November 24, 2023

World Trade Monitor September 2023

World Merchandise trade increased with 0.7% in September 2023 compared to the previous month, following an increase of 0.4% in August. This is evident from the monthly CPB World Trade Monitor. Most noteworthy is the increase of imports of advanced Asia excluding Japan (4.3%), Japan (2.4%), and the United States (2.3%). However the imports of the United Kingdom (-5.2%), emerging Asia excluding China (-2.2%) and the eurozone (-0.9%) all decreased. The exports increased in particular in Japan (4.4%), China (3.2%), the United States (2.3%) and developed Asia excluding Japan (2.0%). But the exports of the United Kingdom (-3.8%) and emerging Asia excluding China (-1.6%) decreased.

Developments in global international trade and industrial production September 2023:

  • World trade volume increased 0.7% month-on-month (growth was 0.4% in August, unchanged from initial estimate) and growth was -0.4% in 2023Q3 (-0.4% in 2023Q2).
  • World trade momentum was -0.4% (non-annualised; -1.2% in August, initial estimate -1.1%).
  • World industrial production increased 0.2% month-on-month (having increased 0.6% in August, initial estimate 0.7%) and growth was 0.8% in 2023Q3 (-0.5% in 2023Q2).
  • World industrial production momentum was 0.8% (non-annualised; 0.6% in August, unchanged from initial estimate).

The next release of the CPB World Trade Monitor is scheduled for Friday 22 December 2023, 12:00 hours, including reporting month October 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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