Last Updated : 12 October 2012 at 17:30 IST
Mining, fuel products help LDC’s to raise exports by 23.9% in 2011:WTO
The last decade has witnessed a fundamental change with regard to destination markets for goods originating from LDCs. At the beginning of the decade, developed countries absorbed 53 per cent of LDC export.
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GENEVA(Commodity Online): Total exports value of goods and commercial services of the Least-Developed Countries (LDC) grew by 23.9 per cent in 2011 to reach US$229.8 billion, according to World Trade Organisation.
The LDC share in world trade (exports and imports) increased from 1.09 per cent in 2010 to 1.12 per cent in 2011.
LDCs’ exports of manufactured goods and commercial services expanded by 24.8 per cent and 15.6 per cent, respectively. Exports of fuels and mining products grew by 25 per cent.
Major product categories which contributed to the 2011 expansion included fuels and mining products, as well as agricultural products, which experienced price hikes.
The trade balance in goods of the LDCs narrowed down considerably in 2011, registering a deficit of US$3.3 billion as against $26.5 billion in 2009.
The last decade has witnessed a fundamental change with regard to destination markets for goods originating from LDCs. At the beginning of the decade, developed countries absorbed 53 per cent of LDC export.
By 2011, their share shrank to 41 per cent. On the other hand, LDCs’ exports to developing countries had expanded more than seven-fold to account for 52 per cent of their total exports in 2011.
