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Growth in trade still under pre economic crisis level

Source: UNECE Statistical Database www.unece.org/data

 

The strong economic growth until 2008 was accompanied by high growth rates in international trade in most countries.  All UNECE countries experience high growth rates in total trade (exports plus imports) until 2007, including large economies such as Germany, United States and Russia.

As a result of the economic crisis in 2007-2008 international trade deteriorated and most economies experienced significant fall in total exports and imports in 2009, compared to the year before.

Germany quickly recovered to make-up for their losses in total trade, from -7.8 % in 2009 to 7.7 % in 2010, and United Stated went from -3.8% in 2009 to 5.3% in 2010, whereas for other countries this process has been more challenging. Only two UNECE countries, Albania and Iceland saw growth in trade in 2009.

In 2012 and 2013 Germany, Italy, Unites States and Russia experienced relative stable growth rates between 0 and 2% annually, below the pre-crisis growth rates indicating only partially recovering from the crisis.