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Global trade shrinks in 2015 www3.nhk.or.jp
World trade registered negative growth in 2015 for the first time in 6 years.
The Japan External Trade Organization said in its annual report that the value of world trade last year was an estimated 16.4 trillion dollars. That's down 12.7 percent from the previous year.
This is the first decline since 2009, when the world economy was hit by the 2008 global financial crisis.
The decline is attributed mainly to a drop in the prices of resources. Trade value of mineral fuel, such as crude oil or natural gas, fell by 40.3 percent from a year earlier. Iron ore fell by 41.4 percent.
Slowdown of the emerging economies also affected global trade. Imports to Russia and China dropped respectively by 36.3 percent and 18.4 percent from the previous year.
JETRO officials say trade values of 22 economies as of the end of March this year also decreased from a year earlier. They expect little hope for a significant rise in world trade. The prices of resources remains at a low level and the stagnation in domestic demands continue in the emerging economies.
Published Date:2016-08-15
