September 25, 2020

CPB World Trade Monitor July 2020

The rebound in world trade continues. The CPB World Trade Monitor shows that the volume of world trade increased 4.8% in July. This is somewhat less than in June, when world trade grew with 7,9% compared with May. The rebound arises from the fact that in a lot of countries lockdown measures have been lifted. In the eurozone, exports grew 5.9%, while imports grew 4.1%. Striking is the recovery in the US, where both imports and exports grew with roughly 11%. Chinese exports also made a huge jump (+9.5%), while Chinese imports rose with just 0.5%. Also in other advanced economies the rebound continues. Despite these promising figures, world trade has not yet recovered to pre COVID-19 outbreak levels.
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Developments in global international trade and industrial production July 2020:

  • World trade volume increased 4.8% month-on-month (growth was 7.9% in June, initial estimate 7.6%).
  • World trade momentum was -4.0% (non-annualised; -12.3% in June, initial estimate -12.5%).
  • World industrial production increased 3.1% month-on-month (having increased 4.7% in June, initial estimate 4.8%).
  • World industrial production momentum was -1.2% (non-annualised; -6.7% in June, initial estimate -6.9%).

The next release of the CPB World Trade Monitor is scheduled for 23 October 2020, 15:00 hours.

CPB publishes a World Trade Monitor every month on behalf of the European Commission. It takes two months for the figures to become available. For questions please contact

Read also the CPB Background Document 'The CPB World Trade Monitor: technical description (update 2020)'. In September 2016 (starting with the July 2016 monitor) the WTM base year has been moved from 2005 to 2010. Clarification of the procedure and its outcomes is given in the downloadable appendix (CPB Memo 'Change of base year WTM').

If you want to receive an email alert every time CPB publishes its update of the world trade monitor, please subscribe to our alert service on this page (CPB Data).

The World Trade Monitor is partially financed by DG ECFIN (Directorate General of Economic and Monetary Affairs of the Economic Commission).


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