EMBARGO: NOT FOR PUBLICATION
BEFORE 0001 HOURS GMT
THURSDAY 28MARCH 1996
PRESS/44
22March 1996
WORLD TRADE EXPANDED STRONGLY IN1995 FOR THE SECOND
CONSECUTIVE YEAR. ROBUST TRADE GROWTH
EXPECTED THIS YEAR
CROSSBORDER TRADE INGOODS AND SERVICES REACHES
$6,000 BILLION ANNUALLY
Thevolume ofworld merchandise exports rosebyahealthy 8percentin1995 -down from
91/2percenttheprevious year -while thecombined value ofcrossborder trade ingoods andservices
broke the$6,000 billion mark forthefirst time. Volume growth, in1996, formerchandise exports
isexpected toslow modestly butstillmaintain arobust level around 7percent These aresome of
thefindings intheWTO Secretariat 'sfirstreport ontrade developments lastyear andtheoutlook for
thecurrent year (reproduced below). Other highlights include:
• Forthesixth consecutive year, trade growth exceeded output growth byawide margin.
• Amongtherecently-identifiedfactorsbehindthistrendistherapidexpansioninnon-OECD
countries ofprocessing trade (assembly ofmanufactures under special tariff regimes,
involvingimportedcomponentsandmaterials,oftenindesignatedexportprocessingzones).
• Forthefourth consecutive year, Asia'simport growth exceeded itsexport growth.
• Central andEastern Europe wasthemost dynamic region fortrade, withexport andimport
values upbyatleast one-quarter.
• Trade inoffice andtelecom equipment -which nowexceeds trade inagricultural products
ortrade inmining products -wasagain themost dynamic category ofmanufactures trade.
• Africa andtheMiddle East recorded their besttrade performances inrecent years, as
exports ofmining products picked-up strongly, mainly duetohigher prices forfuels and
non-ferrous metals.
• Invalueterms,worldtradeincommercialservicesincreased14percentlastyear,compared
witha19percentincreaseformerchandisetrade.Exportsof"otherprivateservices"-such
asinsurance, banking andtelecommunications -out-performed exports oftourism and
transportation services.
96-0999 MORE PRESS/44
Page 2/3
I.OVERVIEW OFWORLD TRADE IN1995 AND OUTLOOK FOR 19961
Overview ofworld trade in1995
World merchandise exports expanded 8percentinvolume terms in1995, modestly below the
9½percentincrease in1994 butwell above the5½percentaverage annual gain fortheprevious ten
years(Chart1).2Thegrowthofworldmerchandiseoutputalsoslowedmodestly,to3percent,compared
withthe3½percentgainrecorded during thestrong economic recovery in1994.3Following thepattern
evident since 1990, theexpansion ofworld merchandise trade exceeded byawide margin theexpansion
ofworld merchandise output. With thepossible exception oftheMiddle East, thislarge gapbetween
trade growth andoutput growth could beobserved in1995 inallthemain regions.
1This istheWTO Secretariat 'sfirstexamination oftheevolution ofworld trade in1995, based onstatistics available as
ofearly March. Amore detailed andextensive analysis willbepublished inNovember inanewandexpanded WTO Annual
Report. TheTechnical Appendix tolastNovember 'sInternational Trade, Trends andStatistics 1995 provides explanatory
notes forthestatistics inthisPress Release.
2Itisnotpossible tomake credible estimates ofgrowth rates forthevolume ofworld trade incommercial services. An
estimate ofthegrowth inthevalue oftrade incommercial services isgiven below.
3Merchandiseoutputgrowthisestimatedonthebasisofglobalproductionindicesforagriculture,miningandmanufactures.
Incontrast toGDP, services andconstruction arenotincluded.
MOREPRESS/44
Page 4
In1995, GDP growth innon-OECD Asia, Central andSouth America, andseveral ofthe
transition economies continued tobemore dynamic thanintheOECD countries. Thetrade ofthenon-
OECD countries alsowasmore dynamic, helping tosustain world trade growth atthesecond highest
level inmore than adecade.
Incontrast tothemarginally slower volume growth, the19percentincrease inthevalue of
world merchandise trade in1995 represented asharp acceleration from the13percentgain in1994
(Table 1).Theincrease -thelargest since 1979 -pushed thevalue ofworld merchandise exports to
nearly $4,900 billion. This acceleration invalue growth isdueprimarily tothestrong depreciation
oftheUSdollar vis-à-vistheJapanese yenandmany West European currencies, together with the
recovery ofprices ofsome major primary commodities, inparticular crude oilandnon-ferrous metals
(seeTable 4below).4
Table 1
World exports ofmerchandise andcommercial services, 1993-95
Value
(Billion dollars)Annual percentage
change
1993 1994 1995 1993 1994 1995
Merchandise 3630 4090 4875 -1 13 19
Commercial services 1000 1080 1230 1 8 14
Trade inmanufactured goods wasagain themost dynamic component ofworld merchandise
trade in1995, ledbyexports ofoffice andtelecom equipment (upmore thanone-quarter invalue terms)5
Trade inclothing, ontheother hand, expanded significantly lessthantheaverage forallmanufactured
goods.6Attheother endoftheproduct spectrum, growth inthevalue ofexports ofmining products
picked-up strongly in1995, mainly duetohigher prices forfuels andnon-ferrous metals. Incontrast
to1994, trade inagricultural products expanded atapace well below thatofallmerchandise, partly
duetolastyear'ssmaller price increases forbeverages andagricultural rawmaterials.
