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    Least developed countries suffer most from global trade slump


    International Trade Forum - Issue 3/2009

    The export earnings of the world's poorest countries were slashed by up to 50 per cent over the first six months of 2009, according to latest figures from ITC. This far exceeded the damage suffered by developed countries, although their export earnings were down more than expected, falling globally by 32 per cent. The world's 49 least developed countries (LDCs) saw their earnings cut by US$ 26.8 billion as exports slumped 43.8 per cent. Sub-Saharan Africa suffered the sharpest decline in value terms: its exports to the world's most important markets crashed by 48.6 per cent (with South Africa and Nigeria accounting for 52 per cent of this decline), compared with the first six months of 2008, according to ITC's trade flow monitoring tool, Trade Map.

    "These figures dramatically highlight the devastating impact of the continuing economic crisis on the economies of the poorest developing countries and the well-being of their people," said ITC Executive Director Patricia R. Francis. "Green shoots of recovery may be appearing in parts of the developed world, but there is no sign of them in the economies of less developed states."

    To view the full report, visitwww.intracen.org/Docman/PRSR14311.pdf