GENEVA — The surge in global trade growth, which has averaged 7 to 9 percent annually in the last decade, has been strongly boosted by the worldwide drop in average tariffs, which fell to 9.4 percent in 2007 from 14.1 percent during 1995 to 1999, a World Bank report said.
The "World Trade Indicators 2008" report concludes that, while rich countries have the lowest barriers to trade, many emerging economies also have posted large declines in import restrictions since the beginning of the decade.
The study, which examines 210 countries and customs territories, outlines that, since the beginning of the decade, Egypt has slashed its average tariff to 17 percent from 47 percent, India to 15 percent from 32 percent and Mauritius to 3.5 percent from 18 percent. China's average tariff fell to 10 percent from 14 percent in the same period.
Rich nations, which began dismantling barriers earlier, still have the lowest average tariffs at 6 percent compared with a developing country average of 11 percent, the report said. In the Trade Restrictiveness Index, Hong Kong, followed by Singapore and Switzerland, were ranked the top three nations with the lowest import protection regimes. The U.S. was ranked 11th.
"The rankings show that those countries that have reduced their trade barriers...also have experienced sustained increases in their volume of trade," said Roumeen Islam, World Bank Institute manager.
The report also shows, however, that rich nations still have much higher peak tariffs than poor nations and remain in sectors of greatest interest to developing countries, such as textiles and apparel.
Apparel and textiles, the report notes, "are also found among the top five export products for 45 countries. These countries are mostly concentrated among the low-income and lower-middle-income group."
But developing nations that are apparel exporters also "face a significantly less favorable market access for their exports than the rest of the world," it notes. Apparel exporters face tariffs more than double those faced by the rest of the developing world in rich markets, World Bank analysts estimate.
"With trade costs now higher than tariffs in many countries, improvement in trade logistics in developing countries would deliver high payoffs in improved trade performance," the report said.
Donatella Versace will receive the International Award at the 2018 @cfda awards, which were announced tonight. Tap link in bio for a list of all the nominees and honorees. #wwdnews #wwdfashion (📷: @rahirezvanistudio )
The 2018 @cfda Awards nominees are out! @virgilabloh for @off____white for is nominated for Womenswear Designer of the Year. Tap link in bio for all the nominees. #wwdnews #wwdfashion ( 📷: @simonelezzi)
@chanelofficial is suing high-end vintage retailer @whatgoesaroundnyc for trademark infringement, a move that could cost the retailer millions. The French fashion house claims that it’s not only unintentionally sold counterfeit goods on occasion, but that it’s “gone out of its way to create an association with Chanel,” which does not exist. Read Chanel’s statement on WWD.com #wwdnews (@aitorrosasphoto)
Exclusive: Guillaume Henry has left @ninaricci, the fashion house said on Thursday. “After three years of mutually gratifying creative collaboration, Nina Ricci and Guillaume Henry have together decided that the designer will depart the house after the presentation of the fall-winter 2018-19 collection,” Ricci said in a statement. Get all the details on WWD.com #wwdfashion (📷: @aitorrosasphoto)
“When Bella enters a room all heads turn,” said @peterphilipsmakeup, creative and image director for @diormakeup. Last night, the two celebrated the product launch of Dior’s Lacquer Plump in Los Angeles with other celebs like @parisjackson, @winnieharlow and more. Head to WWD.com to see the rest of the photos from the night (📷: @chelsealaurenla) #wwdeye
“These shirts are an art form, it’s about getting the message out to as many people as you can. It breaks down the pretentiousness of the art gallery,” says Kumasi Sadiki, cofounder of @ebayontheblock, a store that sells merchandise by New York artists who are shifting their attention to clothes as a wearable medium. Pictured here is a design by artist @joegarvey_, one of the first to spearhead this movement. Head to WWD.com to read @mistywhitesidell full story on how their designs have become merch for the underground elite #wwdfashion
@netaporter is dedicating a part of its website – called the Fine Jewelry and Watch Destination – to highlight its high-end jewelry. The hub will feature products on the site, as well as incorporate styling advice and educational content about high-priced jewelry items. Get more details on WWD.com. #wwdaccessories
For “The Cher Show,” an upcoming musical based on @cher’s life and career, @bobmackie is once again collaborating with the singer in designing the costumes. For decades, Mackie has designed glitzy stage costumes and red carpet looks for the 71-year-old Grammy winner. Pictured here is a sketch of some of the pieces in the wardrobe of the musical, which is set to debut in Chicago on June 12 before making its way to Broadway #wwdeye