World trade likely to fall 9% in 2009: WTO

Mar. 26, 2009 (China Knowledge) - The world trade volume will fall 9% year on year this year, the largest decline since World War II due to the global financial crisis, according to a recent forecast by the World Trade Organization (WTO) on its website.

Export volume in developed countries will probably drop 10% while the export volume in the developing nations, whose growth depend more on foreign trade, will fall 2% to 3%, the WTO forecasted.

In 2008, the world trade grew 2%, down from the 6% in 2007, with the world's largest exporter Germany seeing US$1.47 trillion in exports, and the second exporter China selling US$1.47 billion worthy of goods to overseas markets.

WTO Director-General Pascal Lamy asked the G20 countries to join hands to avoid protectionism in any form since protectionism amid the worsening economic crisis will weaken the effects of the economic stimulus packages in those countries, and delay the recovery of global economy from the crisis.