World Trade
According to The World Trade Organiza
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According to The World Trade Organization, in 2002, world trade recovered from its decline in 2001. The average annual rate of merchandise trade expansion in 2002 was 3 percent. Sluggish import demand in Western Europe and a sharp contraction of Latin AmericaÆs imports constituted a drag on global trade expansion. The World Trade Organization (WTO) suggests that developments in 2002 further accentuated the two large regional trade imbalances in the global economy: the already large North American trade deficit widened and the substantial surplus of the Asian region increased even further. North AmericaÆs merchandise imports exceeded exports by $400 billion or forty percent, while AsiaÆs exports were fifteen percent larger than imports. All other regions recorded moderate or declining surplus positions. As oil-exporting countries reduced their trade surplus, the trade balances of the Middle East and that of the transition economies moved closer to equilibrium. Western EuropeÆs trade surplus strengthened slightly while weak domestic demand and reduced capital inflows turned Latin AmericaÆs trade deficit into a surplus. According to the WTO, among the main features of world trade in 2002, four are outstanding:A combination of declining exports and rising imports by the United States has led to a record trade and current account deficit, the latter equivalent to 5% of its GDP. ChinaÆs trade expansion remained outstanding. In the 1990s, ChinaÆs trade growth was three
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in office and telecom equipment.
U.S. Trade: Marginal increases in services trade and a decline in merchandise exports led to an erosion of North AmericaÆs share in global trade, and the sources of U.S. imports continued to shift significantly in 2002. The volume of imports from China increased dramatically, while U.S. exports decreased to all regions in 2002. Specifically, intra-North American shipments and exports to Asia, the Middle East and transition economies decreased by 2 percent to 3 percent while those to Latin America, Western Europe and Africa decreased by 7 percent, 10 percent and 12 percent respectively. Developments in 2002 further accentuated the shift in the destination of North American exports to NAFTA members. Exports to NAFTA members for the first time represented more than half of AmericaÆs total exports. The focus of North AmericaÆs exports on NAFTA countries is accompanied by a steady loss of market share in Asia, Western Europe and the Middle East since 2000.
In 2002, Latin AmericaÆs economy recorded its worst performance in more than a decade. According to the WTO, several factors contributed to this including financial turbulence in MERCOSUR economies, a further contraction of capital inflows, civil str
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Approximate Word count = 1247
Approximate Pages = 5 (250 words per page)
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According to The World Trade Organiza
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