Global imports of information and communication technology (ICT) goods have slowed to a five-year low, the United Nations Conference on Trade and Development (Unctad) reveals.
The static global growth of 1% in 2014 had been supported mainly by the only subsectors that had grown, namely the communications equipment and the electronic components sectors, where imports increased 3% and 2% respectively.
Imports of consumer electronics continued a four-year downward trajectory, decreasing some 4% in 2014, while imports of computers and peripheral equipment remained flat during the year under review.
Unctad’s statistics showed that developing and transitioning countries, with import values of about $1.2-trillion, accounted for more than half of imports, which reached an overall value of $2.1-trillion and accounted for 12% of the worldwide imports.
China and Singapore were the only economies within the top ten importers for the year with declining rates of 4% and 3% respectively, compared with growth of 13% and 4% respectively in 2013.
By contrast, fellow top ten contender Korea posted strong import growth of 11%, while the US recorded 3% growth, Hong Kong 9% growth, Germany 8%, Japan 1%, Netherlands 3%, Mexico noted zero per cent growth and the UK was up 5%.
The report showed that the economies with the largest declines in ICT goods imports in 2014 included the Ukraine, Argentina and Paraguay, which posted declines of a respective 34%, 23% and 18%, while imports in Belarus and Chile contracted 18% and 17% respectively, followed by Kazakhstan, contracting 15% and Hungary, down 13%.
Meanwhile, exports for the year under review had increased marginally from $1.92-trillion in 2013 to $1.98-trillion in 2014, with developing and transitioning countries accounting for the bulk of exports in value terms.
The top ten exporters for the year included China and Singapore with zero per cent growth, Hong Kong and Taiwan, showing respective growth of 7% and 11%, the US and Malaysia, both up 4%, Korea, increasing 6%, Germany 8%, Mexico 3% and the Netherlands 5%.
The largest increases in ICT goods exports were noted for the Russian Federation, surging 80%, the Philippines, up 40%, Latvia, increasing 30%, and South Africa, Poland, Finland and Australia, rising 25%, 21%, 13% and 12% respectively.