The World Trade Organization (WTO) said the agency's commodity trade index rose to 109.7 in May, up from 103.9 in February, compared with 88.1 in the second quarter of 2020, when global trade volume had decreased 15. 5%, it is showing a significant improvement.
According to the World Trade Organization, in the past month, all sub-indices of this index have grown, highlighting the integrated nature of trade improvement and showing the acceleration of trade development.
This index is in line with the World Trade Organization's forecast of 8% growth in trade in goods in 2021 after a decline of 5.3% in 2020, but the improvement in trade is not seen uniformly in all sectors.
According to the World Trade Organization, the biggest trade growth for export orders is air freight and electronics. Automotive products and agricultural raw materials, and wood for construction also grew strongly, reflecting consumer confidence. Container freight that was less damaged in the pandemic also grew strongly.
According to Reuters, the WTO Commodity Trade Index is a collection of statistics designed to predict milestones and assess global trade growth. It does not provide just a specific short-term forecast.