World trade developments in 2004 and prospects for 2005

The year 2004 witnessed strong economic growth across most major regions, providing a solid basis for vigorous global trade expansion. Trade and GDP were particularly buoyant in South and Central America and in the Commonwealth of Independent States (CIS), while North America, Asia and to a lesser extent Europe also recorded some acceleration in trade and output growth. A noteworthy feature in 2004 was that the two most populous countries in the world – China and India – recorded outstanding economic growth (9.5 per cent and 7.3 per cent respectively) and trade expansion for the second year in a row.