One ofthefactors behind thestrong excess oftrade growth over output growth istherapid
expansion ofprocessing trade, which forsome countries hasbecome asignificant factor intheevolution
oftheir trade. Exports originating from themaquiladora industries (mostly along theUnited States
border), which accounted forone-third ofMexico 'sexports in1990, increased tonearly 40percent
in1995. Thecorresponding shares forimports bythemaquiladora industries rosefrom one-quarter
in1990 tomore than 35percent in1995. By1995, China 'sexports originating inprocessing and
assembly factories hadrisen tonearly 50percentofitstotalexports. Thecorresponding share forChina 's
imports destined forfurther processing reached 45percent. Forsome ofthesmaller traders, theratios
4In1995, theUSdollar depreciated against theJapanese yenandtheECU by8and9percent, respectively, which
automatically raises thedollar value oftrade flows invoiced inthose (and other appreciating) currencies.
5Global shipments ofsemi-conductors roseby40percentindollar terms reaching $155 billion, while global shipments
ofpersonal computers roseby25percenttonearly 60million units (global shipments comprise domestic andsales abroad).
Source: Dataquest asquoted intheNeue Zürcher Zeitung of10and30January 1996.
6Theslowdown isparticularly pronounced inthecaseofthetwolargest clothing exporters, China andHong Kong, which
increased their clothing exports bylessthan 2percentin1995. TheUnited States, which istheworld 'slargest importer
ofclothing, recorded anincrease of7½percent lastyear after a26percent gain in1994.
MOREPRESS/44
Page 5
canbestillhigher. InTunisia, oneofthefastest growing exporters inAfrica, exports under thespecial
rules forprocessing trade accounted for63percentoftotal merchandise exports inthefirstninemonths
of1995. Asprocessing trade becomes relatively more important, anincreasing share ofworld trade
involves goods whose components cross theborder more than once before reaching thefinal buyer.
Anotherfactoristheimpactoftherevolutionintheinformaticssectorontheproductcomposition
ofworld merchandise trade. Inthefirst halfofthe1980s, office andtelecom equipment accounted
for5percentofworld trade (only one-third oftheshare ofagricultural products). By1995, theshare
hadincreased to12percent, which isslightly higher than theshare forallagricultural products. The
sharply above average export growth ofoffice andtelecom equipement ismaking abigger contribution
toworld trade growth inthe1990s than itdidinthe1980s because itsshare (weight) inworld trade
isconsiderably larger.7
The valuation effect ofthedollar 'sdepreciation was also asignificant factor behind the
acceleration inthegrowth ofworld trade incommercial services. Onthebasis ofavailable information,
commercial services exports areestimated tohave exceeded $1,200 billion in1995, up14percentfrom
theprevious year (Table 1).Asin1994, thegrowth oftrade incommercial services lagged behind
thegrowth ofmerchandise trade, adevelopment which canbeobserved inNorth America andWestern
Europe forboth exports andimports.
While Asia'sexports andimports ofcommercial services again recorded thehighest growth
among theregions, theacceleration inthegrowth ofcommercial services exports wasparticularly
pronounced inWestern Europe. Broken down bymajor sectors, theavailable dataindicate thattravel
and transportation services increased less, while other private services (insurance, banking,
telecommunications andsoforth) expanded faster, than total services.8
With both categories oftrade growing strongly invalue terms, total crossborder trade ingoods
andcommercial services reached $6,000 billion in1995.9
Outlook for1996
Recent forecasts for1996 anticipate avery modest acceleration intheoverall growth ofGDP
intheOECD area.10Once again, GDP growth inthenon-OECD countries, asagroup, isprojected
7Theworld 'strade-output ratio willincrease even ifthere isnoriseinthetrade-output ratio ofthissector. Itissufficient
thattheweight ofthissector with itsabove average trade-output ratio increases. Thecontribution ofoffice andtelecom
equipment tothevolume ofglobal trade growth iseven stronger thantheoneindicated bytheshares based onvalue ,asrelative
prices forthisproduct group have tended todecline.
