Oil Price Variations Have Impact on World Trade Flows: WTO ReportThe sharp oil price variations, which over the last three years recorded their highest and lowest levels in 15 years, have left their mark on international trade flows, said the 2001 report of the World Trade Organization (WTO).Real oil prices reached their highest level since 1985 and the share of fuels in world merchandise trade is estimated to have recovered to somewhat more than 10 percent in the year 2000, close to its share in 1990, WTO economists were quoted as saying in the report which was published here Wednesday. The swings in oil prices have had a dramatic impact on the export earnings of oil exporters. At least 18 exporters recorded total merchandise export growth in excess of 50 percent in 2000. For about 30 countries, fuels account for more than one third of their merchandise exports, according to the report. The regions with a large share of fuels in their merchandise exports including the Middle East, Africa and the transition economies recorded outstanding export growth of between 25 to 50 percent last year. |
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