This
figure refers to merchandise trade in volume terms,
that is, in value terms but adjusted to account for
inflation and exchange-rate movements. However,
trade flows in nominal terms display a similar trend. In
2012, the dollar value of world merchandise exports
only increased by 0.2 per cent to reach $18.3 trillion,
practically remaining unchanged due to falling prices
of commodities such as coffee (−22 per cent), cotton
(−42 per cent), iron ore (−23 per cent) and coal
(−21 per cent) (WTO, 2013).