8Internationaltourismreceiptsareestimatedtohaveincreasedby7.2percenttoreach$372billionin1995afteranincrease
of10.2 percentin1994. Above average growth intourism receipts wasrecorded inAsia, theMiddle East andtoalesser
extentinWesternEurope,whilethoseofNorthAmericaactuallydecreased.(Source:WorldTourismOrganization,International
Tourism Overview ,Highlights 1995 ,Madrid 1996.)
TheOECD Secretariat hasestimated thattourism receipts (expenditures) ofOECD countries roseby9.7(11.0) per
centin1995after5.4(7.3)percentin1994.Despitethisnominalacceleration,thevolumeincreaseintouristreceiptsisestimated
tohave decelerated from 4percent in1994 to2percent in1995. (Source: OECD Press Release ,March 1996.)
9Statistics forcommercial services aretaken from balance-of-payments statistics, while thestatistics formerchandise trade
aretakenfromcustomsdata.Becausethetwosetsofdataarenotdirectlycomparable,thecombinedfigureforthetwocategories
oftrade must betreated asarough estimate.
10This paragraph isbased primarily ontheOECD Economic Outlook ,December 1995.
MOREPRESS/44
Page 6
tobethemost dynamic. Although growth isexpected toslow somewhat innon-OECD Asia thisyear,
itwillremain well above theglobal average. Latin America (inparticular, Mexico andArgentina),
Africa, andCentral andEastern Europe andtheformer USSR -regions which expanded lessrapidly
than theworld economy in1995 -areexpected torecord higher growth rates in1996 than in1995.
World GDP growth thisyear isexpected tobenotvery different from thatrecorded in1995.
However, considering alsothatmerchandise trade growth wasdecelerating inthesecond halfoflast
year, itisprojected thatthevolume ofworld merchandise trade willexpand byabout 7percentthis
year.
II.WORLD TRADE IN1995 BYREGION AND BYLEADING TRADER
Volume developments byregion
Virtually allregions shared inthemodest slowdown inthegrowth inthevolume ofworld
merchandise trade lastyear. Ontheexport side, Latin America istheonly region inTable 2toreport
accelerated growth. Asforimports, every region shown inthetable reported slower growth lastyear,
with theslowdown being particularly sharp inNorth America andLatin America.11Preliminary figures
forAfrica (notshown inTable 2)suggest thatitsimport volume mayhave increased faster thanin1994,
making itanexception tothepattern evident intheother regions. Thevolume ofimports intoJapan
lastyearcontinued toexpand significantly faster thanworld imports, while Japanese exports once again
recorded only marginal growth.
Table 2
Growth inthevolume ofworld merchandise trade byselected region, 1990-95
(Annual percentage change)
Exports Imports
Average
1990-95 1994 1995Average
1990-95 1994 1995
6.0 9.5 8.0 World 6.0 10.0 8.5
7.0 10.0 8.5 North America 7.5 13.0 7.5
8.0 9.5 11.5 Latin America 11.5 13.5 4.5
4.5 9.5 7.0 Western Europe 4.0 8.0 7.5
4.5 10.0 7.0 European Union (15) 4.5 8.5 7.5
3.0 13.5 9.5Central/Eastern Europe and
theformer USSR 0.0 7.5 6.5
7.5 10.0 9.5 Asia 10.0 13.5 13.0
1.0 1.5 2.5 Japan 6.0 13.5 11.5
11.0 15.0 14.5 SixEast Asian tradersa12.0 16.0 15.0
aHong Kong, Republic ofKorea, Malaysia, Singapore, Chinese Taipei and Thailand.
11Throughout thisreport, North America comprises Canada andtheUnited States.
MOREPRESS/44
Page 7
Last year wasthesecond year ofrecovery from therecession oftheearly 1990s. Thus itis
notsurprising thatevery figure for1995 ontheexport sideofTable 2,andevery figure for1995 on
theimport side(with theexception ofthatforLatin America, affected bytheMexican peso crisis),
isabove thecorresponding average performance during thefirst halfofthedecade. Thestronger
performance in1995 wasespecially pronounced fortheregion comprising Central/Eastern Europe and
theformer USSR (both exports andimports), Western Europe (imports) andAsia (imports).
Asisevident from Chart 1,theslowdown inworld trade andoutput growth between 1984 (the
firstfullyear ofrecovery from thestagnation andrecession oftheearly 1980s) and1985 wasmuch
sharper than themodest slowdown between 1994 (also afirstyear ofrecovery) and1995. Among the
differences between thenandnowarethecollapse ofcentral planning andthespread ofmarket-oriented
reforms, increased regional integration (for example, NAFTA, MERCOSUR and theEuropean
Community'sSingleMarketProgram),theincreasedglobalizationofeconomicactivityandthesuccessful
conclusion oftheUruguay Round. Although itisimpossible todetermine theextent towhich these
differences canbecredited with therecent better performance ofworld trade andoutput, there canbe
little doubt thatthey played arole.
