Trade value up by about 22% in the first quarter of 2011
02/06/2011 164The value of world merchandise trade was 22% higher in the first quarter of 2011 compared to the same period of 2010, according to WTO figures released on 1 June 2011.
These short-term “value” figures should not be confused with the annual trade growth figures headlined in the 7 April 2011 press release, which are “volume” data using “constant dollars” with inflation taken into account.
Moreover, WTO short-term merchandise trade values are not seasonally adjusted. Seasonal patterns therefore considerably affect the quarter on quarter (Q-o-Q) and month on month (M-o-M) developments in world trade, and this in turn affects comparisons between the trade developments in individual regions and economies.
Chart 1: World merchandise exports, first quarter 2008 to first quarter 2011 (Trillion dollars)
Available monthly statistics for about 70 economies representing more than 90% of world trade show that merchandise trade rose sharply in March 2011, reflecting in good part seasonal variations. The value of trade reached for the first time a level superior to the pre-crisis maximum of July 2008.
Chart 2: Monthly merchandise trade 2008-2011, aggregate of 70 economies a (Trillion dollars)
a Imports are valued cif (cost, insurance and freight included) while exports are fob (free on board).
Overview of regional trade flows
Table 1: World merchandise trade by region and selected economies, January-March 2011
Percentage change in current US dollars, year-on-year and quarter-on-quarter
Exports |
| Imports | ||
Y-o-Y | Q-o-Q |
| Y-o-Y | Q-o-Q |
22 | 2 | World (a) | 22 | 2 |
19 | 1 | North America | 19 | 1 |
18 | 1 | United States | 19 | 1 |
17 | 3 | Canada | 18 | 3 |
30 | 3 | South and Central America | 27 | -2 |
31 | -10 | Brazil | 25 | -3 |
18 | 3 | Europe | 20 | 4 |
19 | 3 | European Union (27) (b) | 19 | 4 |
16 | 4 | intra EU | 16 | 4 |
23 | 1 | extra EU | 23 | 4 |
28 | 3 | Commonwealth of Independent States (CIS) | 39 | -14 |
24 | 1 | Russian Federation | 41 | -16 |
30 | 14 | Africa and the Middle East | 11 | -3 |
25 | -2 | Asia (a) | 26 | 4 |
26 | -10 | China | 33 | 5 |
42 | 16 | India | 17 | 16 |
13 | -5 | Japan | 23 | 3 |
25 | 4 | Six East Asian traders (c) | 23 | 5 |
a Includes significant re-exports or imports for re-exports.
b “Intra EU” is trade within the EU; “extra EU” is trade between the EU and non-EU economies
c Hong Kong, China (excluding re-export trade), Republic of Korea, Malaysia, Singapore, Chinese Taipei, and Thailand
Chart 3: Commodity price developments, first quarter 2011 (Percentage change)
1 June 2011
Source: IMF
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