Global trade plumbs lowest level since 2007

Trade in goods hit the lowest level since 2007 in the second quarter of 2020 and a V-shaped rebound “may prove overly optimistic,” the World Trade Organisation said on Wednesday.

During the second quarter of the year, global trade in goods registered a “historic fall” and touched the levels of the 2008 financial crisis. Wednesdays figure “was the lowest on record in data going back to 2007,” the WTO said.

A “goods trade barometer” published by the WTO takes into account recent trends in order to draw a real-time trajectory of global trade. Wednesdays reading was 84.5 on a scale where 100 corresponds to a trade growth in line with medium-term trends. Automotive goods and air freight were the worst-hit.

Wednesdays data are consistent with a previous WTO forecast that merchandise trade would have fallen by 18.5 percent in the second Read More – Source