Slower global trade growth resulted from a simultaneous
deceleration in import demand in both developed
and large developing economies. Constrained,
among other things, by austerity measures and rising
unemployment, Europe’s import demand contracted
while demand in the United States and Japan remained
subdued. Consequently, the global demand for exports
of developing countries and economies in transition
weakened while – with the exception of Africa – imports
destined for developing countries and economies in
transition declined markedly.