International News

Global Trade In Goods In The 2nd Quarter

Author : Bozhou Marine

Update time : 2023-08-30 10:30:31

The World Trade Organization released a report on August 24 saying that due to strong automobile production and sales, the global trade in goods situation showed signs of improvement in the second quarter of 2023, but if export orders remain weak, growth momentum in the third quarter and beyond may be limited.

The latest "Goods Trade Barometer" released by the WTO shows that the global goods trade prosperity index is 99.1, slightly lower than the benchmark of 100, but higher than the 95.6 released at the end of May this year. Among the various component indexes, the auto product index continued to be stable above the benchmark point, the export order index, container transportation index, air freight index, and raw material index were all slightly lower than the benchmark point, and the electronic component index was far below the benchmark point.

Japan's gross domestic product (GDP) growth in the first half of 2023 was stronger than expected due to a surge in exports of automotive products, the report said. Automobile exports have also been one of the factors supporting China's economic growth in the near future.

According to the compilation rules of the Global Goods Trade Prosperity Index, an index greater than 100 indicates that the growth of global trade in goods is higher than expected, and vice versa indicates that the growth is lower than expected.

The World Trade Organization released the Global Trade Prosperity Index for the first time in July 2016. By collecting trade statistics from major economies, it provides early signals on the current short-term development of world trade and provides more timely information on international trade for trade policy makers and the business community information.

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