September 24, 2021

World Trade Monitor July 2021

The world trade volume decreased 0.9% in July 2021, compared to June, when trade growth was 0.7%. With this decrease, world trade momentum has become negative with -0.4% for the first time since the trade bounced back since the COVID-19 pandemic hit. The momentum calculates average growth over the past three months and compares this to the same three months last year. The negative momentum can be mainly explained by the continuing drop in China's trade. Imports have been falling since April and exports since February this year.

Developments in global international trade and industrial production July 2021:

  • World trade volume decreased 0.9% month-on-month (growth was 0.7% in June, initial estimate 0.5%).
  • World trade momentum was -0.4% (non-annualised; 0.9% in June, initial estimate 1.3%).
  • World industrial production increased 0.0% month-on-month (having increased 1.2% in June, initial estimate 1.0%).
  • World industrial production momentum was -0.3% (non-annualised; -0.2% in June, unchanged from initial estimate).

The next release of the CPB World Trade Monitor is scheduled for Monday 25 October 2021, 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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