WTO goods trade barometer hits record high

By Tuba Sahin

ANKARA (AA) - Confirming the strength of the world trade recovery, the Goods Trade Barometer hit a record high level on Wednesday, according to the World Trade Organization (WTO).

"The latest barometer reading of 110.4 is the highest on record since the indicator was first released in July 2016, and up more than 20 points year-on-year," the WTO said.

The rise reflected both the strength of current trade growth and the depth of last year’s pandemic-induced shock.

All sub-indices of the barometer, a real-time trend gauge for trade, were above trend in the latest month, the organization said.

The global trade in goods has grown steadily after a sharp decline in the second quarter of last year, it underlined, adding that the volume of merchandise trade rose 5.7% year-on-year in the first quarter of 2021.

The main reading indicated that goods trade will see an even larger annual increase in the second quarter, it stressed.

"The outlook for world trade continues to be overshadowed by downside risks, including regional disparities, continued weakness in services trade, and lagging vaccination timetables, particularly in poor countries," the WTO noted.

Saying that COVID-19 continues to pose the greatest threat to the outlook, it warned that new waves of infection could easily undermine the recovery.