RAH RAH - USA is #3 - USA is #3
posted by
Clyde
5:43 AM
China passes US as second-biggest exporter
Global trade growth is expected to slow to a six-year low of 4.5 per cent this year but China has overtaken the US as the world's second-biggest exporter, the World Trade Organisation (WTO) said yesterday.
Heavily influenced by the turmoil in financial markets and the sharp economic slowdown in leading western economies, global merchandise trade is forecast to rise by 4.5 per cent this year, against last year's 5.5 per cent.
But the WTO gave warning that a stronger slowdown in global economic growth "could cut trade much more sharply, to significantly less" than the projected level of 4.5 per cent.
Dr Patrick Low, WTO chief economist, said that in view of the downside risks, the agency will probably have to revise its projections in the third or fourth quarter of this year.
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