Magnitude of World Trade in Present Times:

Trends of world trade by World Trade Report, 2013 are as follows:

• Since mid-1800s, the world’s population has grown about 6 times. World output has grown up 60 times and world trade has grown over 140 times.
• Dramatic decrease in transport and communication costs and increase in geopolitics have played a decisive role in advancing and reinforcing today’s global trading system.
• In last 30 years world trade and commercial services have increased by 7 per cent per year on average.
• Between 1980 and 2011, the share of developing economies in world trade increased from 34 % to 47 % and their share in world imports increased from 29 % to 42 %.
• The Asian countries are playing an important role in world trade.
• For a number of decades, world trade has grown on average nearly twice as fast as world production which indicates the development of marketing system of world trade.
• During 1950-1973 average annual growth of world trade was 7.88%, which was reduced to 5 % during 2000-2011 and 2.8% during 2015- 16.