World Trade Growth Picks Up Speed

The World Trade Organization (WTO) is reporting a 4.5 percent increase in trade in 2003, up 1.5 percent from their original cautious estimate. The gains are due, analysts say, to the partial recovery of the American economy and very strong growth in Asia and the post-Soviet states. China alone saw a 40% increase in merchandise imports and a 35% increase in exports. Numbers for 2004 are looking up, says the WTO, but concerns remain over "unusual temporary factors" such as last year's SARS outbreak and the tensions in the Middle East. Likewise, predictions were originally predicated on oil prices going down in 2004, but the recent moves by the Organization of Petroleum Exporting Countries (OPEC) to lower production and keep prices up would seem to contradict that assumption. – YaleGlobal