World exports of intermediate goods, such as parts and components, increased 20% year-on-year in the first quarter of 2021, according to a new report from the World Trade Organization (WTO) published this Thursday (02.09.2021).
According to the WTO, “this increase maintains the upward trend in exports of intermediate goods after the sharp decline recorded in the second quarter of 2020, when the crisis caused by the global spread of COVID-19 was in its early stages.”
The report states that “Asia recorded the highest growth in exports of intermediate goods in the first quarter (28 percent) due to a 41 percent increase in Chinese exports of industrial intermediate goods, mainly parts for information and communications technology equipment and photovoltaic cells.”
The WTO later noted that “the most relevant supply chains in the first quarter were those of minerals, precious stones and rare earths, with exports increasing by 43% in the period, and food and beverages (up 22%).”
However, exports of transport parts and accessories recorded the weakest recovery, at 6%, after sharp declines in 2020, as the pandemic hit both demand and production of cars.
The report pointed out that “Africa and South and Central America significantly increased their exports of minerals and soybeans to Asia, by 41 percent and 30 percent, respectively.”
Finally, the WTO clarified that “trade statistics on intermediate goods reflect international trade in parts, components and accessories used to produce final products and serve as an indicator of activity in supply chains.” (WTO Press Release)
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