The U.S. continued to lead all merchandise importers with shipments from the rest of the world worth $2.17 trillion and Germany was the second largest importer of merchandise, with a 7.3% share valued at $1.21 trillion. China came in third with $1.13 trillion or 6.9%) and Japan was fourth with $762 billion or 4.6%. France stood at the fifth position with $708 billion or 4.3%.
"For the last 30 years trade has been an ever increasing part of economic activity, with trade growth often outpacing gains in output. Production for many products is sourced around the world so there is a multiplier effect - as demand falls sharply overall, trade will fall even further. The depleted pool of funds available for trade finance has contributed to the significant decline in trade flows, in particular in developing countries," said Director-General Pascal Lamy.
Governments must avoid making this bad situation worse by reverting to protectionist measures which in reality protect no nation and threaten the loss of more jobs, Lamy added. "Trade can be a potent tool in lifting the world from these economic doldrums. In London G20 leaders will have a unique opportunity to unite in moving from pledges to action and refrain from any further protectionist measure which will render global recovery efforts less effective," he said.
