The World Trade Organization (WTO) said on Friday that global trade in goods picked up in the third quarter of 2020, as the great lockdown eased, yet, it expects a slowdown at the end of the year.
WTO said its goods trade barometer, which illustrates the current state of services trade slightly ahead of official statistics, rose above-trend growth to 100.7, driven by higher exports, from a record low of 84.5 in August.
“Growth is likely to slow in the fourth quarter as pent-up demand is exhausted and inventory restocking is completed,” WTO said, adding that the outlook for trade is uncertain, as a second wave of COVID-19 triggered new lockdown measures in Europe and the U.S, pushing for more closures.
“Export orders and agricultural raw-material trade above medium-term trends, container shipping and automotive goods at trend, while air freight and electronic components below trend,” WTO indicator showed.
It also indicated that international flights and container shipping had recovered in October, yet, improved economic sentiment was reflected by copper futures prices and analysis of news reports after announcements of effective vaccines in November.