Global exports of intermediate products continued to rise in the third quarter of 2021, albeit at a slower pace than the previous quarter, according to a new report from the World Trade Organization (WTO).
Increases in traded inputs for medical products and metal products and increases in all regions helped drive export growth.
The report notes that global exports of intermediate products grew by 27% year-on-year in the third quarter of 2021, compared with a 47% increase in the second quarter. According to the WTO, the exchange of intermediate products, which are inputs used to produce a final product, “is a indicator of the robustness of global supply chains".
The product category «Other industrial supplies, which accounted for almost half of total intermediate goods exports in the third quarter, grew the fastest among all intermediate goods categories., increasing 38 percent year-on-year to USD 1,225 billion. It comprises intermediate products such as vaccine products, medical spare parts and accessories, diagnostic or laboratory reagents, and other intermediate medical products. The category also includes raw or semi-manufactured metals such as copper cathodes, iron or steel articles, and aluminum. The high growth rate of the category follows a 52 percent increase recorded in the second quarter.
However, Global exports of spare parts and accessories for transportation equipment grew more slowly at 8 percent year-on-year in the third quarter compared with 69 percent in the second quarter. The growth in exports of intermediate mineral and mineral products also slowed down. to 16 percent compared to an average growth of 47 percent during the first half of the year. This was partly due to the fall in iron ore prices in September 2021.
All regions recorded increases and exceeded the export levels of intermediate products of 2019 before the COVID-19 pandemic occurred. Africa and South and Central America continued to experience the strongest growth in intermediate products exports.
Exports of intermediate products from South and Central America increased by 45 percent, driven by increases in exports of iron ore and copper (73 percent) and soybeans (41 percent). Intraregional trade in intermediate products in South and Central America increased the most among all regionss (56%). (WTO Press Release)
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