WTO: Global trade in goods is continuing to recover

Data released by the World Trade Organization on the 28th showed that global trade in goods would continue to recover this year after a brief and profound decline in the second quarter of last year.

The latest issue of the “Barometer of Trade in Goods” released by the WTO shows that the global trade in goods boom index is higher than the benchmark point of 100, reaching 109.7. This means that international trade in goods has resumed extensively, and the business scale has accelerated.

The WTO stated that global trade trends are basically in line with the organization’s annual trade expectations in March this year. The WTO predicted that international trade in goods would increase by 8.0% and 4.0% respectively this year and next.

The WTO also pointed out that despite the relatively positive trade prospects in the short term, the performance of various regions worldwide is uneven. In terms of trade categories, service trade is still weak. The WTO warned that the current vaccinations against the new crown in various world regions, especially in emerging countries, are lagging. The resurgence of the new crown epidemic will disrupt the process of trade recovery.

According to the compilation rules of the Global Goods Trade Prosperity Index, a value of 100 is the base point. If a specific index is 100, global trade growth in goods is in line with the medium-term trend expectations. An index greater than 100 indicates that the growth of international business in goods in the quarter was higher than expected, and vice versa, it suggests that the development of global trade in goods was lower than expected.

The World Trade Organization released the Global Trade Prosperity Index for the first time in July 2016. Collecting trade statistics from significant economies provides early signals on the current short-term development of world trade. It gives more timely international trade for trade policymakers and the business community.

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