Last spring the WTO predicted world trade growth this year of 4.5 per cent in real terms, down from 5.5 per cent in 2007. Yesterday, it revised up, to 6 per cent, the growth figure for 2007, but it has not yet published its latest prediction for 2008.

WTO economists said yesterday they expected world trade growth this year to be less than 4.5 per cent but still positive, pulled up by exceptionally strong trade growth in the first quarter of 2008, which was boosted by booming imports into China and oil-exporting countries.

However, China's imports have since slowed sharply, dashing hopes that it could act as an economic motor helping to drive the world economy towards recovery. US imports have been declining and Japan is likely to see overall negative import growth this year.