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World commodity trade plummeted in the first and second quarters of last year. But it turned out quite quickly from there. According to the World Trade Organization (WTO) Goods Trade Barometer, Published on August 18, 2021, the value of world trade in March, the last month of the first quarter of the year, is 110.4. In other words, this index of commodity trade is on top of the global general trend. Meanwhile, the WTO said that in 2021, the growth rate of global trade in goods could stand at 8 percent.
Commodity trade began to turn around in the last quarter of 2020. In the first quarter of the current 2021, the growth of global trade in goods has been 5.7 percent. In the third quarter of 2011, global trade in goods grew by 5.8 percent. The growth rate in the first quarter of this year is the highest since that quarter of 2011. As a result, analysts believe the matter is significant.
However, in this case also inequality is seen. According to the report, North America, Europe and Asia are at the forefront of trade. But other regions are lagging behind. And according to the barometer, the WTO expects growth to pick up further in the second quarter of this year.
The sub-indicators of the barometer index are export orders, car sales, container shipping, air freight, electronic goods and raw material trade. It shows that the value of each sub-index is above 100. In other words, the activity of these sectors is more than the normal trend. However, the value of the export order index is slightly lower than the previous quarter. As a result, the export index is expected to reach a peak.
Global commodity trade declined in the first, second and third quarters of 2020. The contraction was at the rate of 3.8, 14.8 and 5.9 percent respectively. However, in the fourth quarter, it turned around again. The growth of services is 0.7 percent.
Source: Online/KSU
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