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WTO says global exports expected to slow in 2012 due to series of economic shocks
GENEVA (AP) ' The World Trade Organization says the growth in global exports is expected to slow to a 3.7 percent rate in 2012.
The world body says Europe's sovereign debt crisis and other economic shocks would be responsible for the slowdown.
Its annual report Thursday also said the growth rate for exports in 2011 was just 5 percent, a sharp deceleration from 13.8 percent in 2010.
The figures represent the total volume of merchandise exported across borders, accounting for changes in prices and exchange rates.
The eurozone crisis, U.S. debt concerns, economic aftershocks of the Japan earthquake and continuing political unrest in the oil-rich Middle East are adding a measure of uncertainty to the forecast, which assumes an oil price above $100 a barrel.