The World Trade Report 2010 focuses on trade in natural resources, such as fuels, forestry, mining and fisheries. The Report examines the characteristics of trade in natural resources, the policy choices available to governments and the role of international cooperation, particularly of the WTO, in the proper management of trade in this sector.
Key Facts from the Report
The total value of world trade in natural resources was US$ 3.7 trillion in 2008, or nearly 24 per cent of world merchandise trade. This value has increased more than six fold between 1998 and 2008.
The share of fuels in natural resource trade rose from 57% in 1998 to 77% in 2008. Fish and forestry products each represented 3% of world trade in 2008, while mining products were responsible for 18%
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The top 15 exporters of natural resources were responsible for 52% of world resource shipments in 2008, while the top 15 importers received 71% traded resources.
Applied tariffs are (on average) 23% lower in natural resource sectors relative to merchandise trade. Average bound rates in natural resource sectors are 1.7% in developed countries and 30.4% in developing and least-developed countries.
Export taxes cover 11% of natural resources trade compared to 5% of other merchandise trade. Export restrictions on natural resource products represent 35% of notified export restrictions.
Several natural resource sectors appear prominently in the subsidy notifications. Available research suggests that global subsidies to fisheries are in the order of US$ 25 and 29 billion annually.
Photo from Creative Commons: Flickr: Stanrandom
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