The world economy and trade in 2014 and early 2015

World trade growth remained modest in the opening months of 2015 following three years of weak expansion. Annual increases in merchandise trade in volume terms were very small in that period, measuring just 2.5 per cent in 2014, 2.5 per cent in 2013, and 2.2 per cent in 2012. The exports of developing and emerging economies grew faster than those of developed countries in 2014, 3.1 per cent in the former and 2.0 per cent per cent in the latter. Meanwhile, imports of developing countries grew more slowly than those of developed economies, 1.8 per cent compared to 2.9 per cent. Seasonally adjusted quarterly trade volume indices for the first quarter of 2015 showed import demand accelerating in developed economies but slowing in developing countries.