World Trade Report Calls For Natural Resource Trade Co-operation

The World Trade Report from the WTO says natural resources trade is creating many challenges for importing and exporting countries and co-operation by governments is required if they are to be addressed adequately.

The focus of the report is natural resources such as fuels, forestry, mining and fisheries and it examines the trade characteristics of natural resource markets, policy choices and international co-operation for proper management with particular reference to WTO.

Key elements of the report include the distinctive features of natural resource markets, gains from resources trade, externalities, technology effects on sustainability, high volatility, trade policy and trade regulation in natural resources.

The natural resources market total world trade value in 2008 was $3.7 trillion, equivalent to 24% of world merchandise trade. Fuels accounted for 57% in 1998 and 77% in 2008, fish and forestry each accounted for 3% and mining 18%. The top 15 exporters accounted for 52% of world resources trade in 2008 and top 15 importers 71% of traded resources.

First Quarter Increase In Productivity

Productivity increased in the first quarter of 2010 in all four key productivity measures covered by the ONS for the whole economy. Output per worker increased by 1.3% compared with the same time last year and 0.6% on the previous quarter. Output per job increased by 1.6% on last year and 0.6% on previous quarter. Output per hour increased by 1.2% on last year and 0.3% on previous quarter and unit wage costs increased by 3.9% compared with the same time last year and by 1.2% on the previous quarter.

Total productivity output per job was 2.9%. Total manufacturing output per job was 3.7%. The transport equipment sub-section contributed an increase of 25.6% in output per job to the overall manufacturing figure and 21% output per hour worked and 'other non-metallic minerals' contributed an increase of 13.3% in output per job on the same quarter a year ago.

Services increased output per job by 0.4% on the same time last year and 0.3% per job and 0.2% per hour on the previous quarter. Distribution hotels and restaurants increased output per hour by 4.5% on the same quarter a year ago and distribution 6.5%.

The latest available data on agriculture, forestry and fisheries show that output fell by 8.5% per job and by 12% per hour worked in 2009 compared with 2008.