New Delhi: India recorded exports growth of 16 per cent in 2011, the fastest in the world in volume terms during last year, even as the global trade expansion slowed to five per cent, according to the WTO report.
"India had the fastest export growth among major traders in 2011, with shipments rising 16.1 per cent. Meanwhile, China had the second-fastest export growth of many major economy at 9.3 per cent," the World Trade Organisation (WTO) said.
However, the WTO economists forecast further slowing down of world trade in 2012 to 3.7 per cent as the downside risks remain high. "We are not yet out of the woods," WTO Director General Pascal Lamy said.
These risks include a steeper than expected downturn in Europe, financial contagion related to the sovereign debt crisis, rapidly rising oil prices and geopolitical risks.
India, also emerged as the second-fastest importer after China growing at a pace of 6 per cent in 2011.
While, Indian exports increased the fastest in the world in volume terms, in terms of dollar realisation the growth has been slowing sharply since August 2011, according to Commerce Ministry data.
In their report, the WTO economists said the weak import demand from the Europe and US would adversely affect the emerging and developing countries like India.
The US and European Union together account for nearly 35 per cent of India's exports of USD 245.9 billion in 2010-11, as per India's trade data.
"The outlook for world trade darkened in recent months as the euro sovereign debt crisis threatened to undermine global growth. The agreement on a debt restructuring plan for Greece has provided some respite for governments, but at least a mild recession in the European Union may now be looming, with negative consequences for global trade and output," the WTO said.
In the 3.7 per cent world trade volume growth in 2012, two per cent increase is estimated for developed nations and 5.6 per cent for developing economies (including the Commonwealth of Independent States).
On the import side, the WTO is projecting 1.9 per cent growth for developed countries and 6.2 per cent for developing economies and CIS.
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