Business executives and experts from 117 countries see the prospects for international trade for the rest of 2011 and early in 2012 to be less favorable than in the first half of this year.According to the latest findings of the World Economic Survey, conducted in the third quarter of 2011 by the Ifo Institute of Economic Research at the University of Munich and the Paris-based International Chamber of Commerce, the global economic climate "clouded over" during the summer.According to Hans-Werner Sinn, president of the Ifo Institute, pointed out that "the global economic upswing is faltering," and in the third quarter of this year, Ifo's overall World Economic Climate indicator- which synthesizes all participants' views - "lost all the gains of the first two quarters."About 1,100 executives from around the globe participating in the international survey appraised the current worldwide economic conditions to be nearly stagnant and slightly better than a year ago. Looking forward at the next six months, the executives expect the global economy to experience moderate growth, significantly slower than in the first half of the year.According to the latest snapshot of domestic international trade numbers, foreign sales of made-in-New Hampshire goods fell $6.2 million, or 1.8 percent, in June, following a decrease of 19.1 percent in May. Monthly exports totaled $340.8 million in June.In June 2011, exports were $1.3 million, or 0.4 percent, lower than June 2010.Manufactured goods accounted for 77 percent of all exports in JuneThe total of $262.2 million was a decrease of 1.8 percent from May and $9.9 million lower than last June's $272.1 million.Exports of non-manufactured goods fell 1.7 percent in June, to $78.6 million.New Hampshire ranked 42nd in export growth among the 50 states during the first six months of 2011.Evangelos Simos, chief economist of the consulting and research firm e-forecasting.com, is editor for International Affairs in the Journal of Business Forecasting and professor of economics at the Whittemore School of Business & Economics at UNH. He can be reached at firstname.lastname@example.org.
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This article appears in the September 9 2011 issue of New Hampshire Business Review