rss icon Subscribe
desktop mobile

WTO's Goods Trade Index at Record Low Amid COVID-19 Disruptions

© Kalyakan / Adobe Stock

The World Trade Organization (WTO) said on Wednesday its goods trade indicator fell to the lowest level since its launch, indicating global trade was likely to fall "precipitously" in the first half of 2020 due to disruptions caused by COVID-19.

The indicator, launched in July 2016, fell to 87.6 from 95.5 in February, the Geneva-based body said. Readings of less than 100 indicate trade below medium-term trends.

"The current reading captures the initial phases of the COVID-19 outbreak, and shows no sign of the trade decline bottoming out yet," the WTO said in a statement.

Even before the pandemic, trends had been slowing due to a trade war between major economies like China and the United States and slowing economic growth.

The WTO estimated last month that world merchandise trade could decline between 13% and 32% this year, depending on the duration of the pandemic and the effectiveness of policy responses. The new reading was consistent with that estimate, the statement added.

The body's trade outlook indicator is a composite of data on export orders in business surveys, air freight, container shipping, car production and sales and trade in electronic components and agricultural materials, particularly wood.

It is designed to identify turning points and gauge momentum in global trade rather than to provide a specific short-term forecast.


Reporting by Emma Farge; editing by John Stonestreet and Mark Potter

May 20, 2020

 

Logistics

Shipping Industry Goes Digital in Lockdown

(Photo: DP World)

The coronavirus lockdown has accelerated a digitalization drive in a global shipping and logistics

China to Europe Container Spot Rates in Rare Reversal -BIMCO

© urbans78 / Adobe Stock

Throughout April, container shipping spot freight rates on the back-haul trade from North Europe

Daniels Tapped to Lead Port Everglades

Jonathan Daniels will be the new Chief Executive & Port Director at Port Everglades.

Port of Gulfport (Mississippi) executive director Jonathan Daniels will move east and take the top

Containerships

Shipping Industry Goes Digital in Lockdown

The coronavirus lockdown has accelerated a digitalization drive in a global shipping and logistics sector that still routinely delivers many documents by bike messenger in some

APL England Detained After Dropping Containers off Australia

(Photo: AMSA)

A Singapore-flagged containership that lost at least 40 containers overboard off the coast of

Pacific International Lines Secures Debt Deal

© Alexander Gorter / MarineTraffic.com

Singapore-based container ship operator Pacific International Lines Pte (PIL) has agreed with most

Maritime Apps