Theperformance ofLatin America in1995, where export growth accelerated andimport growth
slowed dramatically, isdirectly related tothecrises inMexico andArgentina.12Mexico 'smerchandise
exports areestimated tohave increased bymore thanone-quarter andthose ofArgentina byabout 20per
cent. Imports intoboth countries, incontrast, declined byabout 15percent involume terms, after
having increased in1994 attwice theworld average of9½percent. IfMexico andArgentina are
excluded from theLatin American aggregate, theremaining members report avery sharp deceleration
ofexports andasharp riseinimports (inparticular, Brazil 'sexports decreased while itsimports surged
bymore than one-third involume terms).
Growth inthevolume ofNorth America 'simports slowed sharply in1995 to7½percent(import
growth waslessthan theglobal average forthefirsttime since 1991). Formerchandise exports, the
moderate overall deceleration ingrowth from nearly 10percent in1994 to8½percent isentirely
attributable tothesharp slowdown inCanada 'sexport volume growth (from 16percent in1994 to
8½percent in1995). Thevolume ofexports from theUnited States isestimated tohave increased
by8½percent in1995, somewhat faster than in1994.13
Despite aslower growth inWest European domestic demand (around 2percent), thevolume
ofmerchandise imports in1995 wasup7½percent. Theslowdown observed fortheEU(15) and
inparticular forGermany, theUnited Kingdom andItaly waspartly offset byanacceleration ofimports
intotheNetherlands, Spain andTurkey. Western Europe 'smerchandise exports expanded by7per
cent, somewhat lessthan theglobal average duetothemarked slowdown inextra-regional exports.
Arather sharp deceleration could beobserved forexport growth inGermany andtheUnited Kingdom,
while inItaly andAustria export growth exceeded 10percent.
TheCentral andEastern Europe andtheformer USSR region continued toexpand itsexports
atrates well above theworld average forthethird consecutive year. Asregards imports, growth is
estimated tohave remained below thatofexports, alsoforthethird consecutive year. ForCentral and
12Theshare ofMexico andArgentina inLatin America 'stotalmerchandise exports (imports) was45(37) percentin1995.
13There aredifferent methods ofdeflating United States merchandise trade, which tendtoresult insignificantly different
estimates ofchanges inthevolume ofUnited States merchandise trade. United States export andimport prices roseby5
and4½percentwhile export andimport unitvalues both stagnated in1995. Because price indices areused bytheWTO
Secretariattodeflatethevaluefigures,theSecretariat'svolumeestimatesfortheUnitedStatestradeindicatelowertradevolume
growth rates thanarereported bycertain other sources (including theUnited States Department ofCommerce andtheOECD
Economic Outlook ).
MOREPRESS/44
Page 8
Eastern Europe alone, export andimport growth isestimated tohave been significantly faster than for
theregion asawhole, reflecting theprogress made inthetransition process andthehigher degree of
integration ofthese countries with Western Europe.
Although Asia'simport growth of13percent in1995 wassomewhat lessthan in1994, it
exceeded theworld average forthefourth consecutive year. Itwasalsothefourth consecutive year
inwhich thevolume ofimports intoAsia expanded more rapidly than Asia'sexports. Theslowdown
inimports affected allmajor countries with thepossible exceptions ofThailand andIndonesia. Japan 's
imports continued toexpand strongly despite thesluggish growth ofdomestic demand. Although there
wasaslight deceleration intheimports intothesixEast Asian traders, thegroup asawhole reported
anexpansion ofimports nearly twice theworld average. Within thisgroup, Chinese Taipei continued
torecord thesmallest volume increase (6½percentin1995) while theRepublic ofKorea andMalaysia
reported avolume increase ofmore than 20percentforthesecond year inarow. Although there are
noofficial volume data available onChina 'simport growth, itcanbeestimated thatimport growth
remained wellbelow theAsia region 'soverall import expansion in1995, despite China 'sabove-average
GDP growth.
AsforAsia'sexport volume growth, thedeceleration to9½percent observed in1995 is
attributablemainlytothemarkeddecelerationintheexportsofChina,Singapore,AustraliaandIndonesia.
Although Japan 'sexport growth edged upmarginally in1995 (to2½percent), itremained sharply
below theworld average forthefifth consecutive year.
Value developments byregion
Injudging thesignificance ofthefigures forthegrowth inthevalue ofthetrade, itisimportant
tokeep inmind thatthevaluation effect ofthedollar 'sdepreciation varied considerably among regions
andcountries. Statistics forNorth America were hardly affected, while those forJapan andWestern
Europe were strongly affected. Theimpact elsewhere wasinbetween, depending ontheextent towhich
trade isinvoiced inUSdollars, yenorWest European currencies.14
Merchandise exports from Latin America, Western Europe and theregion comprising
Central/Eastern Europe andtheformer USSR expanded faster than world exports lastyear(Table 3).15
Although Africa 'sandtheMiddle East'sexports expanded atbelow average rates, they achieved by
farthebiggest improvement over the1994 performance among seven regions. North America 'sexports
alsoexpanded below theworld average, asdidAsia'sexports duetotherelatively weak performance
ofsomemajortradersintheregion(includingJapan,Australiaand,inparticular,HongKongfordomestic
exports).16Among theregions andcountries inTable 3,China wastheonly onetorecord aslowdown
inthegrowth ofexports in1995 (nevertheless, itsexports stillexpanded considerably faster than the
world average andfaster than itsown import growth).
