May 25, 2022

World Trade Monitor March 2022

World trade fell by just 0.2% in March compared to February, contrary to expectations. Russia's trade figures, which are no longer available, are estimated based on data from the largest trading partners. The sanctions against Russia are reflected in a sharp drop in Russian imports (-39.6%). Surprisingly, the Russian export increase is positive at 18.1%. This is probably due to an increase in oil and gas exports in combination with higher energy prices. The advanced economies imported more, especially the EU, the US and the UK, while the imports of the emerging economies fell sharply by 4.7%, with mainly China (-12%) and Eastern European CIS countries (-16.4%). Exports from advanced economies declined slightly by 0.7% and those from emerging economies increased slightly by 0.7%.

Developments in global international trade and industrial production March 2022

  • World trade volume decreased 0.2% month-on-month (growth was 0.2% in February, initial estimate 0.3%) and growth was 0.8% in 2022Q1 (2.8% in 2021Q4).
  • World trade momentum was 0.8% (non-annualised; 2.6% in February, initial estimate 3.4%).
  • World industrial production decreased 1.0% month-on-month (having increased 1.2% in February, initial estimate 0.9%) and growth was 3.2% in 2022Q1 (1.4% in 2021Q4).
  • World industrial production momentum was 3.2% (non-annualised; 3.9% in February, initial estimate 4.1%).

The next release of the CPB World Trade Monitor is scheduled for Friday 24 June 2022, 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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