"World Trade": A Growth of Gulf exports up to 70%
A recent report showed the World Trade rising by 25 percent in the first quarter
A recent data from the World Trade Organization has showed a growth in the Gulf export during the first quarter of this year, a rate of 70 percent, compared to the fourth quarter of 2009, reflecting the rebound in oil prices and positive impacts in the significant rise in the value of Gulf exports.
On the other hand; a report by the World Trade Organization indicated the rise of global trade by 25 percent during the first quarter of this year, compared to the fourth quarter of last year, as the value of exports rose by 27 percent, and imports by 24 per cent.
Following are more details:
According to the report, despite the strong growth in exports across all countries, but it seemed that oil-producing countries such as the Gulf Countries and Russia and some countries of the Commonwealth, which hovered growth rate between 50 and 60 percent, while the growth rate of Japan rose up to 48 percent, 33 in India, 29 percent in China, 20 percent in the US, and 18 percent in Europe.
However, the report pointed out that these data reflect the value of the dollar at the present time, which has not been settled in accordance with the rates of inflation, and therefore cannot be compared with figures projected growth in world trade that was announced in March last year.
The international trade has witnessed unprecedented deteriorate in 2009, since World War II by 12 percent in amount, due to the heavily global economic crisis on exchanges.
In line with this, the World Bank expected the world trade to be a major issue on the 20th agenda in South Korea next November.
The 20th group has announced already that it will work to ensure the availability of at least 250 billion dollars for the financing of trade over the next two years, through export credit agencies and investment promotion agencies, and multilateral development banks.
Moreover; the World Bank Group along with several other partners will join this effort by launching a program to provide liquidity to the global trade which can support the business activities up to 50 billion dollars.
It is clear that the lack of trade finance is a real impediment to exporters in a number of countries in the world which can no longer simply get the same kind of funding they used to get it in the past.
According to James Bond, the Executive Chairman of the International Agency for Investment MIGA, the supporting arm of the World Bank, which provides tools against political risk insurance (guarantees) in developing countries, 'the confidence of investors and institutions has fallen to its lowest level by the end of last September.