High commodities boost global trade
May, 26, 2021 Posted by Ruth HollardWeek 202124
International trade in goods from the world’s G-20 economies reached a record in terms of dollars in the first quarter of 2021, driven by the rise in commodity prices.
A survey by the Organization for Economic Cooperation and Development (OECD) shows continuity in the recovery, with exports and imports increasing by 8.0% and 8.1%, respectively, between January and March this year compared to the previous quarter. Only the UK did not see growth in the global commodity trade.
The depreciation of the dollar and the rise in commodity prices played a role in the recovery of global trade, states the OECD. Prices of agricultural commodities, including cereals and vegetable oils, increased by more than 10% in the first quarter. Metal prices have also gone up.
Among G20-20 countries, the biggest beneficiaries of this dynamic are Argentina, with an increase in exports above 33.3% in value; Australia, up 17.5%; Brazil, up 14.7%, and South Africa, up 17.3%.
Source: Valor Econômico
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