14Ingeneral, changes involume figures areamore reliable guide totheproduction andemployment effects oftrade than
arevalue figures, especially inyears inwhich there arelarge movements intheexchange rates ofmajor currencies against
theUSdollar.
15Figures forthetop30traders ofcommercial services in1995 arenotyetavailable. Appendix Table 3liststheleading
exporters andimporters ofcommercial services in1994.
16Japan 'srelatively weak export performance in1995, coupled with agrowth ofimports above theworld average, caused
theannual trade surplus todecline forthefirsttime infiveyears andthecurrent account surplus todecline forthesecond
consecutive year.
MOREPRESS/44
Page 9
Table 3
Growth inthevalue ofworld merchandise trade byregion, 1990-95
(Billion dollars and percentage)
Exports (f.o.b.) Imports (c.i.f.)
Value Annual percentage change Value Annual percentage change
1995 1990-95 1994 1995 1995 1990-95 1994 1995
4875 7.5 13.0 19.0 World 5015 7.5 13.0 19.0
777 8.5 11.0 14.5 North America 944 8.0 13.5 11.5
224 9.0 16.0 22.0 Latin America 248 14.5 17.5 13.0
2184 6.0 13.0 21.5 Western Europe 2178 5.0 11.5 22.0
2021 6.0 13.0 22.0 European Union (15) 2008 5.5 12.0 21.0
149 7.0 17.5 26.0Central/Eastern Europe andthe
former USSR 138 4.0 11.0 21.5
68 8.0 20.5 25.0 Central and Eastern Europe 86 12.5 13.0 27.5
106 1.0 3.0 14.0 Africa 125 5.5 8.5 21.0
29 4.0 4.5 7.5 South Africa 30 10.5 17.0 30.0
138 0.5 0.5 12.5 Middle East 126 5.0 -3.5 7.0
1300 12.0 15.5 18.0 Asia 1256 12.0 16.5 23.0
443 9.0 9.5 11.5 Japan 336 7.5 14.0 22.0
149 19.0 32.0 23.0 China 132 20.0 11.0 14.0
515 14.0 18.0 23.0 SixEast Asian tradersa564 15.0 20.0 26.0
aHong Kong, Republic ofKorea, Malaysia, Singapore, Chinese Taipei and Thailand.
Ontheimport side, Asia, Western Europe, Africa andtheregion comprising Central andEastern
Europe andtheformer USSR, allreported import growth above 20percent. Last year wasthefourth
consecutive year inwhich, onavalue basis, Asia'simport growth exceeded itsexport growth (aswas
noted above, thisisalsotrueonavolume basis). Once again, theMiddle East recorded thelowest
import growth among allregions, hardly enough tooffset higher import prices. Theabove average
import growth inAfrica isduetothesharp acceleration inSouth Africa 'simports, which roseby30per
centin1995. Theslowdown inGDP growth inNorth America andLatin America lastyear resulted
inthose tworegions being theonly ones torecord aslowdown inimport growth relative to1994 (in
both instances, thegrowth ratewasbelow theworld average). Inthecase ofLatin America, the
deceleration isduetotheabsolute decline inMexico 'sandArgentina 'simports. Excluding these two
countries, Latin America 'simport growth accelerated atarateabove theglobal average.
Thesharp improvement intheexport performances ofAfrica andtheMiddle East islargely
theresult ofanincrease intheprice ofcrude petroleum, following fourconsecutive years ofdeclining
prices, andasecond consecutive year-over-year strong increase intheprices ofminerals andnon-ferrous
MOREPRESS/44
Page 10
metals (Table 4).17Despite theimproved performance, theexports ofAfrica andtheMiddle East
continued toexpand atrates below theworld average.
Table 4
Export prices ofprimary commodities, 1990-95
(Annual percentage change)
1990-95 1992 1993 1994 1995
Food, beverages andtobacco 3 1 -3 15 6
Food 3 4 -3 5 8
Beverages 9 -14 6 75 1
Agricultural rawmaterials 6 4 18 10 5
Minerals andnon-ferrous metals
(excluding crude petroleum) 0 -2 -14 16 19
Total ofabove 3 1 1 14 9
Crude petroleum -6 -2 -12 -5 8
Allprimary commodities 1 0 -2 9 8
Note: The data inthistable refer tochanges inspot market prices, which may differ significantly from thecorresponding unit values which,
inprinciple, measure theaverage price foralltransactions inagiven period.
