WTO data shows moderate goods trade growth as policy uncertainty looms

However, the outlook is clouded by rising economic uncertainty, including possible shifts in trade policy, WTO said in a release.

All of the barometer's component indices remain on or above trend, except for the electronic components index.

Indices representing export orders and raw materials indices are both on trend (100.5), while those representing air freight (102.9) and container shipping (105.8) are firmly above trend. The container shipping index showed the biggest improvement over the last three months while the air freight index lost momentum.

Export orders, usually the most predictive of the barometer's components, remain very close to the baseline value of 100, suggesting steady trade growth in the near term.

According to the WTO's most recent trade forecast made in October, trade volume growth for the whole of 2024 should come in at around 2.7 per cent, while growth next year is expected to reach 3 per cent.

Exports of Asian economies and imports of North American countries grew faster than expected in the first half this year.

Meanwhile, European trade flows continued to decline on both the export and import sides, weighing down global trade growth.

Fibre2Fashion News Desk (DS)