Global Trade Soars, WTO Says
The volume of global goods trade soared by 9.5% in 1997 despite Asian financial markets turmoil, with North and South America leading the way, the World Trade Organization said.
In its annual spring report, the WTO said there is a good chance the effects of the Asian crisis could be contained so that it would produce no more than “a small dent” in world economic and trade growth in 1998.
Goods trade volume, measured in total exports of trading nations, grew at its second-fastest rate in 20 years--behind the ’94 record of 10%. WTO analysts attributed the surge to the strong performance of the U.S., Canada and Latin America.
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