The WTO reported in April that global trade growth this year will be slightly or no better than in 2002 because of a slow-moving economy, the war in Iraq, and the potential disruption of trade due to the SARS virus. Trade in goods expanded by 2.5 percent in 2002; reversing a 1 percent decline in 2001 says the WTO. Although the increase last year was led by strong demand in the United States and the larger Asian economies, trade growth was still uneven and concealed weaker results in many regions such as Latin America and Western Europe. Highlights of the WTO's report include:

• Asia's imports and exports grew by double-digits with China's trade increasing by more than 20 percent. China has now surpassed the U.K. as the fifth-largest trader in the world.

• U.S. imports grew by 3 percent while exports declined nearly 4 percent. Lack of price competitiveness might have played a major role as U.S. exports decreased even to those regions whose imports grew strongly.

• Western Europe's trade volume languished with merchandise exports increasing by 0.6 percent and imports declining by 0.5 percent.

• Latin America experienced one of its worst years with fiscal and governmental crises in Argentina and Venezuela, and difficulties in Brazil leading up to the national elections. Merchandise imports fell by more than 5 percent while exports rose by about 2 percent.