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.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty