Global trade contracts at fastest pace since pandemic

Global trade has witnessed its steepest annual decline since the onset of the COVID-19 pandemic, reflecting slowing demand as interest rates rise in various parts of the world.

World commerce in goods volumes fell by 3.2% in July compared to the same month in 2022, marking the sharpest drop since July 2020, according to the World Trade Monitor published by the Dutch Bureau for Economic Analysis, or CBP. The July figure also represents a worsening from June’s contraction of 2.4%.

Ariane Curtis of Capital Economics stated that it will still take “several months for global trade to hit its lowest point.”

Source: Reporting by Valentina Romei; reproduction by Valor Econômico 

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