The World Trade Organization (WTO) recently stated that in the first three quarters of 2021, total apparel trade increased by 5% compared with the same period in 2020, and textiles declined by 7%; even though the third quarter was due to unfavorable conditions Factors caused the overall merchandise trade to decrease than expected, but the trade volume still increased by 11.9% compared with the same period in 2020.
The WTO report stated that due to the surge in demand for textile categories (including surgical masks) in the early stages of the epidemic, which resulted in a higher baseline level, there was a decline in the third quarter of 2021 Condition.
If trade volume picks up in the fourth quarter, merchandise trade may still reach the expected growth target of 10.8% in 2021. The WTO said this is very likely because blockades on container ports on the U.S. West Coast have been lifted.
The organization pointed out: Nonetheless, the emergence of Omicron variants seems to create risks and may also cause adverse outcomes.
The decrease in merchandise trade volume in the third quarter was mainly due to lower-than-expected imports from North America and Europe, which also caused a decline in exports from these regions and Asia; another On the other hand, as predicted in October last year, Asia’s imports contracted in the third quarter.
Contrary to the situation of trade volume, the total volume of global merchandise trade continued to rise in the third quarter due to the sharp increase in import and export prices.
