Recent trends in international trade

The world economy expanded by 3.3 per cent in 2005, less rapidly than in 2004, but still slightly faster than the decade average. Economic growth remained strong in most regions although less buoyant than in the preceding year. Only Europe’s economy continued to record low GDP growth – less than half the rate observed in North America. In contrast to Europe, Japan experienced a strengthening of economic activity. In light of slower economic growth worldwide in 2005 and of oil market developments, merchandise trade growth – like GDP growth – decelerated in real terms, but still exceeded the average for the last decade.