The World Trade Organization published its goods trade analysis for December 2019, and the results indicate that “trade volume growth may continue to weaken into early 2020,” even without taking the COVID-19 (coronavirus) epidemic into account.
A slowdown in global growth, as well as a lower trade multiplier will reduce overall demand for shipping for the rest of this year and through 2020, BIMCO reports. The World Trade Organization (WTO) has significantly lowered its forecast for trade volumes growth in 2019, putting numbers to the slowdown that is already being felt by shipping.
The WTO’s 21st Monitoring Report on G20 trade measures shows that the trade coverage of new import-restrictive measures introduced during the period October 2018 – May 2019 was more than 3.5 times the average since May 2012 when the report began including trade coverage figures.
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