GENEVA (Reuters) – Global goods trade is slowing after a sharp rebound following the initial shock of the COVID-19 pandemic as production and supply disruptions and cooling demand for imports dampen growth, the World Trade Organization said on Monday.
The WTO said its goods trade barometer dropped to 99.5 points, close to the baseline of 100, in November following a record reading of 110.4 in August.
The Geneva-based trade body said supply shocks, including port gridlock arising from surging import demand in the first half of the year and disrupted production of goods such as automobiles and semiconductors, had contributed to the decline.
Demand for traded goods was also easing, indicated by falling export orders.
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