n world merchandise exports rose above 10%, exceeding in value not only world trade in automotive products, but also that of agricultural products.
The steady rise in the number of regional trade agreements suggests an increase in the share of preferential trade at the expense of non-discriminatory multilateral trade.
Sector Specific Data: World exports of automotive products benefited from the pick up in global automobile production demand and recovered strongly, reaching a new peak level in 2002 of $630 billion. World trade in iron and steel recovered by seven percent in 2002, this did not fully offset the decline of the preceding year. ChinaÆs steel imports rose by twenty seven percent to $13.6 billion and accounted for nine percent of world steel imports
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