The rebound in world trade continues. The CPB World Trade Monitor shows that the volume of world trade increased 4.8% in July. This is somewhat less than in June, when world trade grew with 7,9% compared with May. The rebound arises from the fact that in a lot of countries lockdown measures have been lifted. In the eurozone, exports grew 5.9%, while imports grew 4.1%. Striking is the recovery in the US, where both imports and exports grew with roughly 11%. Chinese exports also made a huge jump (+9.5%), while Chinese imports rose with just 0.5%. Also in other advanced economies the rebound continues. Despite these promising figures, world trade has not yet recovered to pre COVID-19 outbreak levels.
Developments in global international trade and industrial production July 2020:
- World trade volume increased 4.8% month-on-month (growth was 7.9% in June, initial estimate 7.6%).
- World trade momentum was -4.0% (non-annualised; -12.3% in June, initial estimate -12.5%).
- World industrial production increased 3.1% month-on-month (having increased 4.7% in June, initial estimate 4.8%).
- World industrial production momentum was -1.2% (non-annualised; -6.7% in June, initial estimate -6.9%).
The next release of the CPB World Trade Monitor is scheduled for 23 October 2020, 15:00 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 email@example.com.
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').
If you want to receive an email alert every time CPB publishes its update of the world trade monitor, please subscribe to our alert service on this page (CPB Data).
The World Trade Monitor is partially financed by DG ECFIN (Directorate General of Economic and Monetary Affairs of the Economic Commission).
If you want to receive an email alert every time CPB publishes an update of the world trade monitor (monthly), please subscribe to our alert service (CPB Data). You can subscribe to our world trade monitor rss-feed as well. In the CPB Calendar you can find the release date of the next CPB World Trade Monitor.
Yes. All trade flows in the WTM are gross.
No. WTM trade flows are based on monthly Customs data and include goods trade only. Cross-border goods flows measured this way generally do not coincide with goods trade as reported in national accounts.
Volume series are series in constant dollar prices, that is base year prices. In the base year, the year total of volume equals the year total of nominal value and the year average of the price index equals 100. The base year currently is 2010. (See technical note Change of base year. (appendix)) At the level of individual countries, either import/export volume is computed from import/export value and import/export price or price is computed from import/export value and import/export, depending on the availability and reliability of data. Aggregate (regional) series in constant prices are the sums of country series in constant prices; aggregate prices are computed from aggregate value and aggregate volume.
See Table 2.1 (industrial production) and Table 2.2 (international trade) in the Background Document 'Technical Description'.