Wednesday, February 21

World Trade Rose in March Due to Emerging Economies

World trade increased in March compared to a month earlier, the Central Planning Bureau (CPB) reports in its monthly world trade monitor.

 

Emerging economies contributed more to this than developed economies. In China, the trade volume declined.

Globally, trade in goods increased by 2.2 percent compared to February. Then world trade had grown at least (plus 0.1 percent) compared to January. In the first quarter, world trade grew by 3.5 percent.

Global industry production was 0.3 percent higher than in February. Here there was a growth of 2.7 percent in the entire first quarter compared to the last period of last year.

Trade also grew strongly in the G20 countries, reports the Organization for Economic Co-operation and Development (OECD). Exports were 8 percent higher, imports 8.1 percent higher than last three months of last year.

The think tank saw this growth in all countries in the group of 20 major economies, except for the United Kingdom. There, in the closing quarter of 2020, a lot was imported and exported to avoid the consequences of the British departure from the European Union.

The growth was partly due to the increased price of metals and food. Countries like Argentina, Australia, Brazil and South Africa saw their export value increase sharply as a result. The price of crude oil has also shot up recently, leading to higher exports for countries such as Canada, Russia and Indonesia.

For most G20 countries, energy is a vital import product, and they saw their import value increase.

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