 102 2.7 8  10 Korea, Republic of 93 2.7 12 
           
11 Ireland a 96 2.6 8  11 Netherlands a 92 2.6 10 
12 Hong Kong, China 91 2.4 9  12 India a 91 2.6 ... 
13 Belgium a 89 2.4 16  13 Canada 84 2.4 5 
14 Switzerland 74 2.0 15  14 Belgium a 84 2.4 16 
15 Korea, Republic of 74 2.0 20  15 Singapore 76 2.2 6 16 Denmark  72 1.9 17  16 Russian Federation  75 2.2 29 
17 Singapore 72 1.9 3  17 Denmark  62 1.8 16 
18 Sweden 71 1.9 13  18 Sweden 54 1.6 13 19 Luxembourg 
a 68 1.8 5  19 Thailand 46 1.3 22 
20 Canada 62 1.7 2  20 Australia 45 1.3 18 
           
21 Austria 62 1.7 12  21 Brazil 44 1.3 28 
22 Russian Federation 50 1.3 29  22 Hong Kong, China 44 1.3 7 
23 Greece 50 1.3 16  23 Norway 44 1.3 12 
24 Norway 46 1.2 13  24 Austria 42 1.2 8 25 Australia 46 1.2 15  25 Luxembourg 
a 40 1.2 8 
26 Poland 35 0.9 20  26 Switzerland 37 1.1 10 
27 Turkey 34 0.9 22  27 United Arab Emirates a 35 1.0 ... 
28 Taipei, Chinese 34 0.9 8  28 Saudi Arabia a 34 1.0 ... 
29 Thailand 33 0.9 11  29 Taipei, Chinese 34 1.0 -2 
30 Malaysia 30 0.8 5  30 Poland 30 0.9 25 
 Total of above  3135 84.1 -   Total of above  2835 81.7 - 
 World  3730 100.0 11   World  3470 100.0 11 
a. Secretariat estimates. 
Note: While provisional full year data were available in early March for 50 countries accounting for more than two thirds of 
world commercial services trade, estimates for most other countries are based on data for the first three quarters (the first s ix 
months in the case of China). 
Source: WTO Secretariat. 
 
END