January 25, 2021

World trade back to pre-corona level in November 2020

World trade volume increased 2.1% in November 2020 compared to October, following an increase of 0.7% in October and seems to be unaffected by COVID measures. With this, the world trade volume is slightly higher than at the end of 2019, pre-COVID. Import growth is mainly driven by developed economies. Although imports from China actually fell by -1.3%, Chinese exports grew with 5.6%. Export growth in Latin America (-3.6%) and the US (0.4%) are lagging behind relative to that of developed economies. After the low point in May, world trade has grown continuously.
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Global industrial production also grew again in November 2020 with 1.1% compared to October. The euro area slightly outperformed with 1.4%, the US slightly below with 0.5%.

The monthly CPB World Trade Monitor is published on behalf of the European Commission. It takes two months for the figures to be available.

View the CPB World Trade Monitor.

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