September 25, 2023

World Trade Monitor July 2023

World Merchandise trade decreased with 0.6% in July 2023 compared to June. That month also saw a decrease of 0.6%. This is evident from the monthly CPB World Trade Monitor. This decrease is to a large extent driven by the decrease in trade of China (imports: -5.2%; exports: -2.9%). Also the imports of advanced Asia excluding Japan (-5.2%) and the exports of emerging Asia excluding China (-1.9%) show a substantial decline. International trade of the United States (imports: +1.9%; exports: +1.2% ), the United Kingdom (imports: +0.4%; exports: +5.2% ), and Japan (imports: +1.7%; exports: +1.4%) increased however. The eurozone shows an increase in imports of +0.3, and a decrease in exports of -0.9%.

Developments in global international trade and industrial production July 2023

  • World trade volume decreased 0.6% month-on-month (growth was -0.6% in June, initial estimate -0.7%).
  • World trade momentum was -0.4% (non-annualised; -0.3% in June, unchanged from initial estimate).
  • World industrial production decreased 0.1% month-on-month (having increased 0.2% in June, initial estimate 0.4%).
  • World industrial production momentum was 0.1% (non-annualised; -0.5% in June, unchanged from initial estimate).

The next release of the CPB World Trade Monitor is scheduled for Wednesday 25 October 2023, 12:00 hours, including reporting month August 2023.

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 2023)'. 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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