A sound knowledge of international markets and their evolution is very essential for the trade support institutions or the TSIs. There are many firms, which keep a close watch on international markets to explore opportunities for trade. Opportunities for product diversification is also scanned for.
The TSIs, which develop trade promotion strategies, ought to have a thorough knowledge of international trade statistics to facilitate world trade. International trade statistics, aid in assessing the international trade scenario with regard to competitiveness and trade performance by different sectors of the economy.
It also helps in identifying prospective markets for launching different products of priority.
International trade in 2005:
International trade reached its zenith in the year 2004.
International trade statistics reveal that during the year 2005, global growth in the economy declined as there was a decline in the economic activities of United States of America, Europe and other emerging markets, which include Brazil, Republic of Korea, Chinese Taipei. Growth in Japan’s economy strengthened and registered a moderate 2.6% GDP growth. In the developing Asian countries, like India and China, there was exceptional economic growth, which ranged between 8% to 10%(GDP).
International trade statistics at a glance:
International trade of commercial services and merchandise in 2005:
Fuels and mining products showed an annual percentage change of 24% in 2003. It increased to 36% in the year 2005. The total value was 1748 billion dollars.
Agricultural products manifested an annual percentage change of 16% in 2003. However, there was a sharp decline in 2005 and the annual percentage change became 8%. The total value was 852 billion dollars.
Manufacturing sector showed an annual percentage change of 16% in the year 2003. It went down to 10% in 2005.
- The transportation industry registered an annual percentage change of 13% in 2003. It fell slightly in 2005 and registered an annual percentage change of 12%.
- Other services in the commercial sector had an annual percentage change of 18% in 2003. But the annual percentage change went down to 8% in 2005. The total value was recorded as 1160 billion dollars.
Prominent Export activities in 2000 and 2005:
In 2000 it registered annual percentage change of 3% of the total value. In 2005, it was 2% of the total value.
Annual percentage change in 2000 was 3.5% of the total value. However, in the year 2005, the annual percentage change was 2%.
Iron and steel:
In 2000, annual percentage change was 2% of total value, which changed to 4% in the year 2005.
7% (of the total value) was the annual percentage change recorded in the year 2000, which increased to 8% in 2005.
The above statistics of international trade is given, pertaining to major sectors of the economy. The other sectors also registered changes in the annual percentage change. But the bottom line is that (as per international trade statistics), the year 2005, was a year, which did not do very well in majority of the sectors.
Last Updated on : 18th July 2013