November 25, 2021

World Trade Monitor September 2021

The world trade volume decreased 0.8% in September 2021, compared to August, when trade growth was 0.7%. With this, the growth rate in world trade for quarter 3 stands at -1.1%. A substantial share of this decline can be attributed to the negative trend in China’s trade (imports: -7.3%; exports: -2.3%). Japan also shows a decrease (imports: -1.8%; exports: -2.9%). Also noteworthy are the decreases in exports for the United Kingdom (-5,8%) and Latin America (-3,5%). The decline in world trade follows a period of strong recovery after the steep drop in global goods trade when the COVID-19 crisis erupted.

Developments in global international trade and industrial production September 2021:

  • World trade volume decreased 0.8% month-on-month (growth was 0.7% in August, initial estimate 0.8%) and growth was -1.1% in 2021Q3 (0.9% in 2021Q2).
  • World trade momentum was -1.1% (non-annualised; -0.9% in August, unchanged from initial estimate).
  • World industrial production decreased 0.9% month-on-month (having decreased 0.4% in August, unchanged from initial estimate) and growth was -0.2% in 2021Q3 (0.0% in 2021Q2).
  • World industrial production momentum was -0.2% (non-annualised; 0.3% in August, unchanged from initial estimate).

The next release of the CPB World Trade Monitor is scheduled for Friday 24 December 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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