In the third quarter of 2020, the volume of world merchandise trade increased by 11,6% compared to the previous quarter, according to the statistics published by the World Trade Organization (WTO) on Friday (18.12.2020).
This result helped limit the contraction in global trade since the beginning of the year and followed a sharp drop in the second quarter caused by the Covid-19 crisis.
Merchandise trade volume contracted by 12.7% in the second quarter of 2020 (revised upward from an initially estimated decline of 14.3 percent).
Despite the rebound, trade volume between July and September was still 5.6% lower than in the same period last year.
The report notes that The most industrialized regions achieved a stronger recovery in their exports of goods, while The pace of expansion was more moderate in regions that export natural resources disproportionately.
Thus, double-digit export growth was recorded compared to the previous quarter in North America (20.1%), Europe (19.3%) and Asia (10.1%, from a higher base due to a smaller decline in the second quarter), while eGrowth was weaker in South and Central America (3.1%) and “Other regions” (3.3 percent).
However, on a year-on-year basis, exports in the third quarter still declined in North America (-9.0%), Europe (-5.4%), South and Central America (-3.4%) and Other regions (-11.4 percent).
The only exception was Asia (+0,4%), where regional exports were slightly above their level in the same period a year ago.
Merchandise import volumes grew most rapidly in North America (16.6% compared to the previous quarter) and Europe (15.0%) in the third quarter after having fallen sharply in the second quarter.
In contrast to its improved export performance, Asia's merchandise imports posted a modest 2.1% increase in the third quarter, suggesting a widening of trade surpluses in the region.
South and Central America recorded a further 0.7% decline in the third quarter compared to the previous quarter, while imports from “Other regions” together increased by 3.2 percent.
The report concludes that merchandise import volumes decreased in the third quarter of 2020 compared to the same period last year in all regions, including North America (-4.7%), South and Central America (-19.4%), Europe (-6.4%), Asia (-4.7%) and “Other regions” (-14.7 percent).
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