In a press release, the WTO said the latest outlook has shrunk barometer’s previous optimism from February, suggesting that trade may be approaching a turning point, with stronger growth expected in the near future. Said that it would be.
The expected upturn could have been short-circuited by the Ukrainian conflict that began in late February, which tends to cause sharp rises in food and energy prices, reduce real income and slow economic growth.
According to the latest World Trade Organization (WTO) Commodity Trade Barometer, the war between Russia and Ukraine and the recent pandemic-related blockade in China appear to weaken global commodities trade in the first half of 2022. Currently, the 99.0 reading is just below the index’s baseline value of 100, suggesting that commodity trade continues to grow slowly.
Trade and production were further disrupted by China’s imposition of a major blockade to combat the new outbreak of COVID-19.
If some of the underlying data for the component index did not decline in March and April, the barometer index may have been above the trend.
In April, the WTO forecasts global commodity trade volume to increase by 3% in 2022, down from the projected increase of 4.7% as of October last year.
Fiber2Fashion News Desk (DS)
WTO trade barometer leveled off due to Ukrainian war, COVID-19
Source link WTO trade barometer leveled off due to Ukrainian war, COVID-19