India reported its first year-over-year decline in exports due to negative growth in world trade in the last quarter of 2008. This fall in world trade raised fears of a protectionist reaction, according to a new World Bank report.
Worsening growth in global trade is in progress for some time, said the bank in a paper for next Saturday''s meeting of the Group of 20 finance ministers and central bank’s governors. Making a note that of the 51 economies reporting fourth quarter data for 2008, 36 show double-digit declines in nominal exports relative to a year ago, the paper said many European countries, including the United Kingdom and Spain, as well as developing countries registered a drop in exports of 20 percent or more.
In October, India registered its first every year-over-year decline in exports (of 15 percent), following growth of 35 percent in the previous five months.
Worsening growth in global trade is in progress for some time, said the bank in a paper for next Saturday''s meeting of the Group of 20 finance ministers and central bank’s governors. Making a note that of the 51 economies reporting fourth quarter data for 2008, 36 show double-digit declines in nominal exports relative to a year ago, the paper said many European countries, including the United Kingdom and Spain, as well as developing countries registered a drop in exports of 20 percent or more.
In October, India registered its first every year-over-year decline in exports (of 15 percent), following growth of 35 percent in the previous five months.
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