At the subregional level, two notable exceptions
stand out from this general pattern of developingcountry
trade. The first is the recovery of trade in
some North African economies from low levels in
2011, which contributed to higher trade growth in
Africa as a whole. The second is the absolute decline
in the volume of exports from South Asia, explained
mainly by a reduction of oil exports from the Islamic
Republic of Iran,2 though I ndia’s export volumes
also fell, by 2.5 per cent. This was largely due to the
economic slowdown in E urope, which accounts for
almost one fifth of India’s total exports, as well as
weak exports to China.