Source: IMF, International Financial Statistics and WTO calculations.
Between1990and1994,intra-regionaltradeinNorthAmerica,AsiaandLatinAmericaexpanded
faster thanextra-regional trade, while theopposite wasobserved forWestern Europe andCentral/Eastern
Europe andtheformer USSR.18In1995, theavailable data again point toafaster increase inintra-
regional trade forAsia andLatin America. This wasalsotrueforWestern Europe in1995, while in
North America lastyear extra-regional trade expanded somewhat more rapidly.
Thedevelopmentoftheshareofintra-regionaltradeoftheEUwasverysimilartothatofWestern
Europe. Between 1990 and1994 intra-trade expanded lessrapidly than extra-trade fortheEU(12),
while lastyear theintra-trade oftheEU(15)isestimated tohave grown faster than extra-trade. Intra-
NAFTA trade expanded lessrapidly in1995 thanNAFTA 'sextra-regional, while fortheMERCOSUR
countries intra-regional trade growth continued toexceed thegrowth oftrade with therestoftheworld.
Lastyear witnessed theenlargement oftheEuropean Union to15member countries. TheEU
(15) currently accounts formore than 40percent ofworld merchandise exports andimports, while
itsintra-trade alone exceeds one-quarter ofworld merchandise exports.19Theshare ofintra-EU trade
isclose totwo-thirds oftheEU'stotal trade. Thecorresponding share forNAFTA isnearly 50percent
andthatofMERCOSUR somewhat above 20percent.
17Fuelsaccountforabout40percentand70percentofthemerchandiseexportsofAfricaandtheMiddleEast,respectively.
Exports ofminerals andnon-ferrous metals account foranother 5percent ofAfrica 'smerchandise exports.
18Theshares andgrowth rates forintra-regional trade arebased onexport andimports combined.
19SeeAppendixTable2fortherankingoftheworld's30leadingmerchandiseexportersandimporterswhenintra-European
Union trade isexcluded from EUtrade andtotal world trade.
MOREPRESS/44
Page 11
Despite therelatively large movements inexchange rates between 1994 and1995, therankings
oftheworld 's30leading merchandise exporters andimporters changed very little -among thetop
15traders, forexample, there wasanincrease ofonerank bytheNetherlands andtheRepublic ofKorea
forboth exports andimports (Appendix Table 1).In1995, 11ofthe30leading traders reported agrowth
of25percent ormore inexports orimports, orinboth. Infiveinstances (theRepublic ofKorea,
Malaysia, Netherlands, Spain andSweden), bothgrowth rates exceeded 25percent; andintwoinstances
(Austria andThailand), onegrowth rateexceeded 25percentandonewasvery close to25percent.
Intwocases, avery strong expansion ofexports wascoupled withweak (Russian Federation) ornegative
(Mexico) import growth (Mexico wastheonly oneamong the30leading importers toexperience an
absolute decline inthevalue ofimports lastyear). And intwocases (Brazil andIndonesia), avery
weak expansion ofexports wascoupled with avery strong increase inimports.
MOREPRESS/44
Page 12
Appendix Table 1
Leading exporters and importers inworld merchandise trade, 1995
(Billion dollars and percentage)
Rank EXPORTERS Value
(f.o.b.)Share Change in
value in
1995Rank IMPORTERS Value
(f.o.b.)Share Change in
value in
1995
1 United States 583.9 11.6 14 1 United States 770.8 15.0 12
2 Germany 506.4 10.1 21 2 Germany 441.7 8.6 18
3 Japan 443.0 8.8 12 3 Japan 335.9 6.5 22
4 France 284.5 5.7 21 4 France 272.4 5.3 19
5 United Kingdom 239.9 4.8 17 5 United Kingdom 264.7 5.2 17
6 Italy 232.5 4.7 23 6 Italy 203.4 3.9 22
7 Netherlands 197.5 3.9 25 7 Hong Kong 197.6 3.8 19
8 Canada 192.1 3.9 16 -retained importsb53.7 1.0 24
9 Hong Kong 173.8 3.5 15 8 Netherlands 177.5 3.4 26
-domestic exports 29.9 0.6 4 9 Canada 171.8 3.4 11
10 Belgium-Luxembourg 165.9 3.3 21 10 Belgium-Luxembourg 152.5 3.0 22
11 China 148.8 3.0 23 11 Korea, Rep. of 135.1 2.6 32
12 Korea, Rep. of 125.2 2.5 30 12 China 132.0 2.6 14
