WTO: Global trade in goods cracks pre-pandemic highs

Released on 04.10. 2021

  • The WTO estimates that the trade volume for the full year 2021 by 10, 8 percent grows. Photo: Markus Scholz

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The corona pandemic has put a severe damper on trade all over the world. At least the trade in goods has now recovered.

Geneva (dpa) – After the Corona slump 10, according to the World Trade Organization (WTO) climbed to new highs. In the first half of the year 2021 it exceeded the level from before the pandemic, reported the WTO in Geneva.

The WTO adjusted its world trade forecasts for 2021 and 2022 to the top. In individual areas, for example, the bottleneck in semiconductors or backlogs in ports could influence production, but this will hardly have any influence on the upward trend.

The WTO now estimates that the trade volume in the full year 2021 at 10, 8 percent growing. In March it had assumed a year-on-year increase of 8 percent. For the coming year, the WTO is assuming an increase of 4.7 percent. In the Corona year 2020, global trade in goods had shrunk by 5.3 percent. According to the WTO, trade in services is still well below the level it was before the pandemic. The gross domestic product is expected to grow by 5.3 (March forecast: 5.1) percent this year, and by 4.1 (3.8) percent in the coming year.

That According to the WTO, however, trade growth is very unevenly distributed. The Middle East, South America and Africa lagged behind in terms of export growth, and the Middle East, the successor states of the Soviet Union and Africa in terms of import growth. In addition to the semiconductor bottleneck and traffic jams in ports, risks are the high transport costs. According to the WTO, the greatest risk remains the development of the coronavirus pandemic. The longer many countries still have no vaccine and can hardly vaccinate people, the greater the risk that dangerous virus variants will develop, said WTO chief Ngozi Okonjo-Iweala.

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