March 24, 2023

World Trade Monitor January 2023

World merchandise trade slightly declined (-0.1%) in January 2023 compared to the previous month, following a decline of 2.8% in December of last year compared to November. Most noteworthy are a decline in imports in the United Kingdom of -9.3% and in China of -2.5%. Chinese exports also fell back: -1.0%. Also other emerging economies in Asia showed a decline in import and exports, with respectively -3.5% and -4.3%. The United States showed a 4.5% growth in exports. The eurozone saw a decline in imports (-0.3%) and an increase in exports (+2.7%). This is evident from the CPB World Trade Monitor.

Developments in global international trade and industrial production January 2023

  • World trade volume decreased 0.1% month-on-month (growth was -2.8% in December, initial estimate -0.9%).
  • World trade momentum was -3.0% (non-annualised; -1.2% in December, initial estimate -2.1%).
  • World industrial production increased 0.0% month-on-month (having decreased 0.3% in December, initial estimate -0.1%).
  • World industrial production momentum was -1.0% (non-annualised; -0.9% in December, initial estimate -0.8%).

The next release of the CPB World Trade Monitor is scheduled for Tuesday 25 April 2023, 12:00 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').

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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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