13 Singapore 118.6 2.4 23 13 Singapore 124.7 2.4 22
-domestic exports 69.7 1.4 20 -retained importsb
76.0 1.5 19
14 Chinese Taipei 111.4 2.2 20 14 Spain 115.2 2.2 25
15 Spain 92.1 1.8 26 15 Chinese Taipei 103.8 2.0 21
16 Switzerland 81.3 1.6 16 16 Switzerland 80.2 1.6 18
17 Sweden 79.8 1.6 30 17 Malaysia 77.7 1.5 30
18 Mexico 79.8 1.6 31 18 Mexico 72.5 1.4 -11
19 Malaysia 74.0 1.5 26 19 Thailand 69.1 1.3 27
20 Russian Federationa64.8 1.3 26 20 Austria 67.3 1.3 22
21 Austria 58.1 1.2 29 21 Sweden 64.1 1.3 24
22 Thailand 55.8 1.1 23 22 Australia 59.9 1.2 12
23 Australia 53.0 1.1 12 23 Brazil 54.0 1.0 50
24 Denmark 49.4 1.0 18 24 Denmark 43.1 0.8 20
25 Brazil 46.8 0.9 7 25 Indonesia 42.2 0.8 32
26 Saudi Arabia 45.5 0.9 11 26 Russian Federationa38.1 0.7 12
27 Indonesia 45.0 0.9 12 27 Turkey 33.1 0.6 42
28 Norway 41.8 0.8 20 28 Portugal 32.9 0.6 24
29 Ireland 41.7 0.8 22 29 Norway 32.6 0.6 19
30 Finland 39.4 0.8 33 30 India 31.7 0.6 18
Worldc5020.0 100.0 19 Worldc5160.0 100.0 19
aData exclude trade with theformer Republics oftheUSSR. Including trade with these states would liftRussian exports and imports to$80.2 billion and $55.7 billion,
respectively.
bRetained imports aredefined asimports less re-exports.
cExcluding trade among theformer republics oftheUSSR and between theCzech and Slovak Republic. Hong Kong re-exports areincluded.
MOREPRESS/44
Page 13
Appendix Table 2
Leading exporters and importers inworld merchandise trade (excluding European Union intra-trade), 1995
(Billion dollars and percentage)
Rank EXPORTERS Value
(f.o.b.)Share Change in
value in
1995Rank IMPORTERS Value
(c.i.f.)Share Change in
value in
1995
1 European Union (15) 750.8 20.0 20 1 United States 770.8 19.9 12
2 United States 583.9 15.5 14 2 European Union (15) 736.1 18.9 19
3 Japan 443.0 11.8 12 3 Japan 335.9 8.6 22
4 Canada 192.1 5.2 16 4 Hong Kong 197.6 5.1 19
5 Hong Kong 173.8 4.6 15 -retained imports 53.7 1.4 24
-domestic exports 29.9 0.8 4 5 Canada 171.8 4.5 11
6 China 148.8 4.0 23 6 Korea, Rep. of 135.1 3.5 32
7 Korea, Rep. of 125.2 3.3 30 7 China 132.0 3.4 14
8 Singapore 118.6 3.2 23 8 Singapore 124.7 3.2 22
-domestic exports 69.7 1.9 20 -retained importsa76.0 2.0 19
9 Chinese Taipei 111.4 3.0 20 9 Chinese Taipei 103.8 2.7 21
10 Switzerland 81.3 2.2 16 10 Switzerland 80.2 2.1 18
11 Mexico 79.8 2.1 31 11 Malaysia 77.7 2.0 30
12 Malaysia 74.0 2.0 26 12 Mexico 72.5 1.9 -11
13 Russian Fed.a64.8 1.7 26 13 Thailand 69.1 1.8 27
14 Thailand 55.8 1.5 23 14 Australia 59.9 1.5 12
15 Australia 53.0 1.4 12 15 Brazil 54.0 1.4 50
16 Brazil 46.8 1.2 7 16 Indonesia 42.2 1.1 32
17 Saudi Arabia 45.5 1.2 11 17 Russian Fed.a38.1 1.0 12
18 Indonesia 45.0 1.2 12 18 Turkey 33.1 0.9 42
19 Norway 41.8 1.1 20 19 Norway 32.6 0.8 19
20 India 30.2 0.8 20 20 India 31.7 0.8 18
21 South Africa 28.5 0.8 7 21 South Africa 30.4 0.8 30
22 Poland 22.5 0.6 30 22 Poland 30.0 0.8 32
23 Turkey 22.5 0.6 24 23 Israel 29.5 0.8 17
24 United Arab Emirates 22.0 0.6 16 24 Philippines 27.1 0.7 20
25 Argentina 20.8 0.6 33 25 United Arab Emirates 23.0 0.6 12
26 Israel 18.2 0.5 8 26 Saudi Arabia 22.8 0.6 0
27 Venezuela 17.8 0.5 15 27 Argentina 19.8 0.5 -8
28 Philippines 17.3 0.5 30 28 Czech Rep.b17.9 0.5 42
29 Iran, Islamic Rep. of 16.1 0.4 10 29 Chile 15.7 0.4 33
30 Chile 16.0 0.4 39 30 Hungary 15.7 0.4 8
Worldc3750.0 100.0 18 Worldc3890.0 100.0 18
aData exclude trade with theformer Republics oftheUSSR. Including trade with these states would liftRussian exports and imports to$80.2 billion
and $55.7 billion,respectively.
bExcluding imports from theSlovak Republic. Including them would liftCzech imports to$20.5 billion.
cExcluding trade among theformer Republics oftheUSSR and between theCzech and Slovak Republic. Hong Kong re-exports areincluded.
MOREPRESS/44
Page 14
Appendix Table 3
Leading exporters and importers inworld trade incommercial services, 1994
(Billion dollars and percentage)
Rank EXPORTERS Value Share Change in
value in
1994Rank IMPORTERS Value Share Change in
value in
1994
1 United States 178.2 16.5 7 1 United States 125.0 12.0 10
2 France 89.1 8.3 5 2 Japan 109.2 10.5 10
3 Italy 59.1 5.5 4 3 Germany 98.8 9.5 7
4 United Kingdom 58.6 5.4 7 4 France 69.9 6.7 3
5 Japan 57.2 5.3 9 5 Italy 58.0 5.6 2
6 Germany 53.1 4.9 1 6 United Kingdom 50.8 4.9 13
7 Netherlands 39.6 3.7 8 7 Netherlands 38.0 3.6 7
8 Belgium-Luxembourg 36.3 3.4 16 8 Belgium-Luxembourg 33.8 3.2 15
9 Spain 33.7 3.1 11 9 Canada 26.1 2.5 -5
10 Hong Kong 31.6 2.9 13 10 Austria 21.3 2.0 2
11 Austria 28.8 2.7 0 11 Chinese Taipei 21.1 2.0 0
12 Singapore 22.9 2.1 26 12 Korea, Rep. of 20.2 1.9 23
13 Switzerland 22.8 2.1 6 13 Hong Kong 18.4 1.8 16
14 Korea, Rep. of 18.8 1.7 28 14 Spain 18.4 1.8 0
15 Canada 18.4 1.7 4 15 Thailand 15.9 1.5 26
16 China 16.2 1.5 48 16 China 15.7 1.5 36
17 Australia 14.1 1.3 18. 17 Australia 15.5 1.5 15
18 Chinese Taipei 13.5 1.2 -1 18 Sweden 14.4 1.4 8
19 Denmark 13.4 1.2 6 19 Norway 14.3 1.4 4
20 Sweden 13.4 1.2 9 20 Russian Federation 13.8 1.3 8
21 Norway 13.0 1.2 4 21 Singapore 12.9 1.2 21
22 Thailand 11.3 1.0 9 22 Switzerland 12.7 1.2 10
23 Turkey 10.7 1.0 2 23 Saudi Arabia 12.5 1.2 -10
24 Greece 9.1 0.8 12 24 Mexico 12.1 1.2 3
25 Mexico 8.6 0.8 3 25 Denmark 12.0 1.2 13
26 Egypt 7.7 0.7 9 26 Brazil 9.8 0.9 7
27 Russian Federationa6.9 0.6 8 27 Indonesia 9.5 0.9 8
28 Portugal 6.5 0.6 -1 28 Malaysia 8.7 0.8 11
29 Israel 6.4 0.6 6 29 Israel 8.0 0.8 15
30 Malaysia 6.4 0.6 26 30 Indiaa7.6 0.7 13
Total ofabove 905.3 84.1 -- Total ofabove 904.4 86.7 --
World 1077.1 100.0 -- World 1042.7 100.0 --
aSecretariat estimates.
Note :Asfrom January 1996, theIMF began compiling Balance ofPayments Statistics according totheFifth Edition oftheBalance ofPayments Manual, which hasbeen
harmonized totheextent possible with National Account Statistics (1993). Asaresult, WTO data oncommercial services have undergone asubstantial revision.
The product coverage oftrade ingoods inBOP statistics hasbecome very similar tothat used incustoms statistics (for example, processing trade andbunkers).
Comparability between thenational data andBOP statistics hasimproved asdefinitions ofsome transactions have been clarified, leading toamore uniform application
oftheguidelines. BOP statistics also now provide more detail oncommercial services transactions and anextended capital and financial account section.
Theimpact ofthese changes ontheWTO 'scommercial services data are(a)alower "world total" forcommercial services and(b)some major revisions intheranking
oftheprincipal services traders astherepercussions ofthese changes affect countries differently. The accuracy ofhistorical comparisons isalso affected, asmany
ofthese changes cannot betaken fully into account forpreceding years. Moreover, ascountries areimplementing these recommended guidelines only gradually,
commercial services data willremain subject tofurther revisions inthenear future. Because some countries hadbegun implementing these changes when compiling
statistics for1994, thefigures inthistable reflect, toadegree, thenew definitions.
END