The World Trade Organisation (WTO) reported that the value of world merchandise trade for the first quarter of 2011 was up 22% when compared with the first quarter of 2010.

The WTO showed that trade values for the first quarter of 2011 were reaching highs last seen in the second quarter of 2008, just prior to the global economic crisis.

Commodity prices were shown to have increased significantly quarter on quarter, and even more so year on year.

The WTO noted that the value of trade was not to be confused with volumes of trade, which the organisation expected to increase by a more modest 6,5% in 2011.

The WTO also said that short-term merchandise trade values were not seasonally adjusted, and seasonal patterns therefore considerably affected the quarter-on-quarter and month-on-month developments in world trade.

This, in turn, affected comparisons between the trade developments in individual regions and economies.