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opening excerpt
GENERAL REVIEW AND OUTLOOK
WORLD TRADE VOLUMES HAVE BECOME HIGHLY DEPENDENT ON
ASIAN DEMAND. TRADE PATTERNS HAVE CHANGED DRAMATICALLY
AS THE GROWING GLOBAL IMBALANCE HAS WIDENED. THE
SUSTAINABILITY OF THE FUTURE DEMAND GROWTH PATTERN IS
SUBJECT TO CONSIDERABLE UNCERTAINTY.
ASIA CONTRIBUTED 86% TO GROWTH IN IMPORT VOLUMES
Global seaborne import volumes increased by 24% from 2005 to
2011. Higher Asian imports constituted a massive 86% of the
volume increase whereas European import volumes hardly budged
and US import volumes fell 10%. Latin American and African
import volumes surged during the period, contributing 16% to the
increase in seaborne import volumes.
Asia import ed 53% of world seaborne import volumes in 2011.
54% of Asian imports were transported in Dry Bulk carriers, 33%
in Tankers, 9% in Containers and the remaining 4% in General
Cargo. 40% of all Asian imports were bound for China.
LOWER THAN EXPECTED GROWTH IN 2011
In 2011, the world economy initially performed better than
expected, but it gradually weakened as the year unfolded.
Emerging economies were not left unaffected